Branding is the art of creating one-of-a-kind and enduring impressions on consumers. Therefore, the lifetime of a brand is critical.
While the majority of people associate brands with giant corporations such as Nike, Huggies, and Telsa, branding may help even small enterprises. Branding happens when even small firms affix an attractive tag to each of their products to convey the story of who they are and what they do. These include logos, distinctive colours, slogans, musical sounds or melodies, peculiar characteristics, mascots, packaging, and a memorable name. Instead of generic “Thank you!” or plain bags and tags.
Why Branding Is Effective
When done well, branding pays for itself many times over in terms of time, money, and effort.
Memorability. It is far easier to recall a branded company than it is to recall a generic one.
Loyalty. Individuals are more likely to acquire a product or service from a well-known brand than from competition.
Familiarity. According to studies, familiarity begets liking, causing even non-customers to advise a brand they are acquainted with.
A high-end image comes at a premium cost. Customers are willing to pay a premium for a product or service that is well-branded.
Extensions. You can easily extend respect to a new product, service, or location when you have a strong brand.
You increased corporate equity. Making your business, a brand often results in a higher profit when or if you sell it.
It reduced marketing expenses. While developing a brand can be costly, once established, it is well worth the investment in marketing.
Buyers face less risk. They pick the brand name supplier over the unknown, fearful of the implications of a mistake.
For all of these reasons, branding enhances revenues and relationships with your clients.
Contact us to set up a free branding consultation www.worldwinn.ca