What is branding and how it assures business growth
Now that you have clicked on seeing the title. I would assure you that you are not the only one looking for an answer to this question of “What is branding?”. Anyone thinking of starting a business thinks of it. And if one finds an answer, well then rest is history for them.
Business, a world like no other, where one day you have a friend and another a foe. Where there is no time for relaxation. And no room for lacking and no second chances for mistakes. As a business owner, you need to be strict and think quickly on your feet. If you are thinking straight and correct you can take your business to a great height.
But not everyone can be confident. As a human, you are bound to make mistakes. It’s normal to feel nervous before starting something new. In that case, you try your very best to make fewer mistakes.
And if you are a young entrepreneur, let me say, you are not alone. Everyone gets a funny feeling in their stomach before going into unknown territory. Kind of like when you’re falling from a height.
Having that feeling is a good thing. But that does not change the fact that there is very little room for mistakes. So, everyone tries to avoid common mistakes. And everyone tries to look for shortcuts to success. That is the most common mistake you can make, looking for shortcuts. There is no elevator to the top, you will have to take the stairs, and sometimes with a weight on your back.
Now coming onto the topic, you came here for. The world is overflowing with sharks looking for any opportunity to eat you. The answer is quite simple, and that is making sure you cannot fall prey to those sharks. And there are many ways in which you can do that. But the very first step you should take is BRANDING. A term that bounces off in the business world quite often. If you are not familiar with it or need in-depth knowledge, keep reading the blog!
Developing a successful, sustainable business depends on how the audience sees you. How you show yourself to the public. That will help you keep moving forward, for which you can use marketing. With which you tell people about your business, products, and services. Now how to make them remember about this. As people are open to millions of marketing strategies. That you can achieve with branding.
What is branding?
It’s a technique used by branding strategists to project the image, ethos of the company. Every company or business has core values on which it is built on. It is the responsibility of the strategist to let people know about these values. These values shadow the products and services provided by the company.
People often confuse ‘marketing’ and ‘branding’ but both are different. Marketing is what you show, but branding is what is within. What you were at the very beginning and what you will be till the end. Marketing may help in branding, but a brand is bigger than any marketing strategy you apply.
Any ad you see on TV is part of marketing. You might forget the ad, but if it leaves an impact on you, then you will remember the product. And that is what every company is trying to achieve. Because they know you see so many ads in a day, they try to the one you will remember in the end.
You should not be leaving this: The top 10 Branding Strategies that work
For branding, some key points you need to remember are-
- Know your audience
- Everything counts
- Make it memorable
Every business owner should search the market first and know about their target audience. If they are selling kids’ toys, their target audiences are kids and parents. Focus on your target is vital. Every little detail possible counts. The copy, the graphics, the fonts, everything. And make sure you stand out from the crowd, a mantra that should flash in neon colors.
Every brand is different than the other, as it should be. Nike, a shoe company has established itself as a brand. Their tagline, ‘just do it’ and the tick mark is enough to let people know about them.
The Branding Process
Most companies make the mistake of leaving the branding process for much later. Your company has been in the market for 5-6 years now, but you still have not started working on the branding. This could cost you. You will have to go back to the very beginning when you do start the branding. And that is nothing but the loss of resources, money, and time.
Customers are the fuel the companies need to keep running. The customers have so many options to choose from that the company fears losing even a single customer. Customers also know their importance. And of course, they want to feel special if they are spending their money on you. With branding, you develop a relationship with potential clients. And those potential clients turn into loyal customers. This will increase your revenue and you will make more profits.
How to build that personal relation?
By not automating every message you send a customer. You will lose the human touch if every message is automated. You might think you are making things simpler for yourself, but you are complicating it even more. The customers know when a genuine effort is behind a message. Over the excess automation will make you sound robotic and impassive. And the customer will lose interest.
How much should you spend on branding?
There is no hard and fast rule that you need to spend millions on branding and marketing. It varies from industry to industry and company to company. But there is a thumb rule of spending around 10% of your gross revenue on marketing strategies. Always carve out a budget for diversity and inclusion to grow your business. Diversity should always be a part of branding.
In branding, or in any industry quality and quantity matter a lot. If you are spending so much money but the quality of the content is not good. Then you are sending that money down the drain. And the quantity of the content matters too. You don’t want to overload the customer, but also not provide less content. Find a balance and stick to it.
Branding is no more a business strategy now, it’s a culture. Set a brand for your company early, but if a need arises you should be ready to change it too. And that way you can survive the competitive business world. Use any media to market your brand, it can be traditional or new. But above all stay determined and vigilant.