The importance of branding in business and marketing are numerous. Strategic branding is what separates leading brands from others. Branding helps business or company improve credibility, perception, and customers loyalty. A well-defined and consistent branding is one way to gain competitive advantage in a saturate market or niche.
What is Branding?
Branding a series of activities an organisation or company uses to create a unique personality that’s associated with her brand. This can express through her brand identity (logo, colours, fonts, shapes, images, design, etc).
Branding has a significant impact to how it is perceived by potential customers. It determines whether they will choose your company or your competitor. If your brand elements and assets aren’t unique, it will be difficult to differentiate your business from the crowd of competitors.
Before we dive into the importance of branding, let's define some term you will come across when discussing branding. These words includes brand identity, brand assets, and brand strategy.
Brand identity is a collection of exceptional design elements a business use to communicate her brand to world. Exceptional brand identity design help businesses create firm good impression and improve customers’ loyalty.
Brand strategy also known as brand development strategy is a long-term plan of creating a highly distinctive, exceptional, and memorable customers experience for a business, product, or brand. A brand strategy should be dynamic, evolving, and built to communicate a company’s mission, value, and commitment to customers’ satisfaction.
Brand assets are recognizable elements that embody a company's identity. These assets can include thing like typography, colour, icons, stationery, and other designs that embodied a company's identity. Brand assets make it easy to identify a business, help it stand out from competitors, and cue customer associations.
The 5 Importance of Branding in Business
1. Branding improves perception
The perception a brand or product has, the more people value it. Branding gives companies a chance to let customers see the business for who we really are. This is the chance to be honest and open about what this company represents. The look, feel and message conveyed will separate you from the pack.
2. Branding improves customers loyalty
A good branding will create customer loyalty. Loyal customers will continue to support you in good and bad times. They will spread a positive message to people they know. Their influence will introduce new people to your company.
3. Branding boosts lead generation
Strong and compelling branding is one best ways to create first good impression for your business or product which in return improve lead generation. Also, one of the main reasons people buy a product is packaging, no matter good your might be if the design/ branding isn't unque, it's good sit long on the shelf.
4. Protection against copycats
Branding is best ways to stand out among competitors and copycats. Without destinctive branding, it would be hard to differentiate business or impersonators and copy-copy professionals. They might sell similar products but they won't be able to take your style and originality away.
4. Employees rentation
Employees are prone to stay long at a company that takes branding seriously. It makes them feels belonged and satisfied which in turn makes them want to remain at the company and continue rendering their services. Working for a brand that is reputable and held in high regard amongst the public is the dream of any employee. Employees that have a good associate with a brand will also translate such perception to fellow employees and clients.
Conclusion
Whether you're starting a new company or you already have business; branding is one effective ways to stand out among fierce competition. We have just discussed 5 Importance of branding, there might more, but the five points listed above are the top reasons why branding is critical in business and marketing. Thank you for reading through.
Do you need help with your business branding? Palment is your branding agency in Lagos, Nigeria. We help companies and businesses improve credibility, perception, and customers loyalty through our exceptional branding services.