Importance Of Branding
Did you know that bubblewrap is not a generic name for those cute little things you love to pop but is a brand name trademarked by Sealed Air Corporation? Jacuzzi is a brand of hot tubs and whirlpool tubs. They also make mattresses. So powerful are these brands that we know the entire product range by the brand name.
How does one create and maintain such a powerful brand name? Especially in today’s time and age. The key is consistency:
Consistency tone with brand philosophy: If your brand is a serious one, you want to make sure that there are no casual words used in any of your marketing material. On the other hand, a product appealing to the younger generation might want to include contemporary lingo.
Consistency across platforms: Website branding, branding on social media, offline branding all have to carry the same message and use the same design and communication elements. In fact, that is the very definition of branding and yet very easy to forget when you change platforms.
Consistent over time: Branding is a long-term exercise. And it builds up gradually. It is important to send the same message over time through your branding efforts.
A few years ago we bought a TV at an electronic retail store. Since they didn’t have an accessory we were looking for, we ended up going to a store dedicated to that brand of TV. Turns out, the TV was selling at a price about 15% lesser than the rate at which we bought it. When we took a quote to the electronic retail store that we bought the TV from, they promptly lived up to their minimum price guarantee and refunded the extra amount. Ever since, we have been loyal to that store. Sure, we check the price online, but we like to buy from the store if we can.
This anecdote goes a long way to explaining the importance of branding in marketing.
Trustworthiness: Product branding or even service branding when done well builds trust and everything associated with trust – authenticity, honesty, reliability and so on. For example, to a price conscious person, it helps to know that a particular retail store can always be trusted to have the best prices.
Value addition: It is in the brand’s benefit to make sure the buyers know what value the brand brings to the product. From things like prestige associated with a brand like say, an Audi to savings in the form of price guarantees, branding strategies can work on brand building given the value they bring to their customers.
In fact, intangibles like the all-encompassing motto of the company can be brought into actual implementation with appropriate branding strategy. For example, the online store mentioned above proposes to give the best service to customers, and that is a part of their brand/image building.
The sense of belonging: The importance of branding lies in the loyalty it creates. Once a person uses a particular brand and is happy with it, they are more and more likely to stick to that brand. The more the product is in a niche, the more this applies.
Want more to join the tribe: An invariable by-product of the sense of belonging is that buyers want people near and dear to them to join in. They will spread the word on your behalf and lo and behold you have used your brand to influence more purchases.
Me too effect: As a brand gains popularity, more people want to be a part of the action. That is the importance of brand. This is the same reason a Facebook page with a huge number of likes gets more likes. The multiplying effect is all a result of how you are branding your business.
Online Shopping: With the exponential growth in online purchases, branding has become all the more important. Brands can use the increased faith in online shopping to their advantage. Most online shoppers do it for the convenience. So, once they have decided they like a particular brand, they will blindly look up that brand and make their next purchase.
Branding is one of the intangibles that influences how people make their purchases. While a good experience can bring in repeat purchases and more customers, a bad word could spread like wildfire. Your branding strategy should be built with this power in mind.
