In today’s market, there is an increasing number of marketing and advertising channels available. This is resulting in intensified competition as companies try desperately to “cut through the clutter” to gain customers’ attention and dollars.
As competition increases, what makes some companies triumph whilst others flounder and fail? The answer lies in branding.
In most cases, people think of branding as being all about a brand name, a company logo or a slogan.
However, it is much more than this. An effective branding strategy creates an identity for the company and personifies the brand in a way that relates to the target market.
Branding is an expression of your company’s values and the intangible attributes that differentiate you from your competitors. This provides your company with a brand identity that goes beyond the products or services offered by relating to the customer on a personal and emotional level.
So why is this important?
A brand that has an identity can develop a connection between the customer and the company.
This connection simplifies the decision making process as customers are no longer evaluating the product or service attributes, they are evaluating the intangible elements of the brand that are controlled by the company through the brand messages.
If executed effectively, branding will assist in developing consumer trust as customers feel they ‘know’ the brand through the emotional connection they have established with it. This can translate into long-term sales and customer loyalty.
A well established brand can help communicate value or quality through the intangible elements of the product or service. This can result in an opportunity to command premium prices or cement your company as a market leader in your industry.
Ultimately, a brand lives in the hearts and imagination of your customers, but this is influenced every time they come into contact with your company. From your TV ads to your service staff, everything you do sends a brand message.
So with branding having a major impact on your customer’s decision making and purchasing habits, maybe it’s time to evaluate your company’s branding strategy?