What is Branding?
In the ever-increasing competitive markets of small business, an edge is more important than it ever has been. That edge? Branding. The purpose of branding is to establish a significant and differentiated stance in your marketplace and industry that will attract and retain loyal customers.
But many people often ask, what is branding? I have a logo and I like to use these colors, and I have a group of returning customers that promote me with word-of-mouth. Isn’t that enough? The word brand is one of those terms that is often used, but most of the time misunderstood.
Branding is a perception in your customers’ and target customers’ minds and a promise to these people. For this reason, branding needs to be strategic.
The basic foundation of your brand is your logo–meaning it is the base for every strategic decision and action you take. It is extremely important. But your website, packaging, social media activities, promotional materials, retail look, customer service, and follow through all can be categorized into your brand.
Your brand is how, what, where, when and to whom you plan to target with messaging. Where and to whom you advertise is part of your brand strategy. The look, customer service, and experience within your retail location are part of your brand strategy. And what and how you communicate are part of your brand.
A consistent and strategic brand can lead to a strong brand equity, which gives your company’s products or services more value add. And people will pay for your brand than what identical products will get.
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