Branding and Why it is Important
Check out my Podcast on The Importance of Branding.
Many people believe that their task ends when they establish a business. However, unlike their general perception, after establishing a business, the next step is branding. Due to this extremely competitive business world, you must distinguish your brand from others. Therefore, you need to do branding for your business. So, in this article, we will explain branding and why it is important in detail.
Branding definition states that it is a marketing approach that can help a company to get recognizable. It includes creating a name, logo, symbol, or design. It can help your audience to identify your product and also distinguishes it from your competitor’s products. Therefore, it can help you to distinguish your brand from others. In simple branding, the definition states that it explains how your customers perceive you.
Why is Branding Important?
For your business to be successful, branding is an important and critical part. Branding can change how people perceive your business and its products and services. There are a number of reasons due to which branding is important. These include:
● To Get Recognition:
Branding is the most effective way to get recognized by the general audience and people. The main part of a company’s branding is to have a logo. A logo is one of the most elements of branding as it is almost the face of a brand. That is why businesses focus on having a professional logo to give an impression of their business at first glance.
● To Increase Business Value:
Branding is a long-term process that focuses on the future of a business. Therefore, if you have a strongly established brand, it can increase the value of your business. As a result of which your business will be more appealing for investment opportunities.
● Generate New Customers:
By providing the best branding services and having excellent branding ideas, you will generate new customers. A strong brand can give a positive impression of your business to your customers. After you have a well-established brand, your brand reputation will increase through word-of-mouth, helping you gain more customers.
The term personal branding is all about the practice of marketing people and their careers or talents as a brand. Personal branding helps people develop and maintain their reputation in the market. It can define your success in the form of self-packaging. This means you can often direct the information that is presented as you or your brand. Personal branding is about how good you are at promoting yourself.
For personal branding, you need a unique combination of skills, experience, and personality so that people will follow you. If you are considering the help of a personal brand coach but want to see if their knowledge and skillset is something you can use for yourself, check out the free resources here at aaronjarrels.com. Through personal branding, you are telling your story to increase your reputation and earn people’s interest.
The 8 Golden Tips for Personal Branding
Creating personal branding is not as easy as it may sound. It is quite a daunting and mythical process. However, if you know where to start, you can easily master the art. Here is a list of golden rules to create an effective and engaging personal brand.
1. Be Focused:
It is very important to have a focus. From having a focus, I am stating that you must know the underlying message behind your branding. Moreover, you have to convey a clear and concise message to your audience that is easy to understand. Your message must be focused on your target audience and try to have one message at a time. It is important to keep your message in correlation with one niche. You will relate more to your brand, and it will be easier for them to remember it if you have narrower and more focused branding.
2. Be Genuine:
Always stay genuine and true and avoid spreading false rumors about you. People and your target audience will believe you more if you stay genuine and authentic. Due to widespread information, people can tell within seconds when you are fake. Your brand reputation will increase if you genuinely state who you are and amplify your real self.
3. Tell a Story:
By far, this is the most important point that can help you gain all your potential audience. As we have said in the above section, tell your truth in a creative yet genuine and authentic way. Tell your success story to your audience to which people can relate. You can either write your story in a creative blog or explain it through a video.
4. Be Consistent:
Another aspect of personal branding is to stay consistent. It would be easy for people to recognize your brand if you show consistency. For personal branding, you must promise consistency both online and offline. Consistency must be shown through your communication, gravitas, and appearance. One of the top businessmen states that you can show consistency, either visually or personality wise. Never ignore or underestimate how small inconsistencies can disrupt your personal brand effectiveness.
5. Create a Positive Impact:
Successfully doing personal branding does not mean an end, but you have to continue doing so over time. To build your brand reputation, you can either hop over others and burn bridges or steadily grow a community around your brand. Never forget about your brand and try to stay true to the message you have initially given to your audience. Adopt a positive attitude and approach towards your brand; only then will you be able to grow it because no one wants to associate with a brand that radiates negativity.
