Updated: Oct 2, 2021
What is branding?
Before we get into the importance of Branding. It is important to know what Branding is.
According to Hubspot Branding is a set of features that distinguishes one product and/or brand from another. For example, this could be a slogan, logo, description, or other identifying factors.
All businesses should be using a branding strategy, or at least implemented their brand details on all products and services. For instance, your company logo should be evident across the board: on your website, products, in emails, and elsewhere. This increases brand awareness and contributes to the ultimate goal of growing your business.
This article will discuss the importance of branding and brand strategy, beginning with why it’s important for all businesses, small, mid-sized, or large scale corporations.
For instance, the more consistent your branding, the easier consumers can identify your product, service, or business. This not only makes recommendations easier between friends and family, but this will likely result in return customers, generating more leads and sales - a win, win, if we say so ourselves.
Added value for companies and corporations.
Forbes mentioned branding to add value for companies and corporations. For example, when we look at big brands such as Range Rover or Apple, they both contain inherent value - when a new product is released, we want to know about it, we want to have it, and we want to associate ourselves with our favorite brands.
Often, companies purchase other smaller brands in their industry. This allows them to build up their brand across multiple products and services, increasing exposure across an entire niche, or multiple niches.
The more successful a brand and its detailing is, the more value they possess!
Your brand sets you apart from your competition.
In an article from Strategy New Media, it is discussed how branding helps set you apart from your competition. Your branding is a key component in how you appear to the public - if your brand details are offensive, not eye-catching, or poorly designed, then fewer people will want to purchase your product or service.
For example, large companies such as Nike, Adidas, Tesla, and Microsoft all have a clear vision, a simple logo, and their products and services draw in the customer. This is key when it comes to brand design, and is why many small and large businesses seek outside help - your brand details won’t go amiss, we promise.
The bottom line.
Far too often, the importance of branding and individual brand details go amiss. In fact, branding is even more important for small and mid-sized businesses, helping establish your authority and reputation within an individual niche.
To begin with, it’s important to create brand details and remain consistent with this - use the same logo, slogan, and other identifying factors across all products and services you offer. This helps increase recognition and brand awareness, perhaps leading to more return visitors down the line.