How Branding Became Big Business for the Small Business

To succeed in branding, you must understand the needs and wants of your customers and prospects. This is achieved by integrating your brand strategies through your company at every point of public contact. Think of branding as the expression of who you are as a company or organization and what you offer.  Once customers believe in your brand it become a living breathing entity.

Branding develops an image of a company’s products in the minds of consumers, attributing goods with certain unique qualities or characteristics that, if done effectively, are attractive to the target audience.  A brand widely known in the market has brand recognition and builds up positive sentiment which further strengthens the company position amongst competitors.  Benefits of a strong brand include: being able to command higher prices, speeding up new product acceptance, enabling market share penetration by advertising, and resisting price erosion.  Both the medium chosen and demographic targeted for advertisements builds a brand. Too narrow an advertising focus, and a company risks being “pigeon holed” and losing their ability to expand into new markets. Too broad a focus, and the company fails to create a definable impression of the company in the minds of would be customers. Furthermore, a professional appearance builds credibility and trust. People are more likely to purchase from a business that appears polished and legitimate. Emotional reactions are hardwired into our brains, and those reactions are very real influencers.

Last but not least, branding enables your company to get referral business. Would it be possible for you to tell a friend about the new sunglases you love if you couldn’t remember the brand? A large reason ‘brand’ is the word used for this concept is that the goal is an unforgettable impression. As the most profitable advertising source, word of mouth referrals are only possible in a situation where your company has delivered a memorable experience with your customer.

The most profitable companies, small and large, have a single thing in common. They have established themselves as a leader in their particular industry by building a strong brand.

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