Branding: What Is It and Why Is It Important?
- on Jul 18, 2022
You’ve heard of the word branding on more than one occasion, but do you know what it is and why it’s important? Perhaps one of the most commonly used words in marketing, branding is all about setting yourself apart from the rest, regardless of what you’re selling, such as food, clothes, or even beauty products. When you think of some of your favourite brands, you’ve probably realized many are competing against one another while selling similar products. So, how is it possible for various companies to sell nearly identical items? It’s because they’ve developed their own brand and are selling those products or services under that brand, which makes them unique.
Your brand represents everything about your business and what you offer. It sets you apart from the competition and helps you make a name for yourself in even the most cutthroat industries. Oreo Cookies are an excellent example of this. Sure, there are many brands selling chocolate shortbread cookies with vanilla filling in the centre, but which brand do you know best? Most likely, it’s Oreo, and it’s because they’ve branded themselves as the best in the business over the years.
The brand correlates with everything the business believes in, including its core values and the features of products sold. As a company begins branding itself, it can start to evoke thoughts, feelings, and emotions from its targeted audience, getting people to associate the logo and the name with positivity based on what it provides. Companies will often work hard to develop a brand identity that will resonate with their targeted audience and get them interested enough to repeatedly buy from them because of the quality of what they sell.
While another company can come out of nowhere and begin offering a similar product, it doesn’t matter because the business has already branded itself and has a loyal following. Another excellent example is Pepsi and Coca-Cola, both of which sell carbonated beverages. While their offerings are similar, some prefer one brand while others prefer the other, so they’re both doing exceptionally well because of their branding efforts.
Branding Makes a Difference
Companies can sell practically the same thing, such as bottled water, and yet still gain a loyal following of people who specifically choose to buy from them. It’s because they’ve branded themselves and have created a way to connect with a targeted group of people. Some brands make you feel youthful and alive, while others will make you feel fancy, unique, or even sophisticated. It’s all in the way they market themselves.
The Benefits of Branding
When creating a brand for your business, can have a positive impact on your sales and follower count. It’s crucial to brand your business in different ways while utilizing the power of social media to stand out and evoke the specific emotions you want your audience to feel and experience through your content. With branding, you can
- Reach your targeted audience
- Build a loyal fan base of consumers who choose to buy your products or services
- Get your brand name and logo out there so that it becomes easily recognizable
- Gain the loyalty you want and need for your business
- Become a household name
Branding design efforts impact many people. It helps consumers decide on the purchases they’d like to make, enabling them to choose a company with similar values offering the products or services they need. In addition to benefiting the consumers, it works wonders for employees, shareholders, and third parties interested in distinguishing themselves from other companies within the same sector. It’s the perfect way for a business to stand out against the competition, even when dealing with many competitors.