In the previous post, we discussed extensively what branding is all about. In this post, we will see the importance of branding
Quick reminder: Branding composes of all those attributes that clearly defines and identifies a company, product, or service in the mind of a user. It goes beyond logos and colors. How you brand your product decides how your users perceive it.
Importance of branding
1. Branding sets the first impression
First impressions matter a lot. The old rule of thumb is a first impression is made within the first seven seconds of meeting someone or seeing a website. That’s how long it takes for humans to form a judgment.
A professional, clean, aesthetically pleasing brand identity can communicate trustworthiness, efficiency in much less than seven seconds. Let your brand be very fast to communicate its essence. The world is too busy to focus all attention on you or what you offer.
2. Branding generates new customers
Once a brand has been well-established, the task of getting new customers won’t all have to be upon business owners. The business will start speaking for itself, in diverse ways to different persons. The more it speaks, the more it convinces more customers. Its on of the sure ways to get new customers
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3. Branding allows for higher prices
Things can be tricky here. Just because you have a strong brand does not necessarily mean, your prices should be high. However, there are businesses that build their brand around high prices. In such a case, you don’t really purchase those products for what they offer, but for status and symbol.
Imagine a bottled water selling for $60,000. That is about ₦24,690,000. That is the Acqua di Cristallo Tributo Bottled water. Who buys that, you may ask. But think again. If there’s anything rich people love the most, it’s unnecessarily expensive status symbols. If you carefully build a brand for the rich, you can set any price you want and still make good sales.
4. Branding brings customer loyalty
Why do people keep buying iPhones? It’s not because it’s the world’s best phone. There are several comparable and arguably better devices out there.
It’s less about the actual phone and more about the brand Apple has built. Apple as a whole has a cult following, but the iPhone has the strongest following of any Apple product. Everything in iOS has been designed with this intention.
Once people use an iPhone, they’re much more likely to stick with it as they upgrade to newer models. The same can be said for those who prefer Android. Once you identify with one brand more than the other, you’ve developed loyalty. It would take a very serious circumstance big event to make you change. Branding is one of the sure ways to make a customer always come back.
Branding boosts your marketing strategies
An easily recognizable brand identity helps drive sales and marketing efforts. Once you have established your brand, it is easier for people to recognize and identify with it. It is easier for a company with an established brand to market an entirely new product than for another company without an established brand to do so.
Take for example, If you are interested in buying a car and you are presented with two options called, Toyota and Yugosa. You are told that these two options have exactly the same specifications, speed, interior, etc. Which of the two options are you most likely to purchase. I guess, majority persons will go for the Toyota, simply because they have not heard anything like Yugosa before.
It comes down to trust, too. Customers trust your brand through repetition. Once they recognize you in a new ad you’re running? Boom. You’re much more likely to convert them. It all works together.
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The importance of branding can never be overemphasized, you can get hire on of our seasoned branding experts today to help brand and put your business on the growth lane.
