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Branding – The Key to Unlocking Business Potential

Branding – The Key to Unlocking Business Potential

Brand identity Design Vikings US

Introduction

Before knowing about building a brand identity, it needs to be understood successfully what actually is branding. Although you might have heard many things about branding but the term itself is very vague. This needs a fair understanding of not only what branding is but how can its power unlock the business potential. People confuse product with branding – but they are entirely two different concepts actually. A product is something that you sell, but there might be other people selling the same product to same audiences. Branding and brand identity sets you apart so you can position yourself in the market as unique and distinctive.

What Actually is Branding?

Let’s start with the definition of branding. Branding basically refers to the perception of your name, logo, slogan or product/service in customer’s mind. Although the definition is very confusing, but branding can encompass anything. All the features and factors that are unique to your company can be considered as part of branding. These features will appear left, right and center of your product while making it differentiable from others in the market. There are many people selling the same products in market. Yet, brands in a particular industry have just found the way to market their products to specific niche and hence establish themselves as a successful brand. Take examples of cosmetics or fast-moving consumer goods (FMCG). They have numerous sellers but somehow cement their place in the fairly competitive market.

The Emotional Connection

A good and well-designed branding will hit the emotional chord with customer enabling them to favor your brand over others. Actually, it won’t be wrong to say that brand is what people perceive it to be. If consumers think that the competitor is more well-known and fact based than your company, they are likely to become a customer of competitor and you might need to reassess your position as a brand. Brand research is therefore a key element in the brand development process. General audience is the ultimate power because they can make or break a brand in an instant. They can gain instant recognition if the people love it. Conversely, if their minds are changed and diverted, the same brand can fall from stardom very swiftly.

People Power

The factor that mostly influence the branding are word of mouth and reviews, which are beyond company’s control. Communicate what you really are and what you stand for to establish a successful brand and stay competitive. Defining your product and communicating your credo can help establish a strong image for your brand. Ask yourself if you are happy with the perception that your brand currently has in the market? If not, what can you do to change it? What would you do differently? How have you intended to become distinctive? You can always ask these questions even if you have an established brand to reposition yourself in case you’re heading down the wrong road.

Success Ingredients of a Performing Brand

Your product is defined by a number of factors. Only businesses with successful products go on to make successful brands. These factors include marketing communication, company culture, advertising and design influencing the performance of brands. The products can use different fonts, colors, slogans and taglines that constitute a brand that stands apart from its rivals. The company can use the brand to lure customers into building higher trust among consumers even convincing them to pay premium pricing if they have confidence in the brand’s quality and service. Think of LV as a product. There might be people selling brown handbags in the market. But, people will still pay premium prices for LV handbags as they have built brand trust over the years.

Know your Brand

To establish a distinct brand identity and a successful business, the company needs to consider certain factors that redefine the brand identity. Understanding of the brand, vision, values and brand persona. These factors represent the questions that the brands need to ask themselves. They need to understand their brand, know, understand and define their vision, define the values that they hold and define the brand’s personality. All of these factors help in shredding the doubts over your brand and know actually what your brand truly is. By comprehending the values, vision, and personas that form the foundation of your brand, you can craft more effective communications that connect with your target audience. This deeper understanding allows you to tailor your messages in a way that resonates with their preferences, beliefs, and aspirations, ultimately leading to more successful interactions and engagement.

Dominance of Social Media

The influence of social media cannot be ignored as it not only has given the brands a new platform to market their products but also gives more control and power to the audience because as stated before, general audience has the absolute power to define or destruct a brand. Powerful tech giants such as Apple and Google have been the most influential but in the modern times and due to social media, people are standing to rise above everything and become the powerful voices of the general audience. Consumers are more interested in hearing what other consumers have to say rather than hearing to what brands themselves have to say. Platforms such as Twitter, Trustpilot and Tripadvisor allows audience to publicly scrutinize the brands and other users to see and make up the branding for a particular brand.

Concluding Remarks

Always try to uphold your values and stand for them to be recognized publicly. However, if you think that you need repositioning, do not hesitate to go back to the drawing board. Even if you are a brand that has been running successfully for decades, you need to freshen your thoughts and match yourself with the latest trends and brand styles in the 21st century. Even if you need to change the name, do your homework properly to make sure that you always stick to the basics and cover all the necessary aspects that we have discussed in this article to successfully brand your business to unleash its true potential. If you are entering in to a saturated market, it is vitally necessary to define your values, vision, niche and product by doing proper research before you can brand yourself and set yourself apart from the rivals.

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