Importance of branding
In today’s world the market is flooded by different products and services that are strikingly similar in looks and nature to the extent that a potential customer is getting confused as to which product to go for. Companies regularly advertise their products through different channels and mediums in a hope to garner the maximum number of customers. In this scenario, branding plays a key role in pushing the product to the masses and gaining a share of the market.
What is branding?
Branding is an advanced marketing strategy in which a company will create a name, design or a symbol which can be easily identified as belonging to the company. Branding helps to identify a particular product and make it easily distinguishable from other services and products. Branding is key to the success of the product as it manages to create a favorable impression in the mind of the paying customers who will know what to expect from your company. Branding is a way of distinguishing your product from other similar products by different companies and ensuring that customers know that with you they have a better choice. Ideally your brand is going to be a representation of what you are as a company and how you wish your business to be perceived.
The significance of branding
Nowadays the customer buys the brand. He will go ahead and choose a product with the brand that he is familiar with. A key component of his choice is the fact that he will go with the brand that has been most successful in getting his attention. Branding is very important in the overall scheme of things because it familiarizes the customer with the services and products of the company. With branding the customer will know what to expect from your company. There happens to be many areas which are used to develop branding and this includes advertising, customer service, reputation, promotional merchandise and also the logo of the company. If these aspects are cultivated with care, the company will have a strong brand presence in the market and will be poised to garner a sizeable chunk of the customers.
Why is branding so important?
As the owner of a small or medium sized business, you simply cannot ignore the importance of branding. Branding happens to have a very positive effect on the image of the company. Branding will effectively change how your target audience will view the product; the product will be given an identity and help to drive new business. Branding also successfully complements the market strategy that you have in place.
Here are a few reasons why branding is so important in today’s world;
- Branding gives identity to the product: The main purpose of the branding exercise is to give the product a name, assign different attributes to it like the logo, color, and the voice and impart to the product a distinct identity. With branding, a generic product is transformed into something that is easily memorable and recognizable.
- Differentiates from the competition: Branding of a product makes it unique. One can definitely distinguish the branded product from other products in the marketplace. Different brands will possess different identities which are recognizable by the customers as their unique voices. With branding a company can position its products in the marketplace in exactly the way they want. Companies take the help of brand tonality, brand identity and the brand message to distinguish their products.
- Increases recall: The purpose of the branding exercise is to assign recognizable attributes to the product. Customers will remember the brand for its uniqueness and will not lose the brand in the sea of other generic products. Branding assigns characteristics and experiences to the product that work both before and after the purchase.
- Creates trust: Because branding will assign a recognizable identity to the product in question, customers will trust the brand based on its attributes. In the event that anything goes right or wrong with the purchase and its corresponding experience, the customers will know whom to blame or promote.
- Market value is increased: Viewed as a separate asset, the brand has a value of its own, which is known as brand equity. Brand equity can be defined as the increase in the value of the product due to its association with a brand name. With branding the market value of the product, whatever it may be increases.
- Ushers in new customers: If the brand value is very strong, it will attract customers to it like a veritable magnet. Strong branding means that the customers have a very positive image in their minds regarding the brand and in many cases this is enough to propel the brand forward into the hearts and homes of the customers. New customers are also enticed to partake in this brand experience and conversion happens to be easier with a strong brand presence.
If you happen to be the owner of a small, medium or big business, then you should pay attention to branding in order to garner more sales. However, branding is a complicated matter which requires the attention of a professional company that has the best branding agency in India.
Get in touch with iBrandox today as we are the best branding company in Gurgaon. We have dedicated teams of specialists ready to take on the responsibility of projecting your brand to the masses with the maximum success.
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