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In a seminar recently, a graphic designer and I sat down where everyone was exchanging business cards. I looked at his logo, and he studied the name on my card.
"I know that business logo. We've been in contact before," I said.
"That's right. I know your name," he said.
Even though we weren't able to determine when or why we'd exchanged mail previously, we assumed it had been at least five years back. Neither one of us has an exceptional memory. Rather, he had made unique visual identity for his design services, and I had devoted effort to relating my name with creative marketing.
For around five years his look and my standing had lurked in the other's memory banks, whilst thousands or hundreds of thousands of other business identities had come and gone without leaving a significant trace. Why? Memorability. It illustrates a key element of good branding.
What is Branding?
Branding is the technique of making unique and durable perceptions in the minds of people. A brand name is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more.
Despite the fact that a lot of people relate brands with major companies, the smallest of companies may use branding techniques with great rewards. When a home-based craftspersons ties a nicely designed tag on all her items revealing the tale of who she is and where her handy work originate from, she's branding her work. When the local market packages groceries in bags bearing its company logo instead of simple "Thank you!" or ordinary totes, it's branding. When your logo is exhibited with any of your internet marketing opportunities, it's branding.
While we associate brands with national names like Crest, Huggies or Healthy Choice, branding doesn't really need the monetary resources of Procter & Gamble. Branding doesn't even need a product or a tangible shipping system. Branding comes with repetition and that is easily done with any internet marketing operation.
Techniques of branding include association of a company with logos, distinctive shades, slogans, musical sounds or tracks, unusual features, mascots, the labels, an interesting name, behavioral hallmarks and much more, readily implemented for the home based business as well.
Why Branding Pays Off
Time, money and effort spent on branding pays back many times over when the process plays out smartly. Here's why:
1. Memorability. It's much easier to recollect the branded company compared to the "what's its name?" one.
2. Customer loyalty. When people have a positive experience with a memorable brand, they're more likely to purchase that product more as opposed to contending companies.
3. Familiarity. Psychologists have shown that familiarity induces liking, and this makes even non-customers more likely to suggest a brand name they are familiar with.
4. High quality graphic, premium price. Branding could lift what you sell out of the realm of a commodity, with customers willing to pay out more for the well-branded product or service.
5. Extensions. Having a well-established company, you may spread the value you've attained to a related new product, service or branch more easily.
6. Greater company value. Making your company into a brand usually implies that you could secure a higher price for the company when you choose to put it up for sale.
7. Lower marketing expenses. Although you must put in money to create a brand, once it's made you get a bigger bang for every marketing buck using it.
8. For shoppers, less risk. Individuals often go for the brand-name supplier over the no-name one when afraid of the consequences of a mess up.
For those reasons and more, branding fattens your net profit.
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