Why Branding is Important for Businesses
Branding is about the image of your business. The concept is not only your visual style, emblems and logos, includes your mission statement, approach to business, product or service quality and more.
According to Wikipedia, a brand is a ‘name, term, design or other feature that distinguishes one seller’s product from those of others’.
The word ‘brand’ comes from the way that farmers burn their symbols into livestock so that they were easy to identify as theirs. Likewise, your brand should make everything you create and do ‘identifiably yours’ so that you can build a consistent reputation.
Branding is also about how your business is different from your competitors. The goal of a strong brand is to differentiate yourself from your competitors. Once you create this distinguishing impact then your marketing and advertising campaigns will probably be more successful in reaching your target customer.
The success of your business can often be determined by your brand. Branding includes many factors that will help you make your business more successful. These factors may include the following:
- your logo
- your tagline or slogan
- your color scheme
- your fonts/typeface
- your website and web design
- your advertising
- your products
- your services
- your content
- your social media accounts
- your ‘mission statement’
- your values
- your pervasive style
- your attitude
Anything that gives your company an identity. Consumers trust a well pulled together brand image wholeheartedly because there is psychology in motivating their purchasing decisions.
All companies big or small should practice branding. Both brick and mortar business and online companies benefit through branding methods. It is common for smaller companies and online businesses to fail due to a lack of understanding about the importance and factors of developing a good brand.
Branding ensures professionalism with any company. It seals the deal on the entire package. Even a small company with a brand looks just as good as a large corporation when they practice the right techniques. Building a brand will enhance your confidence as a business owner and it will do the same thing in the consumers eyes as well. It will prove to them that you really can deliver what you promise.
Branding also offers consistency for your business. It gives direction to both you and customers, so you know what to expect. Consistency can be performed through the use of things like business cards, t-shirts, and more. Consistency includes visibility techniques that are professional and will remain in the memory of a consumer.
One concept that consumers often attach to a brand is called brand equity. A brand is often considered to be an asset also. For example, if you have developed a very good brand that is well known as being a top distributor of leather furniture and you have a competitor with a brand known to provide defective products, your brand will be worth more.
If you can successfully develop a brand for yourself and your business, using the right ideas to motivate and excite consumers then whenever people want what you have to offer they’ll think of your business first, before your competitors!
Myra Love is Co-founder and Director of LARYM DESIGN, an author, and a digital marketing coach. With over 30 years experience, she works with entrepreneurs and business owners to take their businesses to the next level.