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Importance of Branding to Your Business

Apr 24, 2018 | Brand Development

branding image 1

A good business brand is more than just a nice logo or a great sales pitch.

I believe that every business starts with an idea, a great vision or product and also a belief that you’ll make a profit. What most business owners and entrepreneurs overlook while starting out is that the ability to make a profit is based on how you can convince people to buy your products or your ideas. Branding your product in a great way is an essential part of running a successful business.

If you ask me what a brand is and why branding matters what will I respond with?

Your brand is what people think about you and the way they perceive your business. It is more than just a name or the physical packaging of your products. It’s how you tell your story and convince your prospects and clients to key into your vision.

Put simply, your ‘brand’ is what your prospect thinks of when he or she hears your brand name. It’s everything the public thinks it knows about your name brand offering both factual (e.g. It comes in a robin’s-egg-blue box), and emotional (e.g. It’s romantic). Your brand name exists objectively; people can see it. It’s fixed. But your brand exists only in someone’s mind.”

Jerry McLaughlin

 

So why does brand development matters?

The need to create a great impression is important, most times it’s your only chance to implant a memory in the mind of your customers. Looking from a customer’s perspective, if you buy a product for the first time, a well-packaged product and you open it to realize that the value is not what you expected, how do you feel? Now, will you buy that same product that provides less value and expectation next time with your hard earned money?

 

The first impression does matter!

The kind of memory your brand creates is up to you to make it a good experience or a bad one. Either you want to create a living business with a difference or you just want to be another kind of business.

It is believed that visual images causes an attraction and speaks louder than many words.

Our choice of buying a product is based on emotions. Psychologically, people love to feel good about what they buy, so it’s important to know what attracts your customers and capitalize on it.

If you think the cost of good design is expensive, you should look at the cost of bad design.

Dr. Ralf Speth, Jaguar CEO

While developing your business brand, you should reflect the values you stand for. It’s cheap to claim what you can do, but it’s great if you can back it up by fulfilling your claims. Actions speak loudest! For you to create a successful product that can sell on its own, you should be genuinely interested in the experience people get from using your product and the services you offer.

Let your brand build trust and a great expectation — and then fulfil them consistently. Remember, the brand creates memories, create your brand around your company’s values and how you want your customers to feel, create a connection. What you will gain is the loyalty of your customers and more referrals.

Why branding matters is that people’s experience and reviews of your product and services have a huge impact. They will market your product and services positively even in your absence. Developing a great brand is a key factor to make your business thrive for a long period and gives you an edge over competitors. So what will you choose, investment in a great brand or struggling for survival in your marketplace?

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