In the sea of organisations, some new organisations join the race every day. Your new business needs to compete, not only with the well-established firms, but also with the upcoming ventures like yours. In such a cut-throat scenario, the one who doesn’t clearly define the goals and services is bound to miss the bull’s eye. That’s where “Branding” comes in. Branding is not just about your name, logo and tagline; it is more about “what you want to be known asto your target customers”. A great name and a nice logo surely help, as they introduce you to people and communicate your purpose to them in short. For example, Coca –Cola’s “Open Happiness” tagline is associated with their campaign to brand themselves as a soft-drink, over a bottle of which, you can share happy moments and bond with each other. But as I said, it’s more than that. The wholesome experience of customers with your company is what constitutes your “Branding Strategy”. In the process to establish yourself as a brand, you lay out your organisational goals and keywords spelled out crystal clear; decide your target clients or customers and then focus on executing the visions outlined in your ‘Branding Strategy’.While you may be tempted to look after the technical aspects of your business, it is equally crucial to define your branding strategy.
Branding makes you known: People are more likely to buy your product if they are familiar with you. No one would want to invest their money in an unknown, random product. With consistent brand building, as you earn more familiarity, you earn more customers.
Stand apart from the rest: Branding sets you apart from the crowd as a company with well-established identity. Every day, new ventures jump into the market. In a flock of settled as well as blossoming organisations, how do you stand out from the crowd? Branding helps you do that, be it with a catchy name or a tagline, unique logo or flaunting that edge or special quality of your business which no one else in the market offers.
Brand is your face to people: People know you by your brand. A brand is your company’s face to people. Be it your name, logo, the way you handle your customers, whether or not you deliver on your promises, what do you want to be known as, or who is your target –all of these constitute your brand.
A strong brand leads to word-of-mouth marketing: If you have been consistently delivering on your promises and standing by your brand goals, you have arrived in the market scene as a strong brand. People know what you stand for. For example, when you have branded yourself as an online shopping site that delivers strictly within two days, and you do that dedicatedly, people are more likely to turn to your site if they want to order something urgently. People are also more likely to suggest your website to others who are looking for quick delivery.
You know what to do: – As a part of your branding strategy, you have clearly outlined your organisational goals and visions. You now know what you need to deliver as an organisation. The chances to meander and wander have been lessened as you have finalised a roadmap to your scaling up journey.
Branding infuses confidence in employees: Confidence is the key. A confident person, who knows what he or she wants in life,attracts people. Similarly, an organisation that has a well-chalked out branding strategy infuses confidence in the company that the boat they are sailing in knows its way.
Branding increases your financial worth in the market: A good brand makes a name for itself in the market. In due course of time, it becomes easier for you to attract businesses, partnerships and finances. If you are looking to expand your business or take it to the IPO, you will be much better equipped if you have a strong brand name in the market.
People are willing to pay more for a Brand: As you prove your mettle in the market space and become a known and trusted brand, people will be more likely to shell out more bucks to buy your product. For example, we are willing to pay more for a Levi’s jeans because of the Levi’s brand. A brand with consistent delivery on its promises becomes a stronger brand and that is when you can ask more for your product.
Branding leads to a better advertising campaign: When an organisation has a clear branding strategy, it knows whom to target and how. This strategy helps them in coming out with a bang on advertising campaigns as you are clear about what exactly you want in your advertisements and who could be the face of your brand.
From the points stated above, one clear conclusion is not to underestimate the power of “Branding”. As times passes and your business grows, you have only to gain from branding, but if you ignore its importance, you just remain a part of the crowd. Better to strategize early than to regret later!