What Is Branding And How It help Your Business?
What Is Branding
Branding, by definition, is a marketing practice in which a company creates a name, symbol, or design that is easily identifiable as belonging to the company. This can aid in identifying a product and differentiate it from other products and services. Branding is important because it not only makes a memorable impression on consumers but it allows customers and clients to know what to expect from your company. It is a way of distinguishing yourself from competitors and showing what you offer is the better choice. Your brand is a true representation of who you are as a business, and how you wish to be perceived.
Many areas are used to develop a brand including advertising, customer service, promotional merchandise, reputation, and logo. All these factors work together to create one unique and (hopefully) attention-grabbing professional profile.
Why Is Branding Important?
Branding is extremely vital to a business because of the overall impact it can make on your company. Branding can change how people think of your brand, it can drive new business and increase brand awareness.
1. Branding Create Trust / Reputations
Professional appearance and well-strategized branding can help the company build trust with consumers, potential clients, and customers. People are more likely to carry out business with companies that has higher reputation and images.
With proper branding, you can give customers the impression of being industry experts and make the public trust your company, your products and services, and the way it handles its business. For example, by building the brand reputation no longer only using words or copywriting. Building an authentic brand requires hands-on participation and realistic involvement that can grab the audience's heart in this modern communication era. By doing that, your brand's message needs to be transparent enough to attract and convince the audience psychologically.
2. Branding Able To Achieve Higher Revenue
Branding is significant to increase revenue for a business because when a brand personalizes the experience for customers, they connect with the brand emotively. A strong brand identity increases customer loyalty subsequently able to achieve higher revenue for your business. For example, when a brand is looking for 50k service, but you can provide them a 100K portfolio of multiple brands, will the 50k doubt you? You increase the process of getting deals done.
When you intend to increase your revenue, you definitely need to look for a bigger project value within the same period. In order to do that, you need to convince your audience / prospect that your capability is near or beyond that (Don't approach a 200K project with 10K capability, you will taste the paint).
3. Branding Generates Referrals
A good brand won't have any trouble increasing referral business. Strong branding generally means there is a positive impression of the company amongst consumers, and they are likely to do business with you because of the familiarity and assumed dependability of using a name they can trust. Once a brand has been well-established, word of mouth will be the company’s best and most effective advertising technique.
People love to tell others about the brands they like. People wear brands, eat brands, listen to brands, and they’re constantly telling others about the brands they love. On the flip side, you can’t tell someone about a brand you can’t remember. Additionally, a strong brand website strategy, such as backlinks, is critical to generating referrals or viral traffic.
4. Branding Give You Options To Choose Revenue Stream
When your brand is noticed widely, you will have more customers approaching you. Therefore, you can then choose customers that give you the most beneficial outcome for your business. As an example, when your job fulfills your daily operation expenses, you can begin to choose more quality clients that can bring your brand's company reputation to a higher stage for you to show the maximum output of your services.
For example, will you take a taxi without any company logo, brand or you will take Grab that provide you the driver details and reviews with the e-hailing experiences (Even though Grab are slightly expensive)
5. Branding level up your Negotiation Power / level
As for negotiation, when your brand is well known, we can have high negotiation power, which brings you a higher control and bargaining power. This can enable your business to be more competitive in the market. For instance, you can then bargain for a higher price, a shorter receivables period, a longer payables period, or even better quality products. Customers would have to comply as they are found to work with a good brand. It is because you provide value added services such as piece of mind on deliverable compared to others that might create hiccups during the process (Just like buying an insurance).
When you are continuously serving the brands, your new prospect will reduce changes of doubt for your services. In that condition, you can increase your initial confirmation payment from your new prospect. Besides, when you are trustworthy you are able to expand your brand to provide premium services that will increase the cost of sales, but in the end you are more branded (Why 5 matchstick brand watches are much more expensive than others / in fact its function is telling us time like others).
Wrapping It Up
The best branding is built on a strong idea… an idea that you and your staff can hold on to can commit to and can deliver upon.
Your brand needs to permeate your entire organization. When your organization is clear on the brand and can deliver on the promise of the brand, you will see tremendous fruit while building brand loyalty among your customer base.
If you need any assistance, contact us for a free consultation. We’d love to help you identify and share your story!
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