A brand is a name, term, design, symbol or any other feature that identifies one organisation good or service as distinct from those of other organisation’s. Brands are used in various business, marketing, and advertising for recognition purpose.
A brand is seen as one of a organisation’s most valuable assets. It represents the face of the organisation, the recognizable logo, slogan, or mark that the public associates with the organisation.
The Importance of Brand cannot be overemphasized. Branding helps to identify a product and distinguish it from other products and services. Branding is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice.
The practice of branding began with the ancient Egyptians, who were known to have engaged in livestock branding as early as 2,700 BCE. Branding was used to differentiate one person’s cattle from another’s by means of a distinctive symbol burned into the animal’s skin with a hot branding iron. If a person stole any of the cattle, anyone else who saw the symbol could deduce the actual owner.
In the modern era, the Importance of Brand has expanded to include deployment by a manager of the marketing and communication techniques and tools that help to distinguish a company or products from competitors, aiming to create a lasting impression in the minds of customers.
With the rise of packaged goods in the 19th century, producers put their mark on a widening array of products—cough drops, flour, sugar, beer—to indicate their source. In the late 1880s, for example, as the Coca-Cola Company was getting started, there were many soda producers in every market. Before Coca-Cola could get a customer to reach for a Coke, it needed to be sure the customer could distinguish a Coke from all the other caramel-colored beverages out there.
So, the key components that form a brand’s toolbox include a brand’s identity, personality, product design, communication (such as by logos and trademarks), awareness, loyalty, and various branding (brand management) strategies. Many companies believe that there is often little to differentiate between several types of products in the 21st century, hence branding is among a few remaining forms of product differentiation.
This shows the direction your brand is headed and why. It is made up of five parts: Purpose, Vision, Mission, Values, and Strategic Objectives.
Company culture is founded on a brand’s core values, those principles that define how your brand engages with the world and why. Rock-solid company culture results in internal brand alignment—the ideal state of being wherein a brand’s employees understand it at the deepest level and are motivated to act as its ambassadors.
Brand architecture this refers to the coordinated system of names, colors, symbols, and visual language that defines a brand or brands. Superior brand architecture is highly intentional and intuitive, founded on research into the customer experience. Brand architecture systems are commonly categorized as either monolithic, endorsed, or pluralistic.
The monolithic brand architecture comprises a singular master brand and multiple sub-brands. Endorsed and pluralistic architectures comprise parent brands with varying relationships to the divisions over which they preside.
Branding: Name and Tagline:
A brand’s name and tagline are its most immediate face to the world. They should be replete with meaning—either intrinsically or as the result of methodical brand narrative. A lot goes into the creation of a brand’s name and tagline. In depth market research, brainstorming, refinement, testing—the process is designed to ensure that these monikers are not only meaningful but ownable as well.
The complicated nature of creating names and taglines is testament to their importance. A strong name conveys a brand’s unique value propositions, differentiating it from the competition and leaving a strong impression on those who experience it.
Your brand’s identity is more than just its logo. Identity is the visual encapsulation of the deep truths revealed about your brand in strategy and positioning. An effective Branding identity will embody all of the defining characteristics of your brand, including its personality, promise, and purpose.
Your brand’s identity is its stamp on the world, which serves as one of the core Importance of Brand—an aesthetic symbol full of meaning that has the power to communicate your brand’s essence in a visual instant to all who experience it.
Branding: Voice and Messaging:
Brand voice and messaging are critical to a brand’s engagement with the world. They distinguish your company from its competitors by conveying its purpose, promise, and personality. Voice and messaging humanize your brand, making it identifiable to your customers. In every instance in which your brand’s voice is heard, whether via marketing collateral, advertising scripts, or website copy, your customers should be able to recognize it immediately—like an old friend on the other end of the telephone.
Your website is the most complete and centralized manifestation of your brand. A good website brings your brand to life with compelling content and engaging design. These days, websites are no longer confined to a desktop experience. They travel with us, on our mobile devices, to every corner of the world. Websites remain one of the most impactful and cost-effective ways to deliver a holistic branding experience to your target audience.
The hesitancy of some companies to know the importance of brand, boils down to a matter of perception. It isn’t easy to draw direct correlations between successful branding and quantifiable returns. But the simple fact is you can’t put a price on the value of developing a truly authentic brand.
So, why is it important to have a brand or importance of brand? Too many companies see branding as just another expense counted against their marketing budget. But when you understand how integral branding is to influencing consumer behavior, you see that it’s more than just a tactic. It is a long-term strategy that can yield measurable returns throughout the life of your company. Take a look at just five of the top importance of brand.
Increase Marketing Effectiveness
The easiest way to make your marketing efforts more effective is to invest in the brand they stem from. When your brand is cohesive and well-articulated, your marketing initiatives will be too. Branding encompasses the essential “first steps” that define your core messaging, brand personality, and tenable marketplace position.
As we just mentioned, the customer research involved in branding allows you to develop targeted marketing campaigns that are highly relevant to your most valuable customer segments. A bold new identity makes every marketing touchpoint more engaging, while the guidelines and templates that come out of branding will save you time and money on the content of all your future initiatives.
Branding: Close Deals More Easily
Ask any salesperson on the frontlines of commission warfare and they’ll tell you: Well-defined, strategically positioned brands are just easier to sell. That’s because their value propositions are built into their brand narrative. The argument for the distinct superiority of a well-positioned brand has already been clearly articulated. This takes a huge weight off of the shoulders of its sales team because a good portion of their work has already been done well before they engage with potential customers. Branding gives your sales force a unique advantage, better enabling them to close deals quickly and confidently.
Command Higher Prices
It’s true what they say: customers don’t buy products, they buy brands. And customers are willing to pay premium prices for brands they perceive as superior. Effective branding enables you to position your company as an industry leader with value propositions that none of your competitors can offer this is one of the Importance of Brand . This type of meaningful differentiation has tangible value built into it. It solidifies your worth and allows you to command higher prices for your goods or services.
Boost Business Value
Never underestimate the power of brand equity. In addition to justifying increased price points on your offerings, it can also have a positive effect on your share price. Stronger brands realize stronger financial performance. The long-term result of branding is that your company itself is worth more when you’re ready to exit. Not unlike the cost of home renovation, an investment in branding delivers valuable returns when the time comes to negotiate a selling price.
So, branding is a disciplined process used to build awareness and extend customer loyalty.