You’ve decided on a name for your company, product or service and designed a logo for it. You’ve now created a brand. But what, exactly, is a brand, and why is it important for a business?
In its most basic function, a brand is an identifying symbol, logo, name, word and/or sentence that companies use to distinguish their products or services from others. It is also how the public associates a product or service with the company. With a brand, a company hopes that the public will recognize that its product or service is different from its competitors and choose its products or service over its competitor’s. Therefore, a brand is essentially a business tool that helps a company gain competitive advantage and increase revenue.
In order to effectively gain competitive advantage and increase revenue, just having a brand is not enough. You need to invest human and financial resources into shaping how the public perceives your brand. Such activities are known as branding, and it includes having a strong brand message and brand values, and making sure they are being conveyed to consumers accurately and consistently via marketing communications and customer experience.
Branding is how a brand adds value to the business. With so many products and services in the market that deliver similar benefits, consumers are increasingly looking for emotional connection with brands. In this context, a brand is the way a company is perceived by those who have experienced it. When a company successfully influences consumer behavior to its advantage, it reaps multiple benefits such as a boost in brand awareness, increase in new business and higher sales.
Looking at the returns, branding is a long term business strategy that is worth investing in. Contact us at sparklingbrands@gmail.com to find out how we can help with your branding.