When you talk of a brand, what comes to mind is the company’s name, logo, trademark, or all of these combined. The traditional belief is that the brand identifies the goods and services of a company and sets it apart from competitors.
Today, the concept of brand assumes a complex and symbolic meaning. The brand, as understood now, gains significance in search marketing.
What a Brand Does for You and Your Business
It is a mistake to view branding as a tool to attract potential customers.
Branding is more than attracting potential customers. A brand is about giving the impression that you are the sole answer to your customers’ needs, wants, and problems.
More than being the sole answer to customers’ problems and needs, a brand would represent how your customers perceive you in totality. Customer perception of your brand would include both factual and emotional aspects.
As such, the brand’s goal should:
- Have clarity in delivering your message
- Give a confirmation of your authority and credibility
- Make an emotional connection between prospective clients with your products or service
- Motivate customer loyalty
To be successful with you brand, you must know your target market, understand their needs and wants. Brand success means your customers identify with you and your brand, and it will remain fixed in their minds.
The Importance of a Brand
Going beyond the physical message of a brand and getting into its symbolic significance goes far in helping you build your name and your business. A strong brand gives you the edge as you work for a good market share. Work on creating a good brand as the rewards can come in the form of:
Business recognition
You know if your brand is effective if it promotes business recognition. Make your brand consistent and easy to recognize, and prospective customers will feel at ease buying your product or availing of your services. People favour familiarity over uncertainty, and when you are consistent with product quality, you encourage repeat business.
A stable asset
Products, companies, and technology go through changes; a strong brand remains fixed and constant through these changes. Brand, therefore, is a company’s sustainable asset and can function as the core principle in planning and decision-making.
An added value to your business
A strong brand adds value to a business that goes beyond the physical assets. Studies show that the value of businesses originates from intangible assets, mostly coming from brands. It is this financial impact to a business that makes a brand a unique business asset.
Set expectations
A strong brand conveys a company’s promise to deliver quality products or services. The customer also expects to receive quality products and services based on their perception of a strong brand. These expectations are based on morals and ethical codes, which when met can build trust and emotional connection between a company and its customers.
Much of what influences the customers’ decision to buy a product or avail of a company’s service comes from their experience with the product or service.
At the core of the brand is the company’s promise of quality experience for the product and services it provides. The promise contains who you are (as a person or a company), your beliefs, and the unique value (in solving customer problems and needs) you provide.
How you keep and deliver this promise is your defining factor and could mean your success in business.
