What is Branding? What is the importance of branding?
Definition of “ Brand”
“ A brand is a name, term, design, symbol or any other feature that identifies ones seller products or services as distinct from those of other sellers.”
So, branding is process of creating an unique and recognizable identity for a product, service or a company and help it in acquiring reaching to its target audience.
What are the elements of Branding?
Branding majorly has the following two elements:
- Name and logo
- Visual Elements
Developing a name is one of the most important aspects of branding as it helps a company in creating a unique and recognizable identity for its products and services. Having a name that is easy to identify and remember is the foremost key elements of branding.
For example, when we need to photocopy a document, we usually say” I need to xerox some document”. Here Xerox is actually the company which makes photocopy machines which has imprinted there brand name instead of photocopy in the minds of people.
Having visual brand impression is an integral part of branding and is made in a matter of seconds.
If a company doesn’t have a good visual elements it may loose a lot of potential clients.
For example: Think of Nike & Maggie how they had visually represented their logo and have made a long laying impact on the minds of their customers, and subsequently created a brand. That’s the power of branding.
Attention of consumers nowadays are very short so having a good logo for a company has become one of the key elements in branding. A well done logo can help your business to attract customers and easily differentiate your product from your competitors. A good logo communicates the core values of the company. For example:- Apples product can easily be recognized by the apple logo design on its products. Nike products re easily recognized by its customer through its unique swoosh logo on its shoes, shirts, caps, sports wear and accessories.
Slogan is nothing but the tag line that associate with a brand Or a company that should be easy and clear so that it retains in minds of the customers. NIKE “Just do it” , APPLE “ Think different”
What is the importance of branding ?
Branding is a crucial aspect for any business as it helps to establish a unique:
- Identity for a product or service making it stand out from its competitors and help attracting consumers and make them remember the brand.
- Building trust, branding helps in building the trust of a organizations products and service. Brand trust is a long term approach for a company to stick to its loyal customers.
- Branding helps in generating sales leads. A strong brand brings customers back around to the purchase funnel after an initial interaction with your business.
In conclusion, branding is an essential aspects of any business as it helps to establish a unique identity and differentiate the company from its competitors. A strong brand can also increase the value of the company and provide a competitive edge over your competitors in the market.
I hope you have understood the meaning and importance of branding.