.png)
Why is Branding Important?
.jpg)
- Helps clearly define 'who' you are, your goals and objectives.
- Differentiates you from your competitors.
- Helps you, as a brand, understand your target audience, their needs and wants.
- Helps establish a clear identity for you.
- Aids recognition and recall among customers.
- If done well, instils a sense of intrigue in the short term and faith in the long run.
- Helps in establishing loyal buying behaviour among customers.
- Attracts top tier talent.
- Drives growth and expansion.
- Ensures steadily growing ROI.
How can it drive Business Growth ?
- A clear understanding of your business and its audience is crucial for effective strategy making and everything else depends on it
- Creating customer loyalty is a long-term process that requires a lot of efforts, but it is a gift that keeps on giving
- Competitor analysis is an important step to understanding your business with respect to competitor brands, ensuring you stay ahead
- Creating intrigue and awareness is the key to driving conversion
- Interesting brand stories resonate with customers beyond one-time purchase and inspires loyalty
- Trust in your brand name will ensure customers take well to all products associated with your brand
A recent research indicated that 6. 13% of customers are willing to pay 31-50% more for your products or services if they felt that your business is making a positive impact on the world.
Customers in today are not confined ‘toads in a well’. They are more socio-politically aware and ethically motivated. Brands that align with their values and beliefs are more likely to gain their loyalty. To this end, branding strategies need to be conscious and play up these aspects, but in an authentic, organic and non-gimmicky way. Forging a bond with your customer goes beyond transactions and innovative tactics are a need of the hour.
What are some of the latest Branding tactics in 2020?
- Less strategy, more heart : Conscious, ethical and socially impactfulare the watchwords
- Precise yet elaborate : Tell stories that have a clear message
- Relatability : It is more emotional than rational
- Immersive experience : Using chat bots and delivering 24X7 customer support
- Online presence and community : Create communities to inspire loyalty, togetherness and support
- Creative and informative content : Only great content can generate great results, irrespective of promotion
Another interesting finding from a relevant study suggests that 77% of people refer to certain items by brand names. Case in point- XEROX created a brand so strong that it successfully became synonymous and replaced the term ‘photocopy’ with their brand name in people’s minds.