What is Branding?
Branding is a Marketing Strategy used to differentiate or identify your product in the market. It may be in the form of logo, design, name, symbol, ambassador etc.
Why is it Necessary?
GIVES YOU RECOGNITION
If you want to build a successful company or a brand, you need to be recognizable. Branding is something that differentiates you from the crowd. The right branding can help you stand out from the crowd.
Logo and name are two of the important factors in brand recognition. It is only through these two that the consumers remember you. This is why a logo and a name should be professional, memorable and attractive at first glance.
People in the market place believe that the product or service which is professional is a better one. Branding creates trust among the customers and also potential customers. This helps in the long run of any business.
DIFFERENTIATE YOU FROM COMPETITORS
Irrespective of anything if you are into business you have competition. Branding helps you to showcase your product or service in a better manner. If your brand is good customers do not compare you with other companies. With branding, you can show people why your product or service is the best, special and unique.
SATISFACTION AND PRIDE OF EMPLOYEES
Employees tend to work for a company which has an excellent brand value. This is because they feel more safe and secure in such a place. Thus this is another important reason to have branding.
HELPS IN ADVERTISEMENT
It is easy to reach your audience with the help of branding. You may create amazing ads, but it is only through branding that people remember you.
HELPS IN PRICING YOUR PRODUCTS OS SERVICES
According to a study on an average people pay almost 5 times more money for the branded product. Thus by branding, you can keep your prices much more than your competitors without affecting your sales.
Elements of Branding
- Logo: Logo is like the face of any company. The logo should be attractive, elegant and possibly give clarity of your product or service.
- Name: Name of a company is as important as our name. It is only through this medium you can communicate to the world. Just like the logo, the name should be simple, easy to remember and unique.
- Tagline: Not all companies have a tag line. It is better to have one as it increases your brand recognition.
- Website: In this internet era if your business is not online then it is not a business. You will be loosing out a great revenue if your business is not online. Have a decent and interactive website with the SEO done right.
- Mobile App: Not all business can afford this. If your business is getting enough revenue from your website, you can think of creating a mobile app. A mobile app is more user-friendly and can attract much more engagement than the website.
Thus for empowering your business, branding should be in the first place.
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