The Real Value of Branding To Growing Businesses
Our guest author Mahendra Bhatiya says, in the current market which is highly competitive, businesses need to ensure they stand out
Companies such as McDonald's, Netflix, and Amazon have something in common - they know the value of Branding. In the early days, they were not big names in business, but they grew into titans because they understood the importance of branding. In order for people to recognise these brands, each company has taken calculated steps to establish its brand.
With Digital Marketing and social media, people are becoming aware of new brands every day, so branding is more important than ever before. Consumers may benefit from having a lot of options, but businesses may find it challenging. The current market is highly competitive, so businesses need to ensure they stand out. Establishing a strong brand is crucial to success. Branding allows you to control how people perceive your business. Branding is important no matter how big or small your business is.
Also read: Ultimate Guide to Branding Tactics
Before talking about the importance of branding for the growth of your business, let's talk about branding? What comes to your mind when you hear the word Zomato? Is it the red logo, mouth watering food ads, their service or their meme content on social media? Whatever comes to mind is a result of branding.
Here are the aspects of branding that are valuable for business:
1. Consumers recognize and remember your business
It is more convenient for people to do business with brands they know. Target audience may feel more at ease purchasing your products or services if your branding is consistent and easy to recognise.
So, the first step is to raise awareness, which is an important result of branding. But how do you get people to take notice of your business? Begin with brand consistency. Create a brand style guide that includes the following elements: Logos,Fonts,Images,Colours. With a logo, the audiences have an idea of what to expect from your brand. Create a brand voice, include your unique value proposition, tagline, and mission to create a unique brand identity. Then consider your website experience. Is your website simple to navigate? Is it consistent with your brand? Keep your message and style consistent to avoid customer confusion.
2. Your business stands out in the competition and you can build trust in the market
Being properly branded can also give the impression that you are industry experts. This allows the public to trust your company, the products and services you provide, and the way you conduct business.
Let’s take the example of Amazon. They have one of the most recognizable brands, and this brand has revolutionised the way goods are bought and sold. You know their logo and know what you can expect from their products and services. Due to Amazon's strong branding, similar sites such as Flipkart and Snapdeal have taken a back seat in recent years.
Create a unique brand identity if you want to build a strong brand that distinguishes you from your competitors, Make it distinct from your competitors, even if that means thinking outside the box. As soon as you start building trust in the market, you will realise the importance of branding.
Also read: 5 Branding Tactics to Stand Out in The Crowd
3. Expect better results from advertising when you have a strong brand
Your advertising strategies will directly reflect your brand. Because you are indicating to the audience how they should perceive your brand. When you have a strong brand, it is easier to create strong advertising and get better results.
You've already discussed the business with your target audience, your unique story, and the emotions your customers should feel while purchasing your product. Marketing and advertising efforts will be significantly increased at this stage.
4. Selling becomes easier with branding
The customer purchasing journey is complicated. It becomes even more complicated if a customer is not aware of your brand name. Also, as the price of a product or service rises, people think twice before buying. However, one constant in the process is the impact of a strong brand. If you build a strong brand for your business, selling becomes easy. People buy your product/service just by reading your brand name.
Consider Amazon's “India ki apni dukaan” slogan. This slogan is an emotional hook that draws customers in and turns them into brand advocates. It's an expression of the basic human needs that your brand meets. According to an Amazon spokesperson, customers use Apni Dukaan to refer to stores they are more familiar with and trust. Amazon's goal was to let people know that Amazon is one such store.
Purchasing is an emotional experience, and having a strong brand makes people feel good when they interact with your brand. A brand built around triggering your customers' emotions will always outperform competitors who only show their features and benefits.
5. Branding creates business value
Even if a brand is well-established, branding will be required for several decades to keep up with the competition. Branding generates new business and gives you a competitive advantage. Branding also encourages customers to invest in your product because you already have a strong market presence.
What if Colgate stops branding its product in India? After a while, will people remember the brand? In view of increasing competition in the same industry, other brands such as Close-up and Pepsodent might take over the market and people's trust. They might become “India’s No. 1 toothpaste”. That’s the importance of branding. Therefore, branding is essential to maintain the value of a business and survive in the market.
The bottom line-
Branding is an essential component of any business, regardless of size. Branding allows you to share your uniqueness, views, and ideas with the world. Branding plays an influential role in the growth of a business. Additionally, it affects the buying habits of customers and their behaviour.
A company's brand is one of its most valuable assets. Agree? Therefore, when showcasing your brand, you cannot and shouldn't take risks. It would be foolish to believe that once a brand is established, it will remain rigid indefinitely. A strong brand that evolves in order to remain relevant is one that stands the test of time. Develop a branding strategy and keep it up!
Also read: Top Branding Agencies in India
The author Mahendra Bhatiya is the founder of an Ahmedabad based Creative Agency Dev Opus Lvt. Ltd.