Every business has a brand, and branding defines how your customers perceive you. Your business’s ability to serve products or services to your customers by fulfilling their satisfaction determines how strong or weak your brand is. If you want to grow and if you plan to remain in your business for long, you will want something between your product or service and your audience, which will resonate with your offerings and also have a lasting impression in their minds.
Branding helps differentiate
In today’s time, when you can easily find a “me-too” product, it is branding that helps differentiate. And even if you do have a unique or innovative offering, it is through branding that you could gain credibility and respect for your product.
Branding is a process
Once you have gone through the process of choosing the right name for your product. You will want it to be remembered. So branding is the process through which your product communicates with your consumer.
Branding creates an experience
Branding helps create a story around your product or service. Branding is everything that goes around the product. It is the experience your customer has with your product. Branding is what connects with your customers through various touchpoints, even before your customer actually gets to see the product. Branding is what can and needs to appeal to the senses of your customer for them to even notice your product.
Branding is a mind game
Well-thought branding is not just about logos, colors, and packaging. It is more of a strategic decision about the image you want to create. It is positioning your product in your customer’s mind.
Branding is an internal commitment
It is the belief the creators & promoters of the product dearly hold. Working towards a shared vision, you build the brand’s essence and value. With this foundation, the brand’s identity is created. Logos, fonts & colors, tag line, message tone, visuals, and packaging are all a means to personify the brand and give it a distinct personality, style, and a voice of its own.
Branding creates an opportunity
Branding further gives the opportunity of extensions for a new product or even a new product category. Thus the scope of branding is vast, and so are its benefits.
Branding builds loyalty and can be measured
Measures like brand equity and brand value help estimate how much worth a brand is. Brand equity is the premium value a company generates from a product when compared to its generic competitor. While brand value is the financial worth and market value of the brand.
The more powerful your brand stands, the stronger the connection with your audience. Strong branding delivers the values to the customer, getting the latter attracted to your product and service.