What is branding? How would you define branding? Business Dictionary defines branding as, “The process involved in creating a unique name and image for a product in the consumers’ mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.”
Branding is a powerful tool for marketers as they promote a company’s products and services. However, branding is more than a great logo, color scheme or tagline. While that might be how you remember certain brands, there is more to a brand than just the logo or tagline. Your brand is your identity and it offers a promise to customers. What do you stand for? Your customers and audience are included in your visual identity and perceptions about your business. How do you make them feel? Is your brand consistent? You should work with your products and services to develop your brand along with your customers’ needs. It is important to learn the needs of your customers when developing your brand.
Let’s imagine you are shopping at your local pharmacy for some cold medicine. You have the option of purchasing Nyquil or your pharmacy’s generic version of Nyquil. The main difference between the two is more than likely just the price. Which one do you purchase? Chances are you will purchase the one that you’ve seen in advertisements or heard your friends talk about from personal usage. This is part of brand awareness. Brand awareness is key when you are promoting a product or service. Does your brand offer awareness? What will differentiate you from your competition? People trust brands they recognize.
So what makes up a good brand?
Objectives of a good brand will:
- Specify your company’s identity
- Provide a clear mission statement or message
- Encourage buyers because it offers value (and uniqueness)
- Offer awareness
- Confirm credibility
- Connect emotionally to target prospects
- Promote customer loyalty
Can you think of some examples of good branding? What about Nike, Apple or Starbucks? What makes them good examples? It is more than the company’s revenue. It is about the company’s relationship with their customers. These brands are strong because of their customer loyalty. However, branding isn’t just for large corporate companies. Branding is for all businesses, no matter their size. For any business, it is important that you create a consistent, identifiable and strong brand for your target audience in order to thrive in the business world.
What will you offer your customers that they can’t find anywhere else?