At a meeting recently, a graphic designer and I sat down where people were swapping business cards. I checked out his logo, and he read the name on my card.
"I know that logo. We've been in touch previously," 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 guessed it was at least five years back. Neither of us has a remarkable memory. Rather, he had created a distinctive 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, while thousands or hundreds of thousands of other business identities had come and gone without making a substantial trace. Why? Memorability. It demonstrates a key element of successful branding.
What is Branding?
Branding is the process of making distinctive and durable perceptions in the minds of people. A brand is a persistent, distinctive business identity intertwined with associations of personality, quality, source, preference and more.
Although most people people relate brands with big companies, the smallest of companies can use branding techniques with excellent returns. When a home-based craftspersons ties a beautifully designed tag on all her products telling the tale of who she is and where her handy work originate from, she's branding her work. When the local market bundles groceries in totes having its business logo instead of generic "Thank you!" or plain totes, it's branding. When your logo is displayed with any of your internet marketing endeavors, it's branding.
Whilst we relate brands with national brands like Crest, Huggies or Healthy Choice, branding doesn't necessarily require the monetary resources of Procter & Gamble. Branding doesn't even require a product or a tangible shipping mechanism. Branding comes with repetition which is quickly done with any internet marketing procedure.
Techniques of branding include association of a company with logos, distinctive colors, slogans, musical sounds or songs, unusual characteristics, mascots, the labels, an interesting name, behavioral hallmarks and much more, easily executed for the home based business too.
Why Branding Pays Off
Time, money and energy spent on branding comes back many times over when the process plays out intelligently. Here's why:
1. Memorability. It's simpler to remember the branded company compared to the "what's its name?" one.
2. Loyalty. When individuals have a good experience with a special brand, they're more likely to buy that product or service yet again than contending brands.
3. Familiarity. Psychologists have established that familiarity induces taste, which makes even non-customers more likely to recommend a brand they are aware of.
4. High quality graphic, premium price. Branding can lift what you sell out of the realm of a commodity, with buyers prepared to spend more for the well-branded product or service.
5. Extensions. With a well-established brand, you may spread the respect you've attained to a related new product, service or location more easily.
6. Greater company worth. Creating your company into a brand name usually means that you can secure more money for the company when you choose to sell it.
7. Lower advertising expenditures. Even though you must invest money to create a brand, once it's created you get a bigger bang for every marketing buck using it.
8. For buyers, less risk. People often choose the brand-name supplier over the no-name one when scared of the outcomes of a mess up.
For all those reasons and more, branding fattens your bottom line.
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