Read To See Why Branding Is Good For Your Company?
In a conference a few weeks ago, a graphic designer and I sat down at a table where everyone was exchanging business cards. I looked at his logo, and he studied the name on my card.
"I know that business logo. We've been in contact in the past," I said.
"That's right. I know your name," he said.
Though we weren't able to pinpoint when or why we'd exchanged mail previously, we assumed it had been at least five years back. Neither one of us has an extraordinary memory. Rather, he had made unique visual identity for his design services, and I had devoted effort to linking my name with creative marketing.
For about five years his look and my reputation had lurked in the other's memory banks, whilst thousands or hundreds of thousands of other business identities had come and gone without leaving a significant trace. Why? Memorability. It illustrates a key element of winning branding.
What is Branding?
Branding is the technique of creating unique and durable perceptions in the minds of consumers. A brand name is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more.
Despite the fact that a lot of people associate brands with major companies, the smallest of enterprises may use branding techniques with great rewards. When a home-based craftspersons ties a nicely designed tag on all her items revealing the story of who she is and where her designs come from, she's branding her work. When the local market packages groceries in bags bearing its logo instead of simple "Thank you!" or ordinary bags, it's branding. When your logo is exhibited along side any of your internet marketing opportunities, it's branding.
While we associate brands with national names like Crest, Huggies or Healthy Choice, branding doesn't really need the budgetary resources of Procter & Gamble. Branding doesn't even need a product or a tangible delivery system. Branding comes with repetition and that is easily done with any internet marketing operation.
Techniques of branding include association of a company with logos, distinctive shades, slogans, musical sounds or tracks, unusual qualities, mascots, presentation, a memorable name, behavioral hallmarks and much more, readily implemented for the home based business as well.
Why Branding Pays Off
Time, money and effort spent on branding pays back many times over when the process plays out smartly. Here's why:
1. Memorability. It's easier to recollect the branded company than the "what's its name?" one.
2. Customer loyalty. When people have a positive experience with a memorable manufacturer, they're more likely to purchase that product again as opposed to competing companies.
3. Familiarity. Psychologists have shown that familiarity induces liking, and this makes even non-customers more likely to suggest a brand name they know.
4. Top quality image, premium price. Branding could lift what you sell out of the realm of a commodity, with customers willing to pay more for the well-branded product or service.
5. Extensions. Having a well-established company, you can spread the value you've earned to a related new product, service or branch more easily.
6. Greater company value. Making your company into a brand generally implies that you could get a higher price for the company when you decide to put it up for sale.
7. Lower marketing expenses. Although you have to put in money to create a brand, once it's made you get a bigger bang for every marketing buck using it.
8. For consumers, less risk. Individuals tend to go for the brand-name supplier over the no-name one when afraid of the consequences of a mess up.
For those reasons and many more, branding fattens your net profit.
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