Did you know that there are over 500,000 brands worldwide and more than 2,000 product categories? Each of these brands has its own niche and unique products and services, sure. But in your niche alone, you have a ton of competition. So the common concern businesses face nowadays is how could they possibly rise through the ranks and beat their competition if there are so many brands to overtake? The answer is simple—branding.
We’ve heard of the term “brand” for years, but in the past, it only meant having corporate colors, a slogan, a logo, and the like. But the concept of branding has vastly evolved. Now, branding has a more important purpose in the field of marketing.
What does a brand do?
More than making your company distinguishable from others, your branding conveys the message of who you are as an organization to your target audience. It helps you outshine your competition and make you known as the sole or best provider of your products and services.
For example, when you think of mobile developers, what’s the first brand that comes to mind? Chances are, you thought of Apple or Samsung and associated their names with their logos. These are the big players in their industry who invested a lot in their branding efforts, hiring graphic designers, IT infrastructure consultants, content creators, and marketers. Thanks to that, they improved their branding, which played an incredible role in helping them stand out.
Another example is Facebook. In the age of Friendster, Multiply, and MySpace, out of nowhere rose another social media platform—and back then, we thought we didn’t need another one. But Mark Zuckerberg has a vision and a dream, two things that make a successful company. He built an entire company in his tiny dorm room, but he branded his business well. Now, Facebook is the most visited and used social media platform.
Good branding can yield the following benefits for your business:
It sets you apart from the competition.
Branding is what distinguishes you from other companies in your niche. Sure, you might be selling the same things, but how you do it and how you make your mark plays the most crucial role. Think about it. Whenever you come across that bluebird logo, you know that it’s Twitter. The same goes for other social media sites like Facebook, Instagram, Snapchat, etc. You don’t even need labels for them on your phone anymore because you’re so familiar with their branding. That’s what good branding is supposed to do—create recognition for your brand and set you apart from others in the same niche.
It boosts your credibility.
A good brand that portrays your company’s identity can quickly establish your credibility in the industry. People will be more inclined to purchase from a brand that is familiar and recognized. It makes them feel more secure in making a purchase. And that’s something that your branding should be radiating: credibility.
It also works wonders internally. A good and credible brand will encourage employees to stand behind it. People working for you will trust you more, owing to the motivation of working for a bigger picture and purpose.
It markets your brand on its own.
Good branding speaks for itself. That visual image that you portray to your audience, because it’s familiar and recognizable, in itself produces awareness and knowledge about your company. People will wear, eat, listen to, and use your brand. If you leverage on it wisely, your company is being marketed passively—as in you don’t have to pay for anything or actively conduct a strategy. Your consumers will do it for you.
A brand is more than just being a distinguishable feature for your business. It is your entire identity and the image that you portray to your audience. Hence, business owners need to pay a great deal of attention to their branding.