Branding and Its Importance

When it comes to branding, a lot of fluffy jargon gets thrown around, there are a lot of do's and don't- but it's not often that we sit down and analyze branding in a real world perspective.

Do your research:

Simply put, branding is crucial because money is important. Money, or any form of exchange occurs mostly when the consumer perceives the good they get in exchange to be of equal or higher value than the purchase price. Branding is the creation of such value, both in terms of tangibles (quality, value) or intangibles (feeling, ambience)- the creation of which helps differentiate one brand from the other. It is the exact reason why a cup of Starbucks is $4 more expensive than your no name coffee brand or why a plain t-shirt at Benetton is pricier than a t-shirt of similar quality at another store. All things being equal, branding is the sole determining factor, which tips consumer perception one way or the other. Incidentally, favorable branding is also one of the hardest things to achieve.

Find your forte:

As mentioned earlier, there are several schools of thought that deal with the different ways to establish a brand. The usual formula goes something to the effect of: Let's start our product off its functional value (i.e. better quality, lower price, bigger, faster, better, long lasting etc) and then move on to an emotion-centric branding further down its product line. This approach makes sense- consumers view new market entrants with less trust than the established giants- the easiest way to make them believers is by actually giving them a tangible monetary or value added benefit over other brands.

Position yourself accurately:

In the last few years, there has been an increasing move from company centric branding (We are the best mentality) to consumer centric branding (We are the best because you have made us the best, thank you) i.e. dissecting our target audience's psychographic patterns and formulating a brand that would appeal to their sensibilities. It is also a more human form of branding and resonates louder than traditional corporate branding strategies that, basically, tout their own horns.

Take it personally:

Think of branding as a first interview- your first interview. How would you want the consumer to perceive YOU if they met you for the first time? The answer could be different for many people: some prefer a warm and friendly approach that leaves the user feeling good about themselves and the sale, others would prefer a more aloof stance where they aren't necessarily best friends with the consumer but pride themselves on superior workmanship and quality.

Another important aspect to keep in mind after self-analysis is your demographic. This becomes of greater importance when one starts to dive into brand identity formation and its mechanics- the demographic often (and rightfully so) dictates the company's stance towards them, the colors used, the ambience created and the overall holistic brand experience.

Once you have created your brand, follow a few simple steps mentioned below to let others know.

Get a logo design:

Contact a branding agency and get a great logo for your company.

Build a tagline:

Taglines/Punch lines are memorable. Build one that captures the essence of your brand.

Integrate your brand:

Make sure that everything from your logo & corporate identity to your office interiors and your people's approach is integrated together.

In conclusion, the advantages that a company gets over time from a good branding strategy may not always be immediately apparent - but over a period of time they grow into strong brand building blocks, on which the company can stand on for many years to come.

Talk to the experts that understand the importance of branding in today's fast paced world. Before long, your company name will be a well-known name and you will be reaping the benefits.

Author : Ben
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