Branding is the process of creating distinctive and memorable qualities of your business to the minds of your consumers. A brand has a consistent identity, with associations to quality, personality, experience, and origin.
The key components to successful branding are as follows:
Memorability
Develop your own identifiers and nail them to your company name in the minds of your public.
Loyalty
When people have a positive experience with a memorable brand, they’re more likely to buy that product or service again than competing brands.
Familiarity
Psychologists have shown that familiarity induces liking, seeing your ads on local buses, having your pen on their desk, reading about you, spreads the word.
Premium Image, Premium Price
Branding can lift what you sell out of the realm of a commodity, so that instead of dealing with price-shoppers you have buyers eager to pay more for your goods than for those of competitors.
Extensions
With a well-established brand, you can spread the respect you’ve earned to a related new product, service or location and more easily win acceptance of the newcomer.
Greater Company Equity
Making your company into a brand usually means that you can get more money for the company when you decide to sell it.
Lowers Marketing Expenses
Although you must invest money to create a brand, once it’s created you can maintain it without having to tell the whole story about the brand every time you market it.
For Consumers, Less Risk
When someone feels under pressure to make a wise decision, he or she tends to choose the brand-name supplier over the no-name one.
To learn more, click here
