The Impact of Branding
It’s no secret that a huge emphasis is placed on branding when it comes to marketing your product or service. Not only does having a cohesive brand make it easier to market to different customer bases across different channels, it also raises the chances of being remembered by customers, increasing loyalty.
A brand is more than just the business that markets a particular service or product. A brand is the identity that the business has developed for itself. Visual elements like logos and graphics, in addition to intangible aspects like your marketing strategy and your business’ relationship with customers, make up the brand.
Branding and purchasing
“A brand is the identity that the business has developed for itself.”
Every business wants to establish a loyal customer base. The best way to do that is to ensure that you deliver a product that satisfies a customer’s needs, as well as make sure your brand stands out in consumer’s minds. This way, next time they’re in the market for a product like yours, the one they used last time will pop into their head. According to Brand Anew, a sense of nostalgia is likely to keep customers loyal to your brand, despite other options like a potentially better product or even a lower price.
Exactly how important is customer loyalty to a brand? Marketing Tech Blog found that it’s pretty crucial. Approximately 59 percent of shoppers preferred to stick with familiar brands, even when purchasing items they’d never bought before. 59 percent of people also said that they decide whether a particular brand becomes their favorite option after purchasing or trying the service just once. The pressure’s on for a good first impression.
Engage with your consumers
If someone tweets you, be sure to respond. If someone leaves a disappointed review on one of your products on your website, reach out to them to correct the problem. Twenty-two percent of Marketing Tech Blog’s responders stated that authenticity was the most important brand attribute to them. It’s crucial that you leave a good impression, as a few bad reviews can really stunt a new business’ growth. You don’t want to just make a single sale, you want to build a long-term relationship with your client base.
How to brand your product or service
While a well-established brand like Coca-Cola or Ford doesn’t have to worry about developing a brand, many new small-business owners lose sleep over the concept of creating a brand identity. Developing a brand is something that happens over time, however it’s important to know how to kick start the process.
Here are a few tips to beginning to establish a brand for your business:
Be consistent: Whether you sell your product in person, on an official website, through a social media channel like Facebook, Twitter, Tumblr or Etsy, or via all channels, you need to have a cohesive name and logo so consumers know that all of these channels are connected. If you communicate with consumers over email, be sure to include an email signature or even email address with your product name included.
Be creative: As a business, you want to pave your own way. Be creative in your logo, slogan and products. Don’t try to ride the coattails of an already-established brand with a similar product. You don’t want potential customers to view yours as a knock-off, and using a cheap ploy like mimicking what already worked for an other entity will lower your credibility as a brand.