What is Branding?
There are many different definitions of a brand, the most effective description however, is that a brand is a name or symbol that is commonly known to identify a company or its products and separate them from the competition. A well-known brand is generally regarded as one that people will recognize, often even if they do not know about the company or its products/ services. These are usually the businesses name or the name of a product, although it can also include the name of a feature or style of a product. The overall ‘branding’ of a company or product is often linked to a logo, symbol, or even design features.
The main benefit of branding is that customers are much more likely to remember your business. A strong brand name and logo/image helps to keep your company image in the mind of your potential customers. A brand helps to build customer loyalty across your business. A strong brand will project an image of a large and established business to your potential customers. People usually associate branding with larger businesses that have the money to spend on advertising and promotion. If you can create effective branding, then it can make your business appear to be much bigger than it really is. An image of size and establishment can be especially important when a customer wants reassurance that you will still be around in a few years.
A strong brand projects an image of quality in your business, many people see the brand as a part of a product or service that helps to show its quality and value. It is commonly said that if you show a person two identical products, only one of which is branded; they will almost always believe the branded item is higher quality.
If you can create effective branding, then over time the image of quality in your business will usually go up. A strong brand creates an image of an established business that has been around for long enough to become well known. A branded business is more likely to be seen as experienced in their products or services, and will generally be seen as more reliable and trustworthy than an unbranded business.
If your business has a strong brand, it allows you to link together several different products or ranges. You can put your brand name on every product or service you sell, meaning that customers for one product will be more likely to buy another product from you.
Ranchers “brand” their herds. They burn an image into them that never leaves. It becomes a part of them. In a very real way when a company brands people it burns an image in their mind that stays with them for life. A good brand is easily recognizable and creates a sense of loyalty. Successful companies brand well and brand often. By the way “brand” name products sell for more money than generics as a rule. If you want your company to stand out, create a good brand and have it everywhere!