When you think about some of the most popular and prominent companies in the world today, you understand that they’ve built something like cult followings around them. Everyone waits for Apple’s annual event – just like we all wait to see the next pair of Nike shoes or what new innovation Coke might bring to the beverage industry.
The reason why these companies have been able to build such personas is because they’ve built strong brands for themselves. Interestingly, these companies might not necessarily be the shiniest stars in their fields – there are people who might argue that Android phones are better than iPhones, and the argument between Nike and Adidas is one that is almost as old as any other sports rivalry. However, Apple and Nike have been able to grow more than their competitors because they have stronger brands.
So, what exactly is branding and how does it help a company? Let’s find out
Branding – A Simple Introduction
There’s no one-size-fits-all definition of branding. However, what we can all agree on is that a company’s brand is what everyone else sees. And when people talk about your company, your brand speaks for you.
Your brand covers your entire identity – who you are, your target market, how you communicate, your customer service, and much more. As a business, having good products and services isn’t enough – you also need a strong brand.
This isn’t to say that things like your company logo and marketing materials don’t matter. However, brand managers have several tools at their disposal as they work towards building a strong brand – from social media to video advertising with modern solutions like Adlook and many others.
How Does Successful Branding Help You?
Improved brand recognition: Brand recognition describes how well your target market can identify you from your competitors. With a strong brand, this becomes much easier – remember the Apple and Nike example.
Better brand loyalty: Studies have shown that 89% of customers will stay loyal to brands that they have similar values with. Having a strong brand allows you to easily connect with your target audience.
Marketing efficiency: When you have a strong brand, you can grow your customer base through positive word-of-mouth marketing.
Lower price sensitivity: Your customers know they’re getting quality at all times, and they will be willing to buy your products or services even if the prices go up. Ever wondered why Apple continues to sell even though their phones get more expensive?
Better employee engagement: Everyone wants to work for a growing company. When you have a strong brand, you can attract high-quality employees who share your vision.
