Why is branding so important for any business?

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We’re hearing a lot about branding these days. This topic has been gaining fast momentum, and for good reason! A powerful brand is the result of a well-thought strategy prepared for the long-term goals of a company. Today, businesses like Microsoft, Google, Apple, Amul, Colgate, Dell, Tata Group, are synonymous with value for money, high quality, great service, and most importantly, credibility.

It takes 20 years to build a reputation and less than 5 minutes to destroy it’ this famous quote by stock market guru, Warren Buffet, is in many ways the essence of branding. Your brand, in simple words, is what people talk about you behind your back! It is nothing but your customers’ perception of you. This intangible asset is often underestimated but is of great importance. A good reputation will go a long way in helping your business attain all the goals you had set out to achieve. A well-developed brand strategy is capable of escalating your business in every single aspect, from foot falls to profit and expansion.

Gone are the days when branding was limited to designing a company’s logo and thinking up a tag line! Today, it is a part of what forms the DNA of an organization and reflects in all aspects of the business, right from its products and customer service, to its stationery and social media presence. Branding involves devising a strategy to develop a sense of trust in the minds of the target audience through advertising, designing, digital and print marketing. Still not convinced? Here are some concrete reasons that will help you make up your mind on including a brand strategy from the very inception of your business;

1. Your brand puts you on the map and sets you apart.

Your brand is your company’s identity in the world economy and is what sets you apart from the competition. A brand-strategy that consumers can relate to creates an emotional connection with the target audience.

2. Your brand endorses your recognition.

Consistent branding will broaden your reach to your target audience and increase recognition. Through mediums such as social media, advertising, and PR your brand can create a niche for itself.

3. Your brand reflects your company’s values

The brand experience is not limited to graphic elements but also in the way your customers are treated by employees. Branding should permeate to every aspect of the organization. It needs to trickle down to each role. Every employee should imbibe these values as they are the ones who are the face of your business to customers. Each employee needs to understand that they themselves are the brand.

4. A good brand with generate word-of-mouth

Word-of-mouth is a very powerful tool which gets more and more people curious about services that in turn results in more foot fall. People love to refer their friends and family to something that has impacted them positively. Just le referring your friends to your favorite restaurant!

5. Your brand gives employees a sense of purpose

A good brand strategy provides much clarity to employees on how to achieve deliverables, thereby performing their best and helping to build a stronger company brand.

6. A strong brand will generate goodwill

Goodwill is an asset that will provide you with value that would far exceed the value of your products. Think of products that you use every day, the well-known brands are almost always more expensive than their not-so-famous competitors.

Conclusion

At the end of the day, branding is one of the most crucial factors that can build the future of your organization and must not be taken for granted. Whether you are selling coffee or stocks, a brand that spells reliability in the minds of consumers will always thrive.

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