When Staying in Business Means Branding
Do we ever ask ourselves why we choose one product over another? Or why we anticipate the release of certain products by our favourite companies, despite their competitors offering the same product at a more affordable rate?
The answers to these questions lie with brands and the conscious effort invested overtime in making consumers crave their products.
We are apt to repine for products not for their capabilities but our psychological connection with the brands. And with market competition waxing stronger, the importance of branding to companies cannot be overstated.
Branding is beyond the logo, catchphrase, and other components that make up your company. Rather, it is the perception of your company by your target audience. It is the emotion your company arouses in the minds of consumers. Several companies have bitten the dust due to awful or a lack of branding, which bring us to arguably the greatest component of every cordial relationship, trust.
Exceptional service begets client trust is a product of branding. Thus, exceptional service begets trust. When your company provides a service in exceptional fashion, trust is built, and it is a seed that once planted, even the biggest of competitors would have a hard time breaking it. In general, the proficiency of your company is part of the make-up of your brand.
Besides building trust, finding a niche is equally relevant. Carving a niche for oneself is an arduous task, but once completed, the dividends reveal its worth. One of the fastest ways to do this is by investing in branding as it tells people about you and your core values. Effective branding sets one apart from one’s competition in a way that is almost certain to yield business conversions.
However, during the course of branding a business, one must look both outwards and inwards. Branding is both an external and internal process; hence, the sooner employers realise this the better their organisations become. Since an organisation is no better than the individuals who comprise it, creating an atmosphere which allows employees participate as shareholders is paramount to the success of any organisation.
As regards internal branding, a process such as acculturation—often ignored–is vital in every forward thinking organisation that wants members of staff to act as though they own the business, because they do. Consequently, a complete branding exercise must be internal and external.
In today’s climate, the value of branding to businesses is unquantifiable. If we task our minds into remembering brands that have gone under due to poor branding, we would come up with a bucketful of memories. Brands need to tap into the well of professional branding to reach the heights of multinationals such as Coca-Cola and Pepsi who are inveterate branders.
To sum up, advertisements might get you new clients as desired, but the only way to keep them is by investing in optimal branding.
Lanre Awode, Brands Executive