Branding is a key concept in marketing circles, as it is the pivotal springboard that can thrust your business forward, and give you a competitive edge. A well-defined and strong brand will drive sales, build customer loyalty, create brand value, and most of all, it will be the catalyst for business growth, as consumers will be motivated to buy your product.
A brand is usually associated with the logo, sign, name, or other image that consumers associate with your company and product. But in fact, brand also incorporates other factors, and encompasses those unique characteristics that distinguish your product, and sets it apart from the competition. It also relates to the quality of your product, the way you do business, and how you are perceived by others.
Business branding is therefore important to every business regardless of the size, because it communicates information about your business and product to the market. It will influence the cost of your product, packaging, marketing and advertising strategies, distribution channels, and more. Branding is all about establishing an identity, and becoming recognized for it.
There is no denying the importance of branding, especially for the small business. Consumers are always willing to buy products they know and trust. A strong, well defined brand, gives you a competitive advantage in the market. It allows you to charge more for your product, knowing that consumers will remain loyal, and buy it at the higher cost. That is the result of consistent reinforcing of the brand, which enables positive responses from the consumer.
Branding is one way to attract new customers. When a customer comes to you because of all they have heard about your product and business, then you can be certain that they are serious about buying. When you run marketing campaigns, you are simply throwing out a wide net to attract a large number of customers. From there your marketing guys spend time with those leads to find out who is really serious. That takes a lot of time and money, and in the end, you are not sure that those customers will buy. On the other hand, branding puts you in a position to attract serious buyers first off.
Those leads might have been generated because of satisfied customers, who are happy to spread the word. Or, they might have been the result of persistent market reinforcement. However the key is, they came about due to a branding strategy that effectively communicated the solution the customer was looking for.
Branding puts you in touch with customers who know your business and your product before they even step inside your place of business, or buy your product off the shelf. They know about you because of your brand, and the value that goes with it.
As we have seen, branding is an effective way to facilitate the growth of your business. When successfully implemented, branding can give you a strategic position in the market, and eventually lead to increased profit. This is achieved as a result of the influx of new customers, and the continuing support of existing ones. Branding builds brand loyalty and value, attracts new customers, and makes you stand out from the competition. These are all key components in ensuring the continued profitability of your business.
What are your reasons for considering branding as important part of your small business?
Magnetic Look works with small to medium size businesses who are looking to improve their positioning on the market and increase their profits. Our programs and services are designed to strategically deliver the results you need in order to succeed. Learn more about how we can help your business.
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