By definition, branding is the creation of the design, name, and symbol that belongs to and characterizes your company. It determines whether your business will stand out from the competition and delineates what makes your company a greater choice over the competitors.
Recent studies have shown that branding recognition is the common measure in consumer buying decisions, particularly when product or service is still unfamiliar to the public.
Although creating a brand from scratch can be a lengthy and laborious journey, the benefits it brings to the company are a long-lasting asset that can ensure its longevity.
Branding impacts a firm’s ability to attract and retain outstanding employees and talent, this can help to cultivate continuous growth of your business and can be the key aspect determining the success or failure of the company. Now more than ever employees have access to a huge variety of information, it is important that your brand is able to stand out from the crowd catching attention advantageous employees before competitors do. Additionally, it impacts employees regarding their pride and satisfaction, if the brand is well established and reputed, it will make them highly regarded in their contracts which could make their job more enjoyable therefore improving the productivity of the company as well as decreasing staff turnover.
Nationally recognized brands can afford to have higher prices than less-known competitors, despite having similar products and quality an astonishing number of consumers are willing to pay a premium for recognized brands products. Take Off White as an example, their basic T-Shirts retail for an average of two-hundred euros, a way higher selling price than most of the similar products in the market, customers still choose to wait in line and pay a substantial premium whenever Off White launches a new product in the market regardless of the quality or design of the product, but thanks to Off White’s extraordinary position in the market, their audience is no longer sensitive to price.
The process of attracting new customers by the implementation is important for a company, however, it is vital for the brand to be able to retain customers who are loyal to the company. In fact, it is cheaper to retain an existing customer than attracting a new one. Existing customers can be one of the brand’s greatest assets when it comes to increasing sales as well as being an excellent channel to reach new potential customers at a relatively low cost. Brands that offer customers extra benefits are able to gain extra trust and prolong the devotedness to the company, it is crucial for any new aspiring business to promptly build a customer crowd as it will decrease future efforts as well as boosting the brand’s overall progress.
The end goal of a brand is to establish an overall style and image for their products. However, every individual has an image of themselves and, whether they want to change or preserve that image they will look for brands that can better impersonate their goal. This is why it is so important for firms to understand thoroughly their target audience and the message they want to send to the public, creating a buyer persona customized for their audience or the one they want to attract.
This can further link to buyer aspiration, each and every brand have a certain aspirational aspect to them, for example, luxury brands establish this in their prices, therefore, creating statements products that customers more often buy to fulfill a status symbol. This can help a brand to attract new crowds of individuals hoping to change or shape their self-concept and willing to do so by following a certain trend or brand image.
Overall, branding has increasingly become an essential part of every business as our society is becoming progressively consumeristic. It helps businesses to transmit values, views, and ideas to the public as well as being a direct way of connecting with consumers. Branding heavily shapes the success and reputation of a business in terms of buying patterns, behavior, and decisions. Branding certainly doesn’t come easily to most companies as overly saturated markets make it difficult to stand out but, with careful attention to your customers, values, and objectives it is strongly believed that branding can be the key to the long-lasting success of your business.