Benefits of branding LEARNOVITA

What is Branding and why it is Important for your Business? [ For Freshers and Experience ]

Last updated on 04th Nov 2022, Artciles, Blog

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Jamie (Senior Data Analyst )

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    • In this article you will get
    • 1.What is Branding?
    • 2.8 Benefits of Branding
    • 3.What is Co-branding?
    • 4.Why is Co-branding as important as branding?
    • 5.The Next step to success
    • 6.Conclusion

What is Branding?

According to Jeff Bezos, brand is what other people say about when not in room. Everyone has a various style when it comes to their own brand. A good brand doesn’t need to cost a millions of dollars, but it does need a lot of creativity and research. Studies are show that 89 percent of a shoppers stay loyal to brands are they share similar values with.

Here some factors that need to consider to build strong brand:

    1. 1.Brand design
    2. 2.Social media presence
    3. 3.Environment and company culture
    4. 4.Product quality and pricing
    5. 5.Website and marketing
    6. 6.Taglines and slogans
    7. 7.Customer service

Other than these, there are the other factors such as message, awareness, tone, philosophy, and overall personality of a business that contribute to a building a good brand. In today’s world, people are be bombarded with millions of messages throughout a day. To stand out from the crowd, not only do need to have a good products and services, but also need to create good brand. When done properly, a strong brand can advance business much further than it was ever thought possible.

Branding

8 Benefits of Branding

1.Customer Recognition:

In a world of ads, when customer recognizes a brand’s color, theme, logo, etc., they are more likely to choose that product are over all others. This is because they are already familiar with the brand and what it stands for. From a something simple and minimalistic to something wild and eye-popping, a good brand will be always be recognized in the sea of others.

2.Customer Loyalty:

Once a customer begins to recognize and buy the product or a service, good branding will keep them coming back for a more. A good company with great products are combined with an effective branding hits all the right notes with a customers. This will increase a customer loyalty in the long run. A good example of a customer loyalty is Apple, which has one of most successful branding stories in a world. It managed to build a loyal following by a building an emotional connection with its customers. Brand loyalty is one of major reasons behind an Apple’s massive success in the market.

3.Consistency:

A good brand sets a foundation for a business. Once a business has found its branding – company philosophy, colors, typography, etc., all the other efforts can be modeled be around it. All the future marketing efforts can branch off of this foundation. This creates be consistency within a brand and helps to customers relate to it more. Imagine company changing its logo every other month. Most of customers would get confused and not even want to buy a products and services from an inconsistent brands.

4.Credibility:

Each customer has their trust problems whenever it comes to trying new product or service, However, strong brand can help to set yourself apart as well-established business with a strong values that can customers can resonate with. An Innovative marketing coupled with an exceptional products and services, phenomenal customer service, and interesting visuals will surely help even small company establish itself as a serious professional business.

5.Improve Company Values:

If brand has a personality, it is simple for people to relate to a company’s values and motives. When people relate to the company values, they are more likely to need to do business with you. Take a Toms’ shoes, for instance. They are one of the most famous shoe brands in a world, but the main thing the brand is known for donations. For each pair of shoes that can buy, they donate a pair of shoes in a partnership with humanitarian organizations. This fosters shared emotional connection between company and the customer and is one of the main factors of branding.

6.Stay Ahead of Competitors:

If have so many competitors in a market and are just starting, it may be a tough job to get ahead of them. However, a personalized and unique brand can help attract right customers for. Can also charge extra for a premium quality products with good branding.

7.Brand Equity:

One of the most important benefits of a branding is that it helps to promote a new products and services. If people are loyal to the brand, they are automatically interested in whatever new the brand has to the offer. When Apple first introduced an AirPods in 2018, it dominated the wireless earphones surpassing giants like a Samsung and Xiaomi in a global market. A study by Strategy Analytics shows that an AirPods has over 50 percent of a global market share.

8.Attracts Talent:

When a business has an effective branding, it is hard for a people to not notice. This attracts influencers, content creators, social media marketers, and the other concept builders. When a business draws these kinds of a people in, they increase their creative powerhouse. Collaborations with a right people can go a long way to promote a brand and uplift your brand’s digital presence. This helps to reach an even larger audience because people trust a recommendations of their favorite influencers and also content creators.

Benefits of Branding

What is Co-branding?

Haven’t heard about co-branding? Well, as a name suggests, it is an association between the 2 businesses where they are come together to support each others’ success. Co-branding is a powerful when companies with the similar target markets come together and create unique-value-add product / service / content for potential customers. Some example of a co-branding are:

    1. 1.Nykaa partnering with the beauty influencers.
    2. 2.Toothpaste brands are partnering with a dentists.
    3. 3.Skincare brands are partnering with a dermatologists.
    4. 4.Sportswear brands partnering with a cricketers.

Why is a Co-branding as Important as Branding?

In a today’s time, branding and co-branding go hand in a hand. Both are essential to increase the consumer base.It can reduce a ad budget – Yes, that’s true Co-branding can actually help to cut down an advertising budget. When collaborate with an individual or a company with the similar target audience, actually communicating with a potential consumers directly. This can reduce customer acquisition cost to the great extent.

1.Can get excited consumers : Co-branding creates the space to explore for a customers. It is exciting to see 2 similar brands are come together to create a something new.

2.Interact with a new audience : Even when targeting a same audience, there must be some customers that are unique to be only 1 brand. Thus, there is a more possibility that will interact with the new audience by co-branding.

3.Co-branding creates a trust : When 2 popular brands are belonging to the same industry come together, people tend to trust resulting product / service more.

Conclusion

Branding does a lot more than just making a business look good. If a business owner looking to the progress of company, need to implement a good branding strategy for a growth of a company. If interested to learn more about branding and benefits of a branding.

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