I think we all agree that “branding” is important, but why is it important? What is it about a brand that “makes” or “breaks” an organization?
We’re talking about more than just PR here, or how well you’re able to market yourself in your marketing materials or website. “Branding” goes beyond what you sell. It gets to the root of who you are, and what you represent as a company to your patrons or clients.
Scott Goodson, a branding expert who was quoted recently in Forbes magazine, zeros in on the main elements of “branding” when he says: “Brands are psychology and science brought together as a ‘promise‘ mark as opposed to a trademark. Products have life cycles. Brands outlive products. Brands convey a uniform quality, credibility and experience. Brands are valuable.”
So, what is branding and why are each of these aspects of branding so important to your company’s growth and success?
1. It’s psychological
Branding is about connotation. How are you perceived in the marketplace? Perceived by your customers, fellow business owners, those you consider “rivals” or competitors, as well as potential prospects?
You can tell the quality of your branding strategy when you ask someone in your market segment about your brand. If they know who you are and describe your brand in a positive way, you have a good strategy. In some cases, however, they’re view of your brand may not be very favorable. Regardless if you agree or disagree with their individual perceptions, knowing how your brand is perceived is the first step and allows you to emphasize certain brand aspects. It also gives you the chance to enhance the way your audience thinks about your brand.
2. It’s science
The value proposition of “branding” is real and the value of building your brand is tied to empirical studies. While perception is important, you also need to know how that perception is affecting your business. Most brands regularly re-evaluate their brand’s characteristics, identity, portfolio, and positioning. It’s not a one-shot deal. Once you identify how you are perceived you’ll have real and actionable data upon which to build.
3. It’s a promise
“It’s just business” has long been a phrase we’ve heard in connection with many of the decisions that companies make, particularly when those decisions are difficult (and based on economic necessity). Business is not supposed to be personal, right?
Wrong! Now, more than ever, clients want to feel that they can trust you. Give your customers a guarantee to make them feel safe in choosing your company. In the end you want them to feel so loyal to your company that they would recommend your products and services to everyone they meet, and feel good about doing it.
Branding is important because it’s about what you represent, how you are perceived in the marketplace, and how you build your image. A positive brand image can build an even larger base of loyal customers.
Not sure where to start? Contact DBC Digital today and we’ll help you build a brand image that shines! 303-357-5757. email@example.com