Branding is a process that involves a comprehensive study of the market, consumers, finding a niche, the formation of product “codes” that can be perceived by the target audience. From the very definition, it is clear that introducing branding practices among startups is vital.
Marketers argue that brands have long grabbed markets and the minds of users. However, not every trade mark is a brand, and not all companies strive to create their own brand. Halo-lab.
Is the brand that important?
If a company occupies its own niche in the regional market, belongs to the category of small or medium-sized businesses, does not seek to develop and master new sales markets, it can successfully realize itself in a specific niche. Until those who have already understood how important and profitable it is to create their own brand begin to replace it.
The answer to the question of why branding is so important is that most consumers opt for brands that have strong associations. In a competitive environment, consumers are guaranteed to give preference to goods and services from a well-known manufacturer.
The personal brand created by the company significantly increases its value – some brands cost more than the budget of small countries. The profits of the 5 largest corporations are twice the combined GDP of the poorest countries. Hence, it is clear that brands have a great impact on the global economy and consumer consciousness.
Brand creation gives a company a number of advantages:
* ease of attracting new customers;
* reducing the risk of abandoning goods and services in favor of competitors;
* protection of the company’s income during the crisis;
* high markups for their products and higher profits;
* favorable conditions for the company for cooperation with distribution channels and intermediary companies;
* the ability to license their products, which brings additional income;
* the ability to quickly and successfully master new areas of production, which is achieved through consumer confidence.
What branding gives
At its core, branding is a way to manipulate the minds of consumers. It gives them the impression that the products are of exceptional value, which allows them to sell at a higher price than competitors’ products. According to research, a personal brand allows a company to receive about 80% of the margin – people are always willing to pay for the brand.
You also need to understand why branding is so important to keep customers connected to products and services, despite better offers from competitors. The emotional attachment of customers to products, which is created through strong associations, is a way of maintaining customer loyalty, despite the intrigues of competitors.
By studying branding – why companies create brands, researchers have found lower advertising costs. Introducing a new product to the market or entering new sales markets becomes an easier task for a well-known company than for companies without a name. Having a personal brand in a company increases staff motivation – employees are more willing to work for well-known companies.
Brand is very important, be proud of it. Give him a whole page on your site, tell him what makes him special. What served as the basis for its creation. What are your goals and objectives? Come up with a story – even the youngest brand will gain depth, position and warmth. He can nudge potential customers to build relationships with you. Define all your brand attributes and stick to them.
Another key to success will be the ability to abide by principles once established.
Branding requires a lot of effort and work, so many books have already been written about it that it takes up entire shelves. But the start-up should apply these basic tips to increase their chances of success.