Before going into the topics of branding, let us know what it is?… Ok, what appears on your mind when you first hear KFC? Is it those mouth-watering chicken ads, or that bright red logo of KFC, or is it the taste of those KFC Krushers? Well, whatever it is, these are the things that pop up when you associate with a brand. These are the attributes a customer expects from a brand and are the real representation of a brand.
Going by the definition, Branding is a part of marketing that is unique to each company. It is one of the ways where you can differentiate yourself from the rest of the competitors. Things like logo, the color palette, promotional messages, and customer service, all put together, will form an attention-catching profile called Branding.
Why is branding important for businesses?
As already mentioned, branding makes you stand out from the crowd. It has its own importance and undoubtedly impacts your business. It influences how people look at your brand and increases brand awareness. Branding is just not marketing, but a combined study of the psychology of the audience, so it does impact your business growth at large. Read on to understand how.
You can’t build a reputation on what you are going to do.
– Henry Ford
Creating awareness is the first thing you need to do and is an important result of branding. One of the basic values of branding is when customers start identifying your product. For this to happen, a logo has its own role to play, as it symbolizes your company.
On seeing a logo, the audience forms an idea of what they can expect from your brand. Hence, it has to be catchy and elegant. For innovative logo designs contact Jootoor Designs.
2. ENHANCES BUSINESS VALUE
Even though a brand is established, for several decades, branding is required to keep moving in the race. Branding generates future businesses and gives you leverage over your competitors. Branding also encourages the customers to invest in your product as you already have firm roots in the market.
3. NEW CUSTOMERS
Customers also play a role in advertising your product. Think how many times in the past you went on to buy something based on the feedback given by your friend. Yes, the word of mouth is the best form of advertising any business can receive.
If your brand executes well among your clients and customers, there are high chances your business can get an inflow of new customers as well.
4. BUILDS TRUST
The appearance in combination with an effective branding strategy can build trust among your end-users. People are more likely to do business when your company gives a professional feel to them. Branding helps you achieve this and make your target audiences think that your company is trustworthy to build business connections with.
5. BUYERS INTENTIONS
A strongly established brand can dominate brands that are still struggling to find recognition. Branding should always have a storyline, for instance, APPLE’s logo is associated with the story of its founder Steve Jobs, and that adds an aura to the brand. Now you know why most of them prefer branded products over non-branded ones!
4. ASSIST ADVERTISING
Advertising strategies you develop directly reflect your brand. Because here you are giving a clue to the audience of how to perceive your brand. The use of sample products makes it easier for you to devise strategies that fit your branding targets.
What is brand business value?
In order to attain long-term gains, understanding and optimizing a brand value is necessary. In case, you want to sell your brand, then the monetary worth of your brand is the brand value. Buyers will buy your product based on the identity you have created in the past. This is called market-based brand value.
A basic definition says a Brand Value is a financial amount the brand is worth as stated on the balance sheet. Hence you are solely responsible for creating a brand value. A product or a service your company offers is enhanced beyond its functional purpose because of this brand value.
Secondly, brand value is how consumers perceive and support your brand. Though this is virtual, it is important because it denotes how well people value your brand and what value it adds to their life, social status, or job.
However, the financial worth of a brand is determined by key factors such as current sales, future sales, and the potential of the future growth of your business. Well, here are some of the ways to achieve brand value.
- Connecting with the right audience group
- Customer Experience
- Consistent Tone of Voice
- Design Standards
What is brand name recognition?
In general, brand name recognition defines how popular your brand is among the consumers. Higher popularity earns you recognition. Money, pricing, and investments are not the biggest issues, but earning brand recognition is. Everything else comes once your brand is recognized. If consumers don’t know who you are, then it is unlikely that you get their attention, trust, and money.
Establishing an identity in the present competitive world is a challenge. You need to figure out ways to stand out from the local and national companies, who are in the same boat as yours. A well-known brand kicks in business through the door. We at Jootoor Designs, help your brand get an identity, by effectively strategizing your business and work our best to make your brand a talk of the town.
For brand recognition to be built, it requires consumers to recall prior knowledge. So, you need to constantly provide them with visual notes or offer an auditory experience. This is where the importance of advertising comes into the picture. Remember, brand recognition is obtained only through reach, consistency, and frequency.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
– Warren Buffett
So, how do you get recognized?
- Customer service, especially if you are selling online.
- Through an engaging story that directly conveys why you are in a specific business field.
- Planning out methodologies to keep your brand name in front of your market
- Surpassing the expectations by adding value
- Through email engagement
- Blog on trending topics
- By hosting shows; a blog talk or a radio show, for instance.
- Creating groups on Social Media
- Utilizing the same logo structure on all the marketing materials
- Considering customer feedback
What are the four steps of Branding?
Having a brand that differentiates your product from the competitors is necessary, but attracting customers especially if it is a new business is critical. Wondering what secrets do establish brands like Microsoft and Coca-Cola own, and how can you use them as inspiration? There are four main steps involved in building a recognized brand. Read on…
1. Know your target audience
Understanding your customer base is crucial before planning out any strategy.
Determine who are the right end-users of your product
For this, you need to create demography that consists of factors like age, gender, income, and location. For example, consider you are planning to sell expensive ladies footwear that is more fashionable, and then you need to target ladies between the ages 18 to 40 and who have middle to high income.
Research sales statistics
By spending time researching your audience group, you will be able to understand their shopping habits. What is the maximum pricing they are ready to invest? Preparing statistics will help you understand whether your product is appealing or not to a certain demographic.
Study your competitors
Start researching more and learn how your competitors are strategizing. Gather more information about their campaigns and try to learn why consumers prefer their products. Compare the difference and see what more value you can add to grab the attention of the end-users.
Talk to your target audience
Speaking to your audience group is one of the best ways to know their needs and necessities. They are the best source of information when it comes to understanding what they prefer in your product, how often they buy, and more. This gives an outline of what your customers-to-be want.
2. Define a mission statement for your brand
List out the values you will incorporate with your audience group. Vision and Mission statements are a must for people to understand why you exist as a brand. This will help you establish across channels. So, create an authentic image of what you need to achieve.
A Mission statement is a base for your branding and marketing activities. From logo and taglines to your website design should articulate your mission statement.
3. Create Value Propositions
Generating values will be easier, once you thoroughly understand the needs of your customer base. Start adding uniqueness to your brand and know what you can do to set your brand apart from the market.
Once you understand the value, start including that in all your marketing communication across every channel. This is one of the major steps in creating a rewarding brand.
4. Try to remain consistent
By now, you must know how you want customers to see your brand. You for sure would have made some promises to the customers to be consistent in maintaining it. For example, Apple is a brand known for its innovative designs and elegant products. So, it cannot afford to launch a product that is technically behind and unattractive. Because, by doing so, it will fail to keep up the promise it has made all these years.
If you remain consistent in what you give, customers gain trust, and they become loyal to your brand. Of course, we agree that maintaining consistency is the toughest job, but believe it is an outstanding reward.
An essential part of any business is branding, no matter how large or small a firm is. Through branding, you will convey your ideas, uniqueness, and views to the world. The growth of a business depends on branding. Not only that, but it also influences buying patterns of the customers and their behavior.
A brand is one of the valuable assets of a company. Agree? So, you cannot and should not take risks when showcasing your brand to the world. Marketing also plays an effective role in your business growth. We at Jootoor Designs assist you to create a value for your brand by incorporating individual strategies, and through marketing, we help you reach the right customer base.
Let us together build, test, and measure your brand that resonates with the audience. Book a call now!