What is Branding?
Branding is one of those nebulous marketing concepts that can quickly become confusing, even for marketing students. So what is branding: The dictionary defines Branding as “the promotion of a particular product or company by means of advertising and distinctive design”. It is the process of creating a unique identity for your business in the minds of your consumers.
Why is Branding Important?
A distinctive brand can significantly affect your bottom line by offering you a competitive edge over your competitors and assisting you in acquiring and retaining clients at a far lesser cost. An established brand can be a vital asset in drawing clients and producing profit in eCommerce, where new businesses (and hence, new competitors), are popping up every day.
Your company still has a brand, whether you put time and effort into creating a memorable one or don’t give it a second thought at all. It might, however, be entirely different from how you had envisioned being perceived.You have the chance to shape your customers’ expectations by carefully building your brand through stories, relationships, marketing messaging, and visual assets.
How do you Create a Brand?
Businesses tend to use different tools to create and shape their brands.
- Brand Definition: Goal, Values, Promise
- Brand Positioning Statement
- Brand identity: name, tone of voice, visual identity design (including logo design, color palette, typography, etc.)
- Advertising and communication: TV, radio, magazines, billboards, websites, mobile apps…
- Sponsorship and partnership
- Product/package design
- Customer service
- Pricing strategy
Conclusion
One of a corporation or individual’s most significant and valuable assets is their brand. Companies should conduct research before releasing a product or service or opening their doors for business since they have the power to create or break a business. Successful branding can give the business an advantage over its rivals by assisting it in acquiring and keeping a customer base that can result in brand loyalty.
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