In today’s market place, the level of competition is so high that you competitors will literally eat you alive if they have to. You have to try more than your best in order to thrive and leave all the others far behind. And if you own a business, no one knows it better than you. You have this product but this is relatively new in the market compared to its counterparts. This product is your brain child and you do not want it to fail. In order to keep it alive and kicking, you need to do something which will help your product excel. This is where the concept of “Branding” comes into play.
The Big Question: What is Branding?
Branding is the unique process of creating a suitable name and imagery of your product which is presentable in the market and will help to establish your product. In addition to that, Branding is also going to distinguish your product from the competitors it’s facing.
Just think of it this way- Your product is all you give to your customer. They need to have that faith in you before purchasing or investing in your product or service. Branding can also define your customer’s expectation from the product. Efficient branding can increase the customer’s interest in your product significantly. Also, consistency in your branding strategy will reward you in a very good manner, adding more value to your company’s equity and obviously to your product as well.
Branding and Marketing- The Difference That Matters:
Often we confuse Marketing and Branding to be the same thing. This ignorance can be highly costly. These are two very crucial and unique, yet different from each other. There is a fine line between Branding and Marketing. As an entrepreneur, you should know the basic difference. But even if you don’t, there is always a first time.
Marketing is a way in which you can ask the people to buy your product. You simply boast about your product and expect your customers to buy it. Very well, I mean this is why you are in the market. To sell your product is your goal. You are trying to target the masses, reach out to them by any medium possible in order to make your product a success. But, a customer’s faith can change your fate. This is where Branding comes in. You show that required effort of compassion, this is where you define your product. It helps you to set up a stage for your product like, this is what we are, this is what we do and this is how our product can benefit you and these are the reasons why you should buy our product.
Good marketing strategies are going to shoot up your sales and may take your product to new heights. They will surely push your brand up the ladder of success. Seems fair, doesn’t it?
But at the same point of time, A Good Branding game will earn you something you crave for since the day you launched your product or service- A LOYAL CUSTOMER BASE!
There is no doubt that both of these go hand in hand, but you should not be negligent when it comes to branding your product. A good combination of branding and marketing strategies can work wonders for you.
Importance of Branding:
As we have already enlightened you about Branding, it is quite evident that the vitality of branding cannot be ignored at any cost. Now, we are going to highlight a few key aspects that can be crucial for any business-
- The Recognition: It makes things way easier for you. If a customer is aware of your product or service, they will surely buy it. The faith that branding generates with your customer is a vital factor that influences the growth of your product.
- Defining Expectations: A consistent branding strategy will put the customer at ease. The main reason behind this is that the customer will know what to expect from your brand every time they choose to experience your services or use your products.
- It is The Way You Present Yourself: As simple as that. You should be very clear when it comes to the representation part. Branding helps to define you and your product to the customer. It is the promise that you make to your customer that yes, come and avail to our service & we promise not to disappoint you.
- The emotional Connect: Ever seen that ad for Johnson’s Baby Powder? Or the advertisements where milk companies try to target the parent fraternity to feed their children with the best quality milk available? What is the use of all that? The answer lies in the emotional connect. If you have an emotional connection with your customers, they ought to feel good when they will buy your product. So, engage them emotionally to make them your loyal customers.
- Last but Not the Least, Business Value: An influential brand is as strong as the Hulk from the Marvel Comic Universe. When your customer base will increase, it is going to have a straight impact on the value of your business. It is not only the value of the physical assets that your company possesses. The real game is the Game of Valuation that will see you rise in the market.
In short, Branding is the most crucial aspect and you need to build a strong brand if you want to reach the top. So before investing a huge amount on marketing campaigns, build a solid foundation for your product via branding and we assure you it will surely pay off!