By definition, branding is a marketing practice whereby a name, a symbol and a design for your company are created which must be easily identifiable and recognisable to your consumers as your business enterprise. This is what will differentiate you from your competitor’s products and services. The importance of effective branding is vast, not only because of the memorable impression it leaves on consumers, but also because effectively, it is a promise to your clients for what they can expect from your company. All this, whilst also distinguishing yourself from competitors and clarifying what you can offer, is precisely what makes you the consumer’s preferred choice.
When generating a future business, the importance of a strongly established brand will help increase a business’s value by giving the company increased leverage in that respective industry. This makes it a more appealing investment opportunity, since you will be firmly established in the marketplace. Furthermore, an efficient brand will subsequently take on the role of an industry expert, and the public will feel they can trust your company and the products or services you offer.
A well-established brand will have no trouble drumming up referral business. What is a well-established, strong brand? Generally, this means that there is a positive impression of your company amongst the consumers, which makes them more likely to do business with you due to their familiarity and assumed dependability of a name they can trust. Once your brand has been well-established, word of mouth will be the company’s best and most effective advertising technique.
Apart from this, an extremely important aspect of any business is its employees. Working for a reputable brand which is held in high regard by the public will make working for said company more gratifying and fulfilling. This enables you to attract better talent in the job pool, which will in turn continue to strengthen your workforce.
Unfortunately, what often happens is businesses tend to create a brand, but fail to develop a strategy for it, hindering growth. At Pug &Peach ™, there are various ways we can help you, some of which are to develop your brand message, provide you options of where you can advertise your brand, and what your distribution channels can be. Remember, communicating visually and verbally is a key component of any brand strategy.
Strategic branding will lead to strong brand equity. This means you will have added value to your company’s products or services, allowing you to get a boost amongst other competitors who do not necessarily focus much on identity. This added value is intrinsic to brand equity, and frequently comes in the form of perceived quality or emotional attachment to your brand.