Branding: Importance to Companies
By Mabel Miles
Planning to start a business is not as easy as you think it is because you have to consider several factors to become successful, like funding, employees, office space, business advertisement and branding.
Like any other factors for consideration, branding is also one important aspect for success because it creates an identity for your products and services.
No matter what size or type of business you pursue, either manufacturing, production or service-oriented, branding is important to companies because it creates not only its corporate identity, but its product identity as well. With successful branding, companies can sell its products and services to customers effectively.
If you think that branding is the same as advertising, you are wrong because these two are totally different from each other. In advertising, you are only offering and beating your competitors. In branding, companies are defining what they have to offer to business enterprises. It helps build business enterprises credibility to ensure that consumers trust them.
Entrepreneurs and companies engaged in branding to align their goals, to create product impression and to attract customers. When a company achieves brand recognition and brand awareness, consumers can recall and recognize the brand even under different conditions. With branding customers can understand and can identify which product are sold under a specific brand name.
Benefits of branding to business enterprises:
* Reduces marketing costs
* Serves as groundwork for future global extensions
* Quick identification and integration of innovations
* Maintains brand consistency
* Prevents international competitors from penetrating local markets
* Prevents rival companies from locking you out in other geographical markets
* Increases media reach
* Promotes international business and tourism
Steps in building your corporate brand:
* To gain the trust and loyalty of consumers, you have to identify the company. What is the specialty of the firm? Who is your target customers? What is your slogan? What is your logo and how it describes the company.
* You must develop your own physical identity. Design your logo. Develop packaging and label that best identifies what your brand is, the company and your brand. You must design the packaging carefully because every aspect of it describes you
* You must focus on what particular market that you intend to concentrate. Implement an effective communication and marketing to simplify your decision making.
* With the advancement of technology and computers, you must keep abreast with the latest fad and use blogging to promote your product. You must market your tactics and strategies to build your brand. Use the social network to promote your products and services to customers.
* Create letterheads, labels, newspaper advertisements that contain your logo and company name.
* Outline and identify your prospective clients. Determine their age, gender, location, nationality and range.
* Make an action plan and executive your marketing campaign. Be sure to keep track of your campaign to gauge how effective your they are.
* If your budget allows, advertise your brand. Choose an avenue where you like to advertise them, like newspaper, magazines, television or Internet.
* In promoting your brand, you can participate in trade shows or exhibitions to make your brand known.