The Importance of Good Branding
Good branding is more than just an attractive logo. It goes beyond having a catchy name. Having a product or service to offer that is valuable and useful is definitely a plus. While these things can go a long way toward influencing potential customers to choose your business over the others, it is branding that will give your company visibility, profitability, and long-term stability. Having a complete branding strategy will give you the edge you need to stand out from the competition.
Branding is a combination of factors working together to create an overall image for your company. These factors include your product design, advertisement strategies, and perceived “personality.” The overall positive perceptions your clients, as well as those who have not yet utilized your product or service, have about your company or service will be a result of effective branding.
When done properly, branding can portray your company as credible and inspire a level of emotional involvement from your customers. A brand inspires loyalty in those who buy it and makes them feel they are a part of something great.
It is through the branding strategy of your company that you communicate with your customers. It is similar to your reputation, yet it is a broader concept encompassing more than just what people think about you. As part of branding, people will perceive the things that you project about yourself.
If your reputation is a good one and your branding strategy is successful, it can often attract new customers based on the preconceived notions they have developed from the things they have heard and seen about you. A good advertisement combined with the way a product looks and a neighbor’s recommendation could win you over a new customer.
Like a familiar household brand that your mother always swore by, good branding sells people an image along with a product. Often you can charge more for your product once your brand has been established because you can rest assured that your loyal clientele will still purchase your service or product over the others. Even if a product or service changes over time as technology and fads progress, a brand stays the same.
When the economy goes through a bad spell, branding can save a company. Research shows that companies with a strong brand are far more likely to survive a recession or depression than unbranded ones. When times are hard, customers often take comfort in knowing that despite all the things that have changed in their lives, their favorite brand is still there for them and still offering the same services and products.
Researching good branding strategies should be one of the first things you do when starting a new business, offering a new service, or developing a new product. While some people believe that the days of simple branding are over, partly due to the fact that almost all the good names have been registered already, there are many hybrid solutions that may be a fit for your company. Research is essential to ensuring that you have looked at every option available to you and know exactly what effect your strategy will have on your potential clients.