What is Branding and Why Do I Need It?
Why is it that brands with the same quality of product and service get such different revenues? Some gain so much traction that they revolutionize the world; others hide in obscure corners of the industry. It’s neither about quality nor value for money—it is all about branding.
What is Branding?
If you’re new to the scene, it’s possible that you’re unacquainted with branding. To keep it short, branding is all about presenting your brand to the audience in such a way that it seems the most appealing and interesting to them. Depending on the target audience, you have to develop a brand personality that your consumers respect.
Branding is made up of your brand image and your brand identity. The former is the image or perception that comes to the mind of your customer when they think of your brand—is it a luxury brand? Is it affordable and sturdy? The latter is about all the qualities that they associate with your brand; for instance, reliability or loyalty.
Why is Branding Important?
So, why is it important for any business to go through all that effort? Let us tell you exactly how much you have to gain if your brand image takes off.
Pricing
All things aside, you first need revenue on your business to be successful, and branding gives you just that. If you hit the bull’s eye with your brand image, chances are that it will have a huge impact on your price premium. People come to high-end restaurants for the same omelet they could buy for far less—this is all because of branding.
Quality Perception
If they have a good impression of your brand, customers will associate you with characteristics like reliance and quality service. This, in turn, will boost your sales.
Customer Retention
When you keep delivering good products or services and take care of clients, they will keep coming back to you. The users of giant brands are particularly famous for this—they can transform you from a small business to an enterprise of mammoth proportions.
Branding Your Business
Branding from scratch is not a formula you can follow to achieve results. You have to use the creative part of your mind to brand you business, but there are certain things you can keep in mind.
We say it’s just step one, but logo and design are quite important to make that first impression. Take care of the colors associated with your brand. Some brands have also come up with color psychology charts that help you target customers in a certain state of mind. Red, for instance, signifies carnal instincts. That’s why you will find fast food joints using it extensively in their branding.
It is not an overnight process, but it’s a start! There’s much more you need to learn about branding before you think of doing it yourself. A professional marketing agency can help you get quicker and more effective results.
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