Branding – A Name You Won’t Forget
Ever wondered why some products or companies take you on a walk down memory lane? It’s because of the brand the company creates. A brand is a bridge that connects you to the company; it is what represents the company. Let’s learn more about branding.
What is a brand?
A brand is not limited to eye-catchy logos, powerful ad campaigns, or peppy slogans. It is much more than that. A brand is a result of the many experiences that a company creates; whether with employees or with customers, with communities or with shareholders. Over the years, these experiences transform into emotional bonds that these groups have with the company.
A brand is the identity of the company. It is the image of how the rest of the world perceives the company. A brand helps build a reputation, have an edge over the competition, cover a larger customer base, and establish the company in the market as well as in the minds of the customers. Perhaps that is why people have a strong affinity towards the products or companies that remind them of their childhood.
The importance of branding
If a company wants the customer to pick its product from the shelf where other similar products are sitting too then, branding can help deliver this result. A powerful branding helps in differentiating the company or product from the rest. With each passing day, new business ventures are set up. The competition is growing each day. In such a scenario, a well-established brand will help the company stand out and have a distinguished image in the minds of the customers.
Moreover, a brand name helps in the effective marketing of the business. A reputation in the market allows the company to set a mark for itself hence, the potential customers already know about the company and its products and do not require any introduction. This will save a lot of money and time that is spent on introducing the company. Therefore, while a newbie company is spending a huge amount of money and time to introduce itself, a company with a brand name focuses on expanding the existing customer base.
Sample Companys with Great Branding
Branding also helps in promoting the company along with its products. Many a time, the company becomes a brand name for its product. The classic example is – Xerox. The brand ‘ Xerox’ has become a synonym for photocopying. This is the power of branding. Once a company becomes a household name, it faces no challenges to increase its customer base, or venture into new markets.
Additionally, branding helps in the building trust of the customers and results in loyalty. Customers give tags to the products or companies. For instance, iPhone is tagged as brilliant technology, Mcdonalds’ is tagged as quality and affordability. These tags that people give to products or companies are based on the experiences they have with the companies or products. Once a brand enters into the trust circle of a consumer, the loyalty of the customer towards that brand or company deepens.
For any business or company, branding is an important consideration that should be taken care of when setting up the company. A brand helps in connecting to the customers and building an emotional bond with them.
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