Let’s discuss the importance of branding. But before then, what is branding? What is a brand? Well in this article, you will learn more about the questions above.
Branding in a simple term is the process of giving a product or service a particular image or identity. If done right, then it becomes a good brand. A brand in a nutshell is the identity created for a product or service. So now, let’s go into the importance of branding.
- Competitive Advantage
Who doesn’t like a competitive advantage? Everyone in business does. A competitive advantage is the edge you have over your competitors. It’s every business person dream to get ahead of their competitors. Now, this applies to whether it is non-profit or for-profit organizations. This is possible because through branding, promotion strategies and initiatives are implemented with stands your brands out and win the attention of your audience.
- Stable Asset
Once a brand is built, it becomes a stable asset. Organizational ownership may change, organization’s name and logo may change, but the brand stays stable. For instance, “2Face” is a brand. And 2Face as a brand remains the same whether he’s been produced by Kennis music or Hypertek entertainments. There are brands such as Coca-Cola that has lasted for more than 100 years, but the companies has made one form of changes or the other over these years.
Also read: Importance of digital marketing
- Goodwill Value
Company’s assets are divided into tangible and intangible. A good brand forms as a goodwill. During liquidation, the value of the branded is evaluated and recorded as part of company’s asset. Some companies don’t have much physical asset, but the perceived value of the brand they’ve built could be worth much more.
According to report: The Coca-Cola brand name is worth over $67million and accounts for over 54% of the stock market value of the organization.
- High Expectation
Brand kind of sets high expectation. If you have built a trusted brand over the years, your clients trusts you more to deliver. They believe in you when you say what you can do. Every business will promise to deliver a good job but it’s the one with a brand that is trusted to deliver. When late Michael Jackson was alive, if he promise to give a good time in an upcoming event, who wouldn’t believe or trust him to deliver on his promise?
WHAT BRANDING IS
Branding is like telling your audience about the human part of your organization, who you are, what you believe in, your value, your interest and your promise to be their best choice. And as you prove to them that you are true to your promise and who you say you are, trust, love and loyalty begins to build.
Call us today or send an email in regards to your branding. We would know exactly how to come in, and help build your brand.