A vast majority of companies associate the term branding with visual identity such as brand colors, logos, guidelines, etc. But it goes much deeper than that.
Branding is essentially a message that you put out there for your target audience to identify with and categorize you apart from your key competitors. Branding is an integral part of a company’s strategy and requires deep insights into future plans to catapult you from where you are to where you’d like to be.
Did you know that on average, all it takes is just 7 seconds to make the first impression?
Forbes.
Some of the key processes that go into facilitating good branding include having a unique brand voice, identity, promise, values, and positioning. These are complemented by the elements of branding that are designed in alignment with the aforementioned.
Visual Identity – Choosing your visual identity would mean working with a diverse palette of colors to give your organization an appealing look and feel. This would consist of brand colors, logo, mascots, graphics, etc. that are aligned with the objectives set that can help you differentiate your service while also communicating the essence of it.
Brand Image: Generating a favorable brand image involves creating a personality around your brand in alignment with your target audience. Coming up with a creative brand image is critical to ensure resonance and recall.
Positioning: What most successful companies get right about branding is apt positioning. Creating a place for your brand in the market can help indicate a particular need for it, prompting most consumers to gravitate towards it and making it stand out from the crowd.
Listen to Laura Ries, in her video where she explains the difference between communicating and positioning
Brand Equity: This element of branding essentially points to the tangible and intangible value of your organization like the market share it may hold or the strategic benefits that come about upon associating with it.
Many of the other elements that play an important factor in successful branding are brand communication, differentiation, brand gap, and brand experience among others, all of which are closely tied to each other and are strongly interrelated.
In short, we would like to say that your brand gives your organization a personality.
Most start-ups miss out on critical benefits from a go-to-market strategy by delaying a plan to brand themselves. Listed below are a few reasons that can convince you to initiate the branding process at your organization.
Adds more meat to the services you offer: Most organizations in their initial stages, have a clear vision and differentiator in mind to be able to scale client demands and monetize from a market perspective. Tying this vision along with strong positioning and messaging as a company that can fulfill expectations and connects itself with a value that resonates with customers can help create a spur in conversations around your company.
Facilitates strong brand recall: If you are the founder of a company wondering how clients are going to recognize you from the pool of market players, then you’re probably missing out on good branding. A good branding strategy can give you the much-needed kick-start when it comes to enhancing visibility (more on this below) while also ensuring that the services you provide cannot be replicated by any other organization.
Improves market visibility: Let us look at a classic example of resonant branding-Apple. Apple has been a game-changer in its own space, thanks to its impeccable branding strategy “delivering an exceptional customer experience through superb user interfaces” that has played a critical role in expanding its market share globally. Good branding tells customers your growth story, the services you offer and helps them connect with your company on a more personal level. Trader’s Joe in the USA grew from your regular next-door supermarket to a franchise for consumer goods, simply by positioning themselves as an organization that offered specialized groceries at an affordable rate while also making the shopping experience more fun and friendly. This is reflected in their branding communication throughout.
Enhances user traction: While there are different types of branding, organizations with good market positioning keep the regulars coming in. It improves credibility and fosters trust in the organization, which is one of the recipes to success.
In Conclusion,
There is no alternative to good branding. Keeping in mind the values you stand for, the services you wish to offer, and cementing the customer requirements at the core of your messaging can help you unlock benefits from aptly positioning yourself in the market.
Still not sure why is branding important? Book a free consultation for a deeper understanding.
