What Is Branding and Why it is Important For Your Business?
Branding is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company.
We interact with brands every day. They shape our lifestyles, purchasing decisions, and even our emotions. So, it’s really no surprise that branding is one of the most important aspects of marketing. The brand is how we influences the buyer. It’s how we stand out. It’s how we shape the industry, craft loyalty, and even shift perceptions. But with branding being arguably the most powerful component in marketing, we often put its creation and management much lower on the priority list.
We’re quick to put our focus on advertising, and slow to decide if our brand is really the reason for a lack of traction or growth.
What does branding mean?
Branding is one of those terms that tends to carry many definitions along with it. Some people attribute branding to a logo, to others it’s an identity and to some it’s a product. But let’s clear the air and re-establish what branding really is. A brand is an emotional experience. It’s a person’s perceptions about your product service or company. Branding is about embedding what makes you unique in the mind of others? When a loyal customer recalls your brand, it’s tied to a feeling in their mind. There’s an association there and it’s your responsibility to not only create that association, but manage it too.
Think about it. Everything we smell, see, touch, hear, and do becomes associated with a memory in our mind.
Branding is about making sure that when a customer sees your logo, walks into your store or receives an advertisement that this connection in their brain aligns with what makes you unique. It’s genuinely important that it aligns with associations that create a sense of who you are, what you’re selling and why they want it.
Put a little differently, a brand is really just a feeling. And the goal of branding is to dictate exactly what that feeling should be, and create in the mind of your ideal customer, the belief that there is no other product on the market quite like yours. In branding, we work to decide what this feeling and perception needs to be. And make sure that we don’t do something to interrupt or change that perception. By building a powerful brand, you’ll have crafted a powerful marketing platform. And a good brand, makes the sales process a lot easier.
What is the purpose of a brand?
Branding has its origins in differentiation. During the mid-1800s, mass production and the transportation of goods were in full swing, so producers placed their initials on their merchandise or burned their mark into crates as a way to distinguish themselves. This allowed buyers to make repeat purchases, and over time, these brands became symbols of quality.
The better the brand perception, the higher the price the products commanded. This concept is just as important today as it was in the 1800s. Without a brand, your product is served alongside the rest with no distinction. It’s essentially a commodity. So at the end of the day, it’s your brand and everything your brand represents that truly defines just how profitable your business will be.
What makes up a brand?
We’ve established what branding is and what its purpose is but what actually makes a brand a brand? Now we’re not yet talking about how we communicate the brand, instead, I want to start by exploring the core of a brand’s identity. We know that a brand is a cue to trigger a person’s perceptions and branding shapes all of these perceptions. But these perceptions, essentially the messaging of what makes the brand different and valuable come courtesy of the business itself. You must go through the core components of what makes a brand a brand. These are the building blocks of a good brand and they’re going to be present in every company.
Now, can you spot the importance of branding for your business?
Did we spark your interest or do you have further questions? Please contact us for our Branding Services.