What is Branding and Why is it Important
Branding is something that every business or entity needs to do if they want to get their name out there. Your brand makes you unique and recognizable. It’s who you are as a company. In one fell swoop it lets people know if you are reliable, experienced, costs of your products etc. Think about Target for example. Their brand is that they are your store for everything of quality, and you go in for one thing and come out with a redecorated home. Really, that’s Target in a nutshell and there are plenty of memes to show that they have a serious following. Another you could consider is Nike, they are a company that is all about their sports and fitness and “just do it” and instantly you know who they are and what they are associated with. That’s why it’s important, it’s who you are.
Some Key Factors to Branding
When it comes to branding, the first thing is your logo. This is how everyone identifies you easily without even having to mention your name. Nike is the check mark, Target is a bullseye, Geico is a Gecko. That’s what immediately identifies you with the company. Having a strong logo is extremely important.
Having strong brand equity also allows for you to potentially charge more for your product. When someone goes into a store, they expect to pay $40 for a pair of leggings at Nike for example, but when you go into Target, that’s not what you expect. It’s about a brand. Knowing that professional athletes use a product gives it an instant win for the company as people like to wear what the famous wear all the time.
Making it You
You’ll want your brand to show off who you are. First thing, other than the logo is to define it, to define your company. Number one is your mission, how you are going to be servicing the people with integrity and honesty. You also have to define the benefits of utilizing your services, reviews and what others think, and what you want to be associated with your company. For example with the later, your probably want people to associate you with honesty and fairness, customers/clients first, etc.
How it Works
You and your employees will be aware of the brand and follow it. It’s pretty much the basis of your code of ethics and how you run/market your business (invention,idea). Everything that is written and spoken should follow and adhere to the brand. And follow through, don’t make a brand and then just let it fall by the wayside. That’s how you lose customers and profits. Take the time when creating it to insure that it is truly you and what you want to convey. The more true it is to your beliefs, the easier it will be to follow. And having everyone on board is also key to making the brand stick.