6. Live Your Brand:
Instead of separating your brand from your personal life tries to merge both of them effectively. It would be easy to create a personal brand that is similar to your actual lifestyle. From the term live, your brand means it should follow you everywhere where ever you go. Your brand explanation should explain who you are and gives a reflection of you. Remember, it should not reflect a series of jobs like marketing or finance; instead, it gives an idea of your thoughtful leadership or mentorship.
7. Allow Others to Tell Your Story:
When it comes to branding and marketing, nothing works better and faster than word of mouth. Therefore, you have to influence others to the point where people can say positive words about you. When you have explained your story in an effective and creative way, your audience can easily remember it. Thus, they will be able to recall pieces to complete the puzzle by relating to your brand with their own story. Once they can connect with your brand, congratulations, you can gain a loyal customer. Therefore, they will do the best PR for your brand.
8. Leave a Legacy:
The next step after creating your personal brand is to think about the legacy you will leave behind. Make sure that some certain keywords and phrases will explain to you. Keep in mind that building a brand is much more difficult than creating a business. Moreover, your personal brand is a lifelong process that will continue all your life. So, work to leave a solid legacy behind you that others will love to follow.
Branding is all about presenting yourself in the best possible way. Although it is a similar process, there are still certain differences between personal and business branding. Unlike personal branding, your focus is on your company’s product or services by giving a comprehensive message about them in business branding. Moreover, you can use names, logos, slogans, and other collaterals to explain your message. Through branding, you are actually creating a perception about your business in the hope of having more consumers. Therefore, they will be motivated to contact your company and experience your products and services.
For business branding, there are three milestones each business has to cover: brand strategy, brand identity, and brand marketing. Besides, it’s a long-term plan to create your impact. Brand strategy is like a blueprint about how people see your business, whereas your brand identity can convey your strategy to your target audience.
The 7 Golden Tips for Business Branding
A strong business brand can help you to attract new customers as well as retain old ones. Make sure your business is fully developed before you start branding and marketing your business. Some of the golden tips for business branding are:
1. Conduct Market Research:
The business world has become extremely competitive, and therefore, to strive in it, you need to have full control over it. Therefore, before starting anything, research your market and your competitors. Learn about all market aspects and closely monitor your competitors. Due to high competition, the audience will only pay attention to you if you offer something unique, new, and creative. You need to have a competitive edge over your customers to gain your target audience’s attention in simple terms. By using your market research, you can find economical, demographic, and statistical information about your industry.
2. Think About Successful Brands:
You can take idea and inspiration by looking at how other successful business showcases themselves. You will find a number of successful branding examples around you. There are multiple brands for products and services you can instantly recognize. And when you will learn about them and look into them, you will get an idea of why they are so successful. Therefore, try to learn the secret about their success and then use it in an effective way to brand your business.
3. Consider Your Entire Business:
When branding your business, don’t focus on one or two segments but instead consider your whole business. The branding of a business doesn’t end with a logo, but it is much more than this and includes every aspect of your business. Your business branding must be reflected in your business name, customer service style, business cards, premises, pricing, marketing material, and advertisement. All of them should shed light on your business as a whole and can deliver a message you want to send to your audience.
4. Be Authentic:
Nothing can beat honesty and true values. Therefore, no matter which strategy you use to brand your business and how you do it, you should remain true to fact. To gain a few more customers, don’t spread fake information as people will eventually find out the truth and ultimately leave your product. Moreover, it can do more harm to your business than good. Therefore, whenever you are stating facts and narrating your story, always stay honest. However, you can narrate facts in a creative manner.
5. Seek Professional Advice:
You can learn quite a lot by looking at your surroundings, digging up about successful brands, and researching your market. But still seeking professional advice always stays on the top as it comes from the first-hand experience of a professional. You can discuss with professionals how you can start and how you can reach your goal. They will give you branding ideas and will explain the key components of your branding. Believe me; you will not regret getting notes from professionals. You can even ask them to let you see their portfolio and get some inspiration.
6. Keep It Simple:
Whenever you are sending a message to your audience, make sure to keep it simple and concise. Do not complicate things and use a simple branding approach that is relevant to the customer’s types. If you are using too many elements like fonts, images, and colors, it will complicate your target audience’s understanding. People are very simple and naïve, and thus, they cannot get the underlying message. If you use a simple approach, then it would be easier for the customers to understand it.
