When defined by Gautam Goyal, branding means a marketing practice where a company creates a symbol, name or design that can be easily identified as the belonging of that company. This helps the users or customers to identify the product and distinguish it from other services and products. Branding is important as it not only makes your company’s product’s memorable impression but also allows the customers and clients to understand what they should expect from you or your company. It is a simple way of distinguishing your company from the competitors and clarifying what makes you’re a better choice over others. The brand is built to become a true representation of you or your business and how you wish to be perceived.
There exists multiple areas which are used to develop branding including customer service, advertising, promotional merchandise, logo and reputation. All these elements work together to create a unique and attention grabbing professional brand image.
Why branding important?
Branding is undeniably critical to every business due to its overall impact on your company. Branding can change people’s view how they perceive your brand. Branding can drive a new business as well as increase a brand’s awareness in the market. Gautam goyal brings few of the points showing important of branding.
Branding gets recognition
The major reason behind branding being important to any business unit is a company gets recognition and reputation among the customers. For any company, a logo is the most important element used for branding especially if this factor is considered. It is so, because logo is the face of every company known to the customers.
As a result, the selected professional logo design must be powerful and easy to remember, making an impression on the customer at first glance. The printed promotional products can be one of the ways to get it.
Branding increases business value
Branding is important when one wish to generate future business and a strongly established brand can help the business to increase its value by providing company more leverage in the industry. It makes the business more appealing investment opportunity due to the firmly established places in the market.
Branding generates more customers
A good brand never faces trouble in drumming up the referral business. Strong branding usually means your company has a positive impression among the customers and they are likely to continue the business due to familiarity and assumed dependability of using the name they trust. Once a brand is well-established, the word of mouth for the company will be the best and most effective advertising technique.
Improves employee’s pride and satisfaction
Whenever any employee works for a strongly branded company and supports truly behind the brand, he/ she gets more satisfied with the job and have a higher possibility of pride in the work they do. Working for a well reputable brand help in high regard among the public makes working of the business more enjoyable and fulfilling. Having a job in branded office, often make the employees more satisfied and have sense of belonging to the company. It can also be achieved by using promotional merchandise for the desktop.
Creates trust within the market
A well strategized and professional appearing brand help the company to build trust with the potential clients, consumers and customers. People are more likely to have a business with company having polished and professional portrayal.
A company being properly branded gives impression of being industry expert and makes the customers feel they can trust the company, its products as well as the services it offer. It also allows the users to trust the way it handles business.
Branding supports advertising
Advertising is another major component of branding. Also the advertising strategies directly reflect brand and its portrayal of any company. Advertising techniques like promotional products from trusted companies like outstanding branding make it easy for the company to have a cohesive and appealing advertising strategy. This strategy plays well in the branding goals.
Branding builds financial value
Companies that trade publicly on stock exchange are valued at many times the actual assets of the company. Much of the value of the company is due to branding. A strong brand often guarantee the future of the business.
Whether a company needs to borrow funds for expansion or rolling out to IPO, being considered as more valuable will make the process more advantageous for the owner. The greater the devotion of company towards building its brand value, the better is the financial return of such company. A unified and consistent brand means discovering, learning and growing. Such keeps the company well-positioned for any of the future expansion it wishes to make.
These were few of the thoughts of Gautam Goyal regarding the meaning of branding as well as its importance. We hope you got a clear idea regarding branding and also understood the reasons why branding is necessary for any business organization.