The Real Value of Branding To Growing Businesses

Our guest author Mahendra Bhatiya says, in the current market which is highly competitive, businesses need to ensure they stand out.

Companies such as McDonald's, Netflix, and Amazon have something in common - they know the value of Branding. In the early days, they were not big names in business, but they grew into titans because they understood the importance of branding. In order for people to recognise these brands, each company has taken  calculated steps to establish its brand.

With Digital Marketing and social media, people are becoming aware of new brands every day, so  branding is more important than ever before. Consumers may benefit from having a lot of options, but  businesses may find it challenging. The current market is highly competitive, so businesses need to  ensure they stand out. Establishing a strong brand is crucial to success. Branding allows you to control  how people perceive your business. Branding is important no matter how big or small your business is.  

Also read: Ultimate Guide to Branding Tactics

Before talking about the importance of branding for the growth of your business, let's talk about branding? What comes to your mind when you hear the word Zomato? Is it the red logo,  mouth watering food ads, their service or their meme content on social media? Whatever comes to  mind is a result of branding.  

Here are the aspects of branding that are valuable for business:  

1. Consumers recognize and remember your business 

It is more convenient for people to do business with brands they know. Target audience may feel more  at ease purchasing your products or services if your branding is consistent and easy to recognise.  

So, the first step is to raise awareness, which is an important result of branding. But how do you get  people to take notice of your business? Begin with brand consistency. Create a brand style guide that  includes the following elements: Logos,Fonts,Images,Colours. With a logo, the audiences have an idea  of what to expect from your brand. Create a brand voice, include your unique value proposition, tagline,  and mission to create a unique brand identity. Then consider your website experience. Is your website  simple to navigate? Is it consistent with your brand? Keep your message and style consistent to avoid  customer confusion.  

2. Your business stands out in the competition and you can build trust in the market  

Being properly branded can also give the impression that you are industry experts. This allows the public  to trust your company, the products and services you provide, and the way you conduct business.  

Let’s take the example of Amazon. They have one of the most recognizable brands, and this brand has  revolutionised the way goods are bought and sold. You know their logo and know what you can expect  from their products and services. Due to Amazon's strong branding, similar sites such as Flipkart and  Snapdeal have taken a back seat in recent years.

Create a unique brand identity if you want to build a strong brand that distinguishes you from your  competitors, Make it distinct from your competitors, even if that means thinking outside the box. As  soon as you start building trust in the market, you will realise the importance of branding.  

Also Read: Top branding agencies in India

3. Expect better results from advertising when you have a strong brand 

Your advertising strategies will directly reflect your brand. Because you are indicating to the audience  how they should perceive your brand. When you have a strong brand, it is easier to create strong  advertising and get better results.  

You've already discussed the business with your target audience, your unique story, and the emotions  your customers should feel while purchasing your product. Marketing and advertising efforts will be  significantly increased at this stage.

4. Selling becomes easier with branding 

The customer purchasing journey is complicated. It becomes even more complicated if a customer is not  aware of your brand name. Also, as the price of a product or service rises, people think twice before  buying. However, one constant in the process is the impact of a strong brand. If you build a strong brand  for your business, selling becomes easy. People buy your product/service just by reading your brand  name.  

Consider Amazon's “India ki apni dukaan” slogan. This slogan is an emotional hook that draws customers  in and turns them into brand advocates. It's an expression of the basic human needs that your brand  meets. According to an Amazon spokesperson, customers use Apni Dukaan to refer to stores they are  more familiar with and trust. Amazon's goal was to let people know that Amazon is one such store.

 Purchasing is an emotional experience, and having a strong brand makes people feel good when they  interact with your brand. A brand built around triggering your customers' emotions will always  outperform competitors who only show their features and benefits.  

5. Branding creates business value

 Even if a brand is well-established, branding will be required for several decades to keep up with the  competition. Branding generates new business and gives you a competitive advantage. Branding also  encourages customers to invest in your product because you already have a strong market presence.

What if Colgate stops branding its product in India? After a while, will people remember the brand? In  view of increasing competition in the same industry, other brands such as Close-up and Pepsodent  might take over the market and people's trust. They might become “India’s No. 1 toothpaste”. That’s the  importance of branding. Therefore, branding is essential to maintain the value of a business and survive  in the market.  

The bottom line-

Branding is an essential component of any business, regardless of size. Branding allows you to share  your uniqueness, views, and ideas with the world. Branding plays an influential role in the growth of a  business. Additionally, it affects the buying habits of customers and their behaviour.  

A company's brand is one of its most valuable assets. Agree? Therefore, when showcasing your brand,  you cannot and shouldn't take risks. It would be foolish to believe that once a brand is established, it will  remain rigid indefinitely. A strong brand that evolves in order to remain relevant is one that stands the  test of time. Develop a branding strategy and keep it up!  

The author Mahendra Bhatiya is the founder of an Ahmedabad based Creative Agency Dev Opus Lvt. Ltd.