“A Brand Is a Voice, and a Product Is a Souvenir.” – Lisa Gansky, a renewed American entrepreneur & author, once said.
So, engrossed with captivating advertisements or the success stories of people who become millionaires overnight with their inventive startup idea, but starting an online business isn’t easy as you might perceive. There is a manifold of stumbling blocks along the line. However, the harsh reality is sustaining the business in today’s fiercely competitive world.
Terrifying Statistics Released by Harvard Business School
A recent report from Harvard Business School revealed: Approx 75% of the Venture-backed startups collapse in the United States. The study also highlighted the startup failure percentage of 50% after five years and 70% in over the decade. These percentage figures are genuinely alarming if a developed nation like the United States of America is battling it out; what you can expect when it comes to developing countries?
What Does The Term “Branding” Mean?
Majority of the CEOs make the prevalent blunder of perceiving Branding and Marketing as one and the same thing. They are two flips of a coin but are co-related to one another. Both Branding and Marketing go hand-in-hand to take your business towards their fiscal revenue goals & infrastructure growth.
Branding is a series of strategies and methods implemented to build your brand’s market credibility to amp your annual sales number. The more people trust your brand, and greater the odds your business will withstand severe economic an market conditions.
Think of Branding as the foundation of your house; without it, the entire infrastructure won’t be able to survive long- the stronger the foundation, the sturdier will the house.
So, Branding Comes First, Then Marketing Follows!
Why Do You need To Formulate an Effective Branding Plan?
In this epoch of digitalization, effective Branding is an absolute must in your road of survival. Branding helps you stand tall against your market rivals. It gives you that much needed competitive edge required to be a cut above all.
In Branding, there is a comprehensive suite of methods and techniques that work in tandem to help your business to gain dominant footholds over your prospective markets.
Each branding strategy involves its own set of complications; this is why you need to consult a competent internet marketing agency to chalk out a plan that echoes with your business-specific model & revenue number expectation.
This can be as simple as embracing a unique color combination to send a positive message about your company to your target audience, as it will create a distinct impression in their minds.
However, one thing to note in here is that the consumer of today thinks both emotionally and rationally, so you got to offer real value to your customers.
“Be Your Own Best Customer. Live Your Customer’s Lifestyle.” – Said Milena Glimbovski, a Russian-German entrepreneur, author
Why Internet Marketing Will Leave No Impact Without Branding?
Unknowingly, many of the managers make the most common mistake of investing big money on marketing, without spending a dollar on Branding. They generally hire a marketing company because they need sales, but later discovering their revenue numbers are diminishing. This is where Branding takes the central stage; it lays the foundation of significant success for many years to come by.
Through, the results of Branding cannot be garnered, the results are lasting, and the secret to standing tall against all the odds.
The marketing can be as simple as cold calling, but, today, this is not as effective as it used to be a decade back. To ensure your business sales advance, progressively branding is of paramount importance, something which cannot be overlooked. You need to build a list of people those who like and trust you; without this, the road to existence is bumping.
In comparison to Marketing, Branding require that extra bit of efforts and core-level insights to get the results you aimed.
Fundamental Perks of Branding Your Business
You probably heard the word “Branding” many a time, but always wonder what its practical benefits are? Scroll below to have a look at the advantages of Branding-
- Branding Help You Stand Tall in Complicated Markets
- Branding is A Proven Means To Build Your Market Credibility
- With a Good Brand Image in the Market, You Can Quote Genuinely for Your Products or Services
- Branding Is the Secret to Strengthen Your Customer Loyalty Program
- Branding Contributing Massively To Increase Repeat Customers and Referrals
- Branding Enables You to Attract Long-Term Clients
- In the Long Run, Branding Will Save Your Business Money and Time Considerably
- Branding Imparts the Confidence Among Your Customers to Trust Your Brand
- When You Are an Established Brand, You Can Effortlessly Introduce People to Your New Products or Services
- Branding Present the Road Map on How To Move Further to Achieve Your Business Objectives
How Does Branding add Value To Your Business?
“Loyalty Is Not Won by Being First. It Is Won by Being Best.” –Were the words of a Swedish business magnate, Stefan Persson
Several studies in the recent past suggest that the people trust a brand far more than any company merely marketing their products. Whether they are buying their morning orange juice or a smartphone, the brand always gets the first nod. So, the need of the hour is to develop a brand that is easily recognized by your target audience.
The best thing about building a brand is that people can easily relate all your products and services it. So, when you launch your product, you don’t have to market it separately, your brand image will take the central role. Your branding efforts done earlier will allow your customers to welcome your upcoming products with great enthusiasm.
Thus, why industry veterans say Branding has a positive impact on every aspect of a business.
4 Proven Branding Strategies Trusted By The Industry Pros
1. Have a Vision That Represents Your Clients
Your business isn’t about your expectations, because then your customers will have no purpose to trust your brand. The first question you need to ask yourself when diving into the world of Branding is, to whom your business represents-does it portrays the message of you or your customers. In this present era of online commercialization, the only way to succeed is being a problem solver to the society.
In a nutshell, when you care about your customers, you are bound to grow, no matter how neck-throat competitive your target market is.
“We Don’t Want to Push Our Ideas on to Customers; We Simply Want to Make What They Want.” Laura Ashley, a veteran entrepreneur, once said
2. Make Sure Even A kid Connects With You
Connect with each type of your audience down the line is the recipe of success. You are required to have your very own identity. This will establish that people easily recognize your brand.
The Test of your Branding is not how your prospective audience takes your products or services-something haven’t seen; it is whether or not their products among their friend’s circle, even when haven’t used it all. And, this what we call real brand power. When it comes to Branding, memorability is vitality.
Amazon’s founder Jeff Bezos once said, “A Brand Is the Very Identity of a Company.”
3. Branding is All About the Emotions, And the Colors Has a Knack of Evoking These
Branding is all about building an emotional connection with your audience, such as what McDonald and Apple have done worldwide. So, the colors have a significant role to play when it comes to evoking the emotions of your target audience.
Pick a color scheme that seamless jell with your brand and the message it wants to convey. The colors must build trust among your potential customers.
“Products Are Made in The Factory, But Brands Are Created in the Mind,” said a well-known brand designer, Walter Joseph Landor
Don’t straight away go with a flash of red or yellow, instead select colors based on how you want to build a bridge of connection with your audience. While you probably want to go with your favorite color, but if you want your brand to be successful, then you’ll have to understand the taste of your clients.
4. Branding is About Continuity
You can’t do Branding in just 24 hours; it takes time as it is progressive. Trust builds over a while. Since, today, we live in a multi-platform world, you’ll have to create your brand image everywhere.
8 Blunders To Stay Clear When Building a Brand
- When Your Are Self-Oriented and Not Competitor Oriented
- Not Defining Your Focus Clearly to Your Customers
- Not Having a Strong Visual Appeal
- Assuming That Your Brand Will Take Off Instantly
- Your Branding is Inconsistent
- Your Branding Attributes Aren’t Going With the Your Brand Values.
- Losing Your Cool over the Various Social Media Channels
- You Are Not Monitoring Your Business Online Reviews and Ratings
Let’s End the Article with the Famous Words of Warren Buffett-
“It Takes 20 Years to Build a Reputation and Five Minutes to Ruin It. If You Think About That, You’ll Do Things Differently.”