Not sure what "Branding" means? Don't worry! Branding is one of those marketing concepts that can be a bit vague and quickly become confusing for many advertising students.
In the following article, we will take a look at what Branding is, as well as its importance within a marketing strategy.
What is Branding?
Branding, by definition, is a marketing practice in which a company creates a name, symbol, or design that will be easily identifiable and with which it will represent itself. This will help customers recognize a product and distinguish it from other products and services.
Because it is important?
Branding is important because it is not only what will allow you to make a memorable impression on consumers, but it will also let your customers know what to expect from your company. It is a way to distinguish yourself from the competition and clarify what it is that you are offering that makes you the best option. Your brand is built to be a true representation of who you are as a company and how you want to be perceived.
There are many areas that go into building a brand, including advertising, customer service, promotional products, reputation, and logo. All of these elements work together to create a unique and attention-grabbing professional profile.
What benefits does Branding bring?
1. You get recognition
The most important reason why Branding is crucial for a company is that it is the way in which it obtains recognition and is known by consumers. In terms of it, the logo is the most important element, especially when it comes to this factor since it is essentially the face of your business.
That is why a professional logo design should be powerful and easily memorable, making an impression on a person at first glance. Logo-printed promotional products are one way of conveying this.
2. You increase the commercial value
Another reason why branding is important is when it comes to generating business in the future, and a strongly established brand can increase the value of a company by giving it more influence in the industry. This makes it a more attractive investment opportunity due to its firmly established place in the market.
3. You generate new clients
A good Branding strategy will have no problem attracting more consumers through referrals. A strong brand usually means there is a positive impression of the company among consumers, and they are likely to do business with you due to your assumed familiarity and trustworthiness.
Once a brand is well established, word of mouth will be the company's best and most effective advertising technique.
4. You improve employee pride and satisfaction
When an employee works for a company with a strong sense of brand and truly stands behind it, they will be more satisfied with their work and take a greater degree of pride in what they do.
Working for a company with a brand name that has a good reputation and helps earn the public's esteem makes working for that company more enjoyable and fulfilling. Having an office designed with your brand can help employees feel more satisfied and have a sense of belonging to the company.
5. You create trust in the market
As we already mentioned, a professional appearance and a well-designed brand will help the company build trust with consumers, potential customers, and regular customers. People are more likely to want to do business with a company that has a polished and professional image.
Having the right brand gives the impression of industry experts and makes the public feel like they can trust your company, the products, and services you offer, and the way you run your business.
6. You support advertising
Advertising is another component of Branding in marketing, and advertising strategies will directly reflect your brand and your desired representation. Advertising techniques, such as using promotional products from reputable companies, make it easy to create a cohesive and engaging advertising strategy that aligns well with your branding goals.
How to create a brand development strategy?
Brand strategy is a dynamic set of practices, which must be reviewed regularly to remain relevant. With that in mind, we've created a simple step-by-step guide to help you get started on the right foot. Forward!
1. Define your business philosophy
What are the values that guide your professional practices and how will they be expressed in concrete actions? Defining your purpose or your business philosophy is the first step to creating an authentic, relevant brand strategy aligned with your vision of the world.
2. Analyze the market
Your brand management strategy should also take into account what your competitors are doing. After all, they also influence the rules of the game: prices, types of products, how you offer something, etc.
3. Create SMART goals
SMART is an acronym in English that describes the five characteristics of a goal: specific, measurable, achievable, relevant, and timely. When creating your brand, product, and service development strategy, keep these pillars in mind.
4. Design your action plan
Once you have defined the values that guide your actions and what you want to achieve with your company, it is time to design a plan so that your ideas come to life. Be descriptive, detailed, and plausible.
5. Test your branding strategy
It's time to put the action plan into practice! Observe the results and record what worked and what could be improved. By following this documentation, you can avoid making the same mistakes and fall back on known solutions when you encounter similar problems in the future.
6. Make the necessary adjustments
Last but not least, you should make all the necessary adjustments to your brand strategy. And that goes for what went right and what went wrong! For example, if you've included WhatsApp Business as a communication channel, but have started receiving more messages than you can respond to, consider expanding your support team or adopting a tool that allows you to manage all conversations in a single interface, such as CRM software.