When the market
is strewn with assorted products in the same category, today it is very
essential for all the companies to augment their branding techniques. Be it
small or a big enterprise, most of the customers choose their product based on
the perception that they have about the product. Hence it is vital for all the
companies to pay attention to branding as its is a must for any organisation be
it small, startup, partnership or corporation.
Branding is what
the customer thinks about your company or your product. Nowadays it is very common
that most of the small organisations, mainly start-ups are too reluctant to
spend on branding as they feel that budget is a constraint. However, it is
quite important for them to realise the fact that branding helps the
organisation in many ways in this competitive market.
Some of the key
reasons why we treat branding is important are the following:
· Provides an Identity to the
product- Branding helps in transforming a generic
product into something that is recognisable and catches the eye of the customer.
With the help of robust branding techniques, a company can develop a unique
identity.
·
Increases the Brand Recall- It has been found that through advertising and branding techniques
the brand recall of the company is improved. The customers position you and
your company well over the others if there is a good brand recall. Proper
branding techniques help in giving an impetus to the brand recall.
·
Helps in Differentiating
from the customers- Branding helps your product to
be unique and distinct from the competitors. Since the customers register your
product with the distinct logo, tag line, colours etc it becomes very easy for
them to easily distinguish from other products in the market
· Leads to Trust – Most of the customers would like to opt for your product as they
have loyalty towards a brand. In India, this is the case most of the households
opt for Colgate as a brand as there is a lot of trust that is in the minds of
the customers. Hence the customers would not switch their preference.
· Create Loyal customers- Branding helps in creating loyal customers for lifetime. They
don’t switch to other companies if the customer is loyal. It originates with
time though! Branding leads to creation of loyal and faithful customers.
· Helps the business to defy
its competitors- We all are aware of the fact that
in the world of today there is immense competition. In this extremely
competitive market, it is imperative that branding helps to create a distinct
identity of the company which helps in confronting the competitors.
· Creates new business
opportunities – By virtue of branding techniques,
any business can increase the customers. Branding helps in creating new avenues
for more business opportunities, thereby increases the financial value of the
company.
· Helps in generating referrals- Branding not only creates loyal customers but also helps in
generating referrals. It’s a part of the human behaviour that they like to talk
about their clothes, dress, their tastes etc. So word of mouth plays a very
vital role in the creation of referrals
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