Establishing your identity as a business helps you to convey a clear message to your customers. For instance, are you the most exclusive designer in the fashion world? Is your legal firm proud of its long history and reputation as a stalwart defender of justice? Perhaps, you’re an Internet startup with youth and excitement as your calling card. Ultimately, your brand conveys a message, whether you like it or not. Memorable logos, catchy slogans and effective marketing help to communicate your idea and personality to the world.
Importance of Branding
When you see an iconic set of mouse ears, you probably think of Disney almost instantly. If you see a golden letter “M” on a freeway sign, you know that the billboard is advertising McDonalds, even if the word “McDonalds” is nowhere to be found. Apple is another great example of the power of branding. If you want to build customer recognition and loyalty, and truly maximize your profits, branding should be an essential ingredient of your business development and marketing.
As the New York Times put it, “A brand is a company’s face to the world. It is the company’s name, how that name is visually expressed through a logo, and how that name and logo are extended throughout an organization’s communications. A brand is also how the company is perceived by its customers — the associations and inherent value they place on your business. ”
Benefits of Good Branding
Effective branding delivers a strong message to your customers. It outlines what you represent as a business, and creates a positive association to which consumers can connect on an emotional level. A 2012 University of Florida study found that when it comes to consumers’ buying habits, emotions are almost twice as influential as knowledge. So if you want to maximize your sales, you must give your customers a reason to respond emotionally to your products or services, and branding achieves just that.
Effective branding can also help you to build credibility and trust as a business. It demonstrates that you’re not simply some fly-by-night operation looking to make a buck. Consumer trust is especially important when it comes to buying online, because your customers can’t always see what they’re getting up front, and they don’t have the benefit of instant gratification.