“Your brand is what other people say about you when you’re not in the room.”
-Jeff Bezos, CEO, Amazon
Branding is not just for the big businesses on the market. Branding is not just about the logo and ad campaign you design for your business. There is more to branding than all of that. These are all just the tip of the iceberg. Branding goes a long way in establishing a thriving business.
Your brand will lay your business in front of the prospective audience and show them how you really matter to them. A lot of factors like customer acquisition, loyalty, and customer retention, depend on how well your brand identity has been planted in the market among the customers.
As an entrepreneur, whether you are just about to start your business or if you already have a thriving business, understanding the significance of branding is essential. For this, you should also fine tune your media and PR skills. There are several online business courses in India to help you hone your PR skills and help you focus on branding your business effectively.
If you still think that smaller businesses and start-ups need not sweat about branding, read on to know why you should change your mind now!
What branding does to your business:
- The Trust Factor:
First and foremost, a strong brand image wins the trust of your customers. Apple’s products have always been expensive. But have you seen an Apple lover hesitate to buy a new gadget from Apple? Have you witnessed how large the pre-booking proportions are even before the product is actually released in the market? That is the trust that people have on the brand. This is what makes them fall in love with an Apple product even before they get their hands on one. Now that is what branding does for your business. That trust helps your business in the long run by establishing its credibility. This also opens a space for you to experiment and launch new products or services. Your loyal customers who trust your brand will be ready to try them out and give their genuine opinion.
- More than just the product or service:
When you do business with your customers, you offer more than just a product or service. There is an experience, a new relationship built between the customer and the business with each transaction. Giving them an experience worth remembering will help establish your brand identity. Let’s talk about Disney – the first word you probably think of is “fairy tale”. That is the feeling they deliver in their movies and in their amusement park. They have a signature style that makes the experience one-of-a-kind. This is needed for the success of a brand.
- Branding helps acquire customers and investors:
The best advertisement for a business is the feedback from actual customers. When your brand image is strong, you will have a large base of loyal customers. This will, in turn, result in the acquisition of more customers. The trust your customers have in you will motivate them to recommend your brand to others and help increase your customer base. When you have a great reputation in the market and among customers, investors will be willing to invest in your business.
- A competitive edge:
With the ever growing marketplace, you have to stay up to date with market trends and build your brand to target the focus group effectively. This will help you gain an edge over your competitors. In all domains, several start-ups are gaining popularity and even managing to overtake big names in the industry. This can all be achieved if branding is done the right way. Flipkart for example, started out small in the online retail business while there were other global giants like Amazon. Yet, Flipkart gained steady fame in India and now occupies a major share in the online retail sector. They achieved this by establishing their brand to suit the Indian market. They are more than just another ecommerce player and have successfully established themselves as a brand by wisely crafting their marketing strategy.
Effective construction of a brand image will take a lot of research in order to understand the market and your target audience. While some branding and marketing flair comes naturally, it needs to be enhanced with professional courses like the ones offered by online education platforms such as betterU. Check out our branding and visual identity course designed for entrepreneurs to learn everything from branding, to logo design and even communication.