A brand gives your company a personality, a voice and character to your identity. It takes time to build a well-recognized brand, but with consistency, you gain credibility over time.
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Your brand is an essential piece of marketing and it says a lot about your organization. It helps your target market and audience understand what you represent. It gives your company a personality, a voice and character to your identity.
The brand that you develop over time sets you apart from other equally qualified or even more skilled competitors. Your brand determines the approach that you will use to reach clients and maintain a successful, fruitful relationship with them.
Defining a brand
According to Investopedia, a brand is an identifying symbol, mark, logo, name, word, and/or sentence that companies use to distinguish themselves and their products/services from others. The combination of one or more of those elements can be used to create a brand identity. When a company goes ahead and legally protects a brand name, it becomes a trademark.
Brand identity on the other hand is the visible elements of a brand e.g. brand colors, design and logo that set the company apart in the mind of the consumer. It is like the identity and character behind a name.
These are the aspects and elements that cultivate a corporate image in the minds of your customers and potential clients: name, logo, the language used in advertisements (youthful, slang, official, administrative etc), corporate colors, shapes and visual elements in its various products, how its employees interact with clients etc.
With time, as the company starts interacting with the public, it develops a brand image. The brand image is the actual result of implementing the aspects of the brand identity whether successfully or unsuccessfully.
Why your brand matters
Building a positive, consistent image can be very advantageous because it will facilitate constant sales and more successful product roll-outs.
1. It gives you a competitive edge in the market - Since your brand distinguishes you from your competitors, it makes it easy for buyers and customers to identify your products and recognize your brand. More customer recognition means a stronger edge among your competitors.
2. Customer recognition - A positive dominating brand image makes customers more aware especially when they decide to purchase the product that you sell. For example, when it comes to toilet cleaners, people always call them Harpic even if they are referring to a different brand. When someone is going to the supermarket, they are going to search for your particular product because they have interacted with it already and in a positive manner.
3. Customer loyalty - Having a strong brand leads to better customer loyalty. As author, influencer and inspirational speaker Simon Sinek once said, people don't buy what you do; they buy why you do it. According to mill.agency, customers are attracted to brands that they share values with. It is advised that you should sell your values and build an emotional connection with customers. A good example is Safaricom. Theirs is pretty clear: Simple. Transparent. Honest.
4. Easy introduction of new products - When you accrue a legion of loyal customers, it will be easy for your business to introduce new products. You will be assured that the new products or service will perform well in the market.
5. Gives you credibility and ease of purchase - It takes time to build a well-recognized brand, but with consistency, you gain credibility over time. Your customers give you their trust because you have proven to be credible and reliable. Trust makes it easy for people to buy your products and services because trust is priceless.
Developing a dominant brand takes time, patience, effort and strategy. However the benefits of a known and appreciated brand are endless.