7. Keep An Open Mind:
You must have an open mind when dealing with a business because you will face a lot of ups and downs. Moreover, you will only find creative ideas only when you look at things with an open mind. You will get a wide range of ideas when discussing your situation with a professional due to their experience. Besides, with an open mind, you will be able to build a brand that is entirely unique and different from your competitors.
As its name indicates, co-branding is about a combination of two or more products from different brands and companies using a single marketing or branding strategy. Therefore, it links numerous products in one package. In simple words, it is a marketing partnership between two different brands. Moreover, these brands are entirely different from one another and are not related to each other in any way. For co-branding, companies use a different form of promotions like advertisements or sponsorships. As a result of this association, both brands will get the benefit. It can help brands to add value to each other.
Advantages of Co-Branding
There are multiple benefits of co-branding due to which brands opt for this form of branding. Some of the important benefits you can achieve through co-branding are:
- It can help you have shared resources; thus, both brands can use each other’s resources.
- Using shared resources can reduce the overall cost of branding; consequently, it can result in higher margins.
- In case both the brands are renowned and are well perceived by the people, it can boost branding results.
- Both brands have equal responsibility and will share risk.
- Both brands can enjoy better sales and will have a better relationship with customers.
- When two brands decide to get closer for branding financing becomes easier for them.
Disadvantages of Co-Branding
Just like co-branding comes with a lot of similar benefits, it also has few disadvantages. Here are some of the disadvantages of co-branding:
- In case co-branding becomes unsuccessful, then it will affect both of the brands.
- Sometimes this brand alliance has a negative impact on audience minds. As a result of which you will not be able to achieve your desired results as you might have expected at the start.
- Another negative aspect of co-branding is that if one brand is a part of too many co-branding exercises, it might affect their effectiveness.
- It may be possible that consumers may not focus on the individual brand together. Thus, causing the co-branding to fail.
Brand marketing is the next step that comes after establishing a brand. It is an approach that can help businesses market their products and services so that it can support the brand. Therefore, it can help consumers to understand the mission of a company. Through brand marketing, you can communicate and use it for sales to grow your assets. We have discussed again, and again that logo is essential for branding. However, do you have any idea why brand marketing is so powerful? Because everyone understands the power of a brand. There are certain pointers you must consider when making brand marketing strategies. These are:
- You should use a consistent and specific approach for your target customers to understand it easily.
- You must use a recognizable marketing approach.
It is a way to make sure you are easily recognizable in the market. By having a brand, including a logo, color, and tagline, you set yourself apart from other noise in the market.
Consider Coke ad a brand, you know the logo, you also think about it being ice cold, and refreshing. You may think about sharing it with family and friends. All of that is what makes up their brand. The brand is bigger than just the product.
Branding is a way to inform customers and would be customers what you stand for. It is more than just your product or service. A brand becomes a voice that speaks for you. When you become a recognized brand, people will be reminded of you when they see something that simply looks similar to your logo or just reminds them of your brand.
A strong brand gives customers a foundation from which to decide if they like your business mission statement and goals. Your brand gives consumers something to feel about your company and the company values.
Consider Toms Shoes. They were not great, and were expensive, but the brand was about sharing with people who could not afford shoes. The brand was bigger than the product, and people had an emotional pull to buy in spite of the price.
If you create a personal brand you make it easy for people to find and support you. Believe it or not you are already a brand, all you need to do now is own it. Do not be embarrassed of who you are as a person and as a brand.
Branding makes it easy to share ideas, products, and services with others.
Consider this: Have you ever followed someone on social media and enjoy when they share things they love, and then you see them obviously promoting something they don’t actually care about? That is an advantage of branding, when people know and care about you and your brand, they know when you are being sincere.
Branding can distinguish your brand from your competitors and shows how your audience perceives your products and services. Moreover, you also need to follow proper tips to achieve your goal effectively. Besides, consider the strong relationship between branding and marketing, and if done properly, it can increase your brand reputation. If you need to create, polish, or repair your personal or business brand and want some help, visit Broken Moon Media to see how easy it is to do.