Branding is a term that is used to describe a marketing technique used by a company in order to create a symbol, name, or image that is commonly known by the general population to be synonymous with the company itself. One easy example of this is the symbol of the Nike company, their famous ‘swoosh’ as it is known. It is an elongated check mark symbol in white with a black background to highlight it. This symbol is, throughout every country in the world, has become synonymous with the Nike corporation. That is branding in action.
Branding is one of the most important marketing strategies available to any company in any corner of the globe. It not only distinguishes your company from your competition, but it also helps customers and anyone who sees it remember your business. Branding is about more than just the symbol or image itself. However, it does more than just help make your company farm more memorable. It allows you to create a representation of who you are as a business and what you offer that your competition cannot. Branding encompasses more than just the logo of your company, it includes the reputation of your business as well.
The ‘swoosh’ is synonymous with the Nike corporation, but what do people associate the Nike corporation with in their minds? When I think about Nike, my subconscious thinks about words like excellence, athletics, running, and victory. This is because of the way that the brand is marketed and advertised, as an athletic clothing company that focuses on shoes. The Apple corporation has successfully branded itself in a very similar way. When you think about the Apple company, you think about the Apple logo itself, and also about what it represents to consumers. High prices and high quality electronics, that do not just look cooler than their competitions products, but also perform better. That is the key to a successful branding strategy, becoming more than just a name and a logo, by becoming an idea.
The benefits of a successful branding of your company are numerous and varied in nature, impacting every aspect of your business. First and foremost among these benefits is recognition. Consumers will recognize the name of your company and what you represent, drawing in a steady supply of new and returning customers that like what you are selling. All of this at first glance. Secondly, it makes advertising strategies much easier to develop and implement when there is already a clear goal in how you want your company represented. Finally, it creates trust in your company in the marketplace to a surprisingly large degree. If people have confidence in your brand, then they are more likely to want to do business with you and invest in things that involve a degree of risk they would never consider from an unknown company. Essentially branding will turn your company from an unknown and untrusted stranger to an old, trusted friend of the family in the minds of your consumers. It is crucial for any business that wants to be successful in the long term.