Branding is an integral part of every business. In many cases, businesses that do not take active measures to brand themselves often find themselves branded by their audience, and that identity may not be in line with the companies philosophy or goals. But exactly what is branding and how important is it to have a business brand?
A Business Brand Sets You Apart from the Competition
Why do people choose one beverage over another, even though the industry is full of businesses selling nearly identical products? The answer comes down to branding. Logos, the vision of the business owner behind the logo and the products all comes through in marketing, and sets one company apart from other competitors in the market.
What is Your Company’s Philosophy?
Customers do a lot of research before making a purchase. Finding the specs of a product or service is as simple as a Google search. More customers want to know about the company before they hand over money. What are your company’s values? What causes do you support? How do your products impact the world? Customers are more likely to do deep dives into a company, and the information they find is part of your brand. Ben and Jerry’s may overtly sell ice cream, but their brand sells social awareness. McDonald’s may sell fast food, but their brand sells happiness. Coke sells togetherness, and so on. When creating a brand, think about your philosophy and what you are selling to the public beyond the actual products.
Is it Possible to Re-Brand?
Businesses change their branding quite often. Mergers, acquisitions, and public relations can all force businesses to re-brand as a way of respositioning themselves in the marketplace, or to put themselves in front of a new audience. Sometimes, market shifts necessitate re-branding in order for a business to stay relevant. When Apple re-branded in the 1990s, they went from the niche home computer market to becoming an internationally recognizes juggernaut.
To learn more about branding and forming a strategy for your company’s identity, contact the marketing team at Golden Century Lending.