Branding refers to the process of creating a unique image for a business in the mind of customers and the general public. In other words, branding is all about differentiating a business from the rest by using a creative name and logo, advertisements and brand messaging that share a consistent theme. Done right, this marketing strategy has many positive benefits.
1. Branding gets recognition.
A business that employs branding is easily recognizable by customers. When customers require a particular service or product they are more likely to choose a business that employs branding techniques over one that does not even though they may not know a great deal about either company. Having an easily recognizable logo, catchphrase or icon is how many classic brands stay in your mind. Why is this? To many customers branding is viewed as the proverbial extra mile. As such, businesses that employ branding are considered to be more committed than those that do not.
2. Branding gives credibility.
On the surface, branding gives a business a professional look and aura. This professional image appeals strongly to customers and sends a subconscious message that the business is legitimate and therefore worth investing in. Furthermore, this sense of credibility makes it easier for the business owners to cultivate trust with prospects. Prospects will have a positive impression of the business, especially if it’s been carefully researched to imbue the desired feeling or message.
3. Branding increases business value.
As mentioned, branding makes a business memorable and professional. Done right, i.e. through proper advertisements, customer service, use of creative logos, it becomes easier to attract new customers and prospects. Likewise, a business that employs emotional branding resonates intrinsically with its target audience. As such, its value increases tremendously since customers are less likely to defect should there be problems in the company.
4. Branding supports the release of new products.
Branded businesses tend to have a loyal customer base. This makes it easier and less costly for the business to test out new services and products before making a significant financial investment. In most cases, the brand customers will be very interested in the new product release and even happy to test it since they are already emotionally invested in the business. Think about Apple and the loyal customers lining up for days for a new product.
5. Branding helps with talent recruitment.
Looking to hire top-notch specialists to work for your business? It’s much easier to get applications from the most talented individuals if your business already adopts branding. Good branding sends a subliminal message that the business is highly organised and strategic, and therefore an excellent place to work in. According to a LinkedIn study, businesses with ‘strong’ brands receive up to 2.5x the applications for a job compared to businesses that don’t employ branding.
Linkedin Study https://business.linkedin.com/talent-solutions/blog/2015/03/the-roi-of-talent-brand
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