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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Strategic Branding (25-slide PowerPoint presentation). What is your brand important? Brands is a major driver of consumer behavior. A strong brand leads to higher market share and higher profit margins. It serves as a significant competitive advantage. In this presentation, we understand what "brand" is dig deeper into why it's important. [read more]
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A business, irrespective of its size is a brand. Many people often overlook this and only see themselves as a business. Branding is what makes a business recognizable. It is all efforts geared towards making the company stand out distinctively with their products or services.
Being a marketing strategy branding involves promoting through advertising by creating a memorable impression using things such as company name, logo, symbol or design among other visually identifiable features.
Many businesses are doing what you are doing, but you can still demand a larger market share if the world can identify with your company. Here are 5 reasons why branding is an important marketing strategy for all businesses.
Branding begets recognition
Branding makes a business known to the customers. Think about a logo. A logo should not only be distinctive but also arouse an intended feeling to the consumers about a product when they see it in a flash or printed advertisement or even a document.
It is the first impression that everyone gets about a company. It should, therefore, be powerful yet easy to remember and create an impactful impression on first sight. Check out MediaGroup, for help on professionally designed and memorable logos that will make your clients think and feel what you want them to on a glance.
It motivates and inspires employees
A distinctive brand inspires and motivates your employees to carry themselves in a manner that helps achieve the company’s mission and vision. There is pride when an employee works with a strong and reputable company.
If the brand speaks to your consumers, it sure will do much more to the employees that you hire. It will instil powerful morale that is result-driven. You can also brand your workspace to give your employees a sense of belonging.
Branding helps create and build trust
A company that presents itself professionally is more likely to attract trust from different stakeholders than one that does not. Naturally, a professional appearance gives one the impression that a business knows what it is doing. That the product or service could be of good quality and as polished as the branding.
This makes many people want to associate and do business with you. For instance, investors are more likely to consider investing in a professionally branded company than one that is not.
Branding supports advertising efforts
An outstanding branding makes it easier to launch a successful advertising campaign with different strategies such as promotional products and discounts.
The reception is warmer and yields productive results when appealing and trustworthy branding supports advertising.
Branding brings in more business
Have you ever tried recommending a certain product to a friend but failed to because you could not remember its name or the company? Professional branding helps avoid such instances by creating a memorable presence.
Many people become product consumers following word-of-mouth referrals and testimonials. With proper branding, it will be easier to pass the message across to the customers and make them relate to it.
Key branding ideas to take note of
Business branding requires a blend of creativity and strategizing. Here are key ideas to consider
Understand your target audience
Even with the best product in the market, note that you cannot be everything to everyone. Invest in market research and understand your target audience. What is their personality and way of life? Do you have any competitors in the market and what is their weakness?
Put in place a branding design that meets your target audience needs.
Have a professional logo
As already mentioned, a logo is the first face of a business. Your business carries this identity in all its products. The logo should be exceptional but not necessarily complicated.
Fit in your target audience shoes; that they like what they feel when they see the business logo.
Have a short tagline or slogan
A short slogan helps bring out a business’ personality. The tagline should be easy to remember and speak some essence. For instance, ‘For express delivery’. This line portrays a key benefit of doing business with a courier service provider.
Branding is an essential strategy for any business that wants to stand out from other competitors in the market, remain loved by the target audience and to ultimately grow its revenues.
You can download in-depth presentations on Brand Strategy and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
