Do you know what branding is, and what is the importance of branding? If you are not sure of your answer you should not worry because this is one of the concepts that can be more ambiguous, so today we are going to explore it and especially show the importance it has for your business.
Branding is one of the key concepts for marketing, that’s why you will often find it in marketing and advertising manuals and guides, especially when we talk about something as important as brand positioning and the creation of an identity, so today we will give you some tips to start applying it in your venture.
What is branding?
As we have already said, defining what branding is can be somewhat ambiguous, since it involves several planning and marketing strategies, but broadly speaking we can say that branding is a practice in which the company creates its name, design and logo, with the aim of being easily identifiable from its competition, in other words, it is the planning of the identity of a brand, so that consumers can clearly distinguish it from the competition.
It sounds easy, but the truth is that it can be very complex to put it into practice, and planning requires a team of designers and experts in marketing and advertising to create strategies that help define an identity that is in line with your brand concept and its objectives.
Elements for the creation of branding
If you are already working on your venture then surely you have already gone through a stage of planning and development of the image, if you have not done, so then you can follow these recommendations that can serve as a guide to the components of branding for your venture.
This is perhaps the most important part, but we tend to choose it without thinking much, in fact, maybe you have the name of your brand ready before even starting the venture, however it is worth evaluating if you chose the best one.
If you still haven’t chosen it, and you feel your creativity is a bit stagnant, then you can follow the following tips to choose a brand name according to branding experts.
- Clear and descriptive: the name of your brand should give some idea of what it sells, although this advice was not followed by brands like Apple, the ideal is that a new brand can be recognized and know what it sells just by its name, this will help the brand to become popular faster.
- Memorable: opt for short and easy to remember names, it is even better if you can use something that awakens some feeling, so it is easier for your name to stay in people’s memory.
- Simple and attractive: choose a name that is attractive but at the same time simple, that is, easy to pronounce and write, this will help avoid confusion among your target audience, in this sense also avoid a name with only initials, as it is easier to forget and confuse.
- Timeless: as tempting as it may sound, avoid using words that are currently in fashion to make them your name, this can only serve you for now, especially to start in social networks, however over time it is most likely that the word completely loses its meaning and the same can happen to your brand.
- Original: This tip seems a bit obvious, but it is worth remembering that your name should not look like any other, also choosing a unique and original name will also help you when you are ready to register and choose your domain name and start your website.
Another key factor in branding is corporate identity. When we talk about corporate identity we are talking about the visual representation of a brand.
This is when we need to plan elements such as the logo, slogans, typography and colors, in short, all the graphic elements that you are going to use to represent your brand.
Brand architecture is especially important for companies that expect to create several brands, as it refers precisely to how they will interact with each other.
One of the objectives of brand architecture planning is to determine if a product will be launched as a brand and if there should be interaction between the different brands of the company. In this sense, you can define between :
- Monolithic architecture: where marketing resources will be focused on a single brand and without interaction with other brands within the company.
- Endorsement architecture: with this type of architecture, the main brand openly shows its support to smaller brands.
Importance of branding and its benefits
Although it seems that you can leave branding planning aside and improvise little by little each of the elements, it is important that you dedicate some time to planning beforehand so that your brand arrives with its own identity to the market.
Undoubtedly the most significant importance of branding is that it gives identity to your business, in this way your company becomes memorable and identifiable for your future customers, a strategic planning of branding can distinguish you from the competition When you did a good job of branding you help your audience to know what to expect from your company and the products you will be offering.
In the creation of this brand identity there are many areas involved, from the marketing and advertising department to the design department, of course there is also the customer service department, especially if you want to establish a more friendly and unintrusive culture with the customer as lead nurturing or inbound marketing, so that is why in addition to giving you an identity, the benefits of branding are varied as we tell you below.
You increase commercial value
One of the most important benefits of branding is that it allows you to generate future business, maybe you do not have it very clear, but a well-established brand that has gained strength in the market can increase the value of your company, because it becomes an influence in its own line of business, making it a more attractive investment opportunity due to its firm position in the market.
Generate new customers
When you have a good branding strategy, you will have no problem generating new customers and attracting new consumers through referrals. When a brand has gained a certain reputation in the marketplace, it usually means that there is a positive impression from consumers, so they are more likely to do business or consume it because of the familiarity and trust your brand generates. In addition, once the brand is well positioned, word of mouth will be the most effective advertising technique.
Building trust in the marketplace
A professional and well-designed brand image will help the company and the brand itself build trust with customers, potential customers and even investors, as entrepreneurs and other companies are more likely to want to do business with a brand that has a serious, polished and recognized professional image.
Having the right brand image gives the impression that your company is an expert in its field and makes investors feel that they can trust your company and the products and services you offer.
Simplify advertising work
Advertising is one of the pillars of branding, as advertising strategies should directly reflect your identity and desired representation. The planning of an advertising strategy can be simpler and with better results when you have a well-established and popular brand identity among your consumers, since you will have elements with which to start planning the campaign, besides, they are elements that you know already work, such as colors or slogans. In addition, advertising strategies such as the use of promotional products of companies that are already trusted facilitate the creation of more attraction and therefore better results than the same strategy for a brand that is not known.
In conclusion, branding, or brand identity will help the positioning of the brand, so although it may seem a job that takes a lot of effort from various departments, the work is necessary, especially at a time like this where you have to use all resources to stand out from the competition, but tell us what do you think is the main benefit of branding?