Just like the cheese to a cheese burger, or the filter to your Instagram picture, branding is the spice to a business which contributes beyond adequately to its identity and name. “A brand is not so much about rational arguments, job argues, but the way the company resonates with companies emotionally.” Says Steve Jobs the cofounder of Apple Inc. But how exactly can branding benefit a business?
Be it obtaining bank a loan or selling new shares to fund for a new project, when you’re perceived to be more valuable, i.e. when you have a brand, things get a lot less complicated. Reputation and recognition are two things you need when it comes to getting the sufficient amount of funds to invest further in order to foster diversification and expansion. And a good branding can certainly give you both. In fact, according to the Circle Research, 77% of the B2B marketing leaders say branding is critical to growth. So careful spending in building a brand could actually assist your company in gain higher financial returns.
This is a primary reason why companies exceedingly emphasize on branding. Without a brand, they would be selling just another potato a tad bigger than their competitor’s and probably be unheard in the crowd full of vendors screaming their names in slightly different ways. According to Porters Generic Strategies, for a business to be successful they need to focus on either the cost leadership strategy or product differentiation strategy. Which means to sell it at a better price or provide better value than their rival. And for the latter to work, branding would indubitably be the key.
“A brand is a promise. A good brand is a promise kept”. This is a famous quote by none other than the former CEO of your favorite fizzy drink company Coca Cola. When you create a brand you’re bringing into existence customers of lifelong. The corporate identity branding that screams in your finished good’s packaging tells everything about your product and effectively differentiates it from the rest giving it a reason for buyers to hold on to it. Because they know you so much they wouldn’t want to let go! Moreover, a 2016 survey found that 94% of all consumers are more likely to be loyal to a brand when it comes to full transparency.
Without employee satisfaction there would be no customer satisfaction. And without internal branding there would be no employee satisfaction. Branding has become almost a necessity for businesses to recruit and retain high skilled competent workers. A company’s brand not only fosters to its own but also adds value to an employee’s identity too. Working for a well-recognized brand would give the employee a higher degree of pride and hence elevate their job satisfaction. When employees are fulfilled they would always try to give their best at what they do and this results in a progressive chain of better product leading to better sales which ends up in higher profits.