Let's take a step back and first talk about the basics. Before I delve into its importance and magnitude, let's discuss what a brand actually is.
What's a brand?
A brand is usually a feature or product that is manufactured by a company under its company name, to distinguish one organisation from another. This tends to consist of a logo or symbol, to be easily recognisable, or a tagline, symbol and more. It also refers to an overall experience a consumer or customer feels when interacting with a business, as a shopper, customer, or on social media.
Branding - What is it?
The psychology of branding is simple. The more your audience knows you, loves you, and believes you, the more likely they are to purchase from you. Branding is the process of researching, developing ideas and finding your distinctive feature that applies to your business so that consumers can begin to easily associate and identify your brand with your products or services that you may provide. Logos such as Apple, Mcdonalds and Nike are instantly recognisable and need no explanation as to what they are.
Think about it. Products are never just products. Coca-Cola is not just a can of drink. Starbucks is more than just a coffee. Louis Vuitton is more than just a handbag or shoes. We look for that extra superior experience when buying these items as their branding makes you feel you should. The companies create this sense of inferiorness, and market it and we learn to expect it due to their brand.
The Importance of branding
Your brand is ultimately one of your businesses greatest assets to have its what makes a memorable impression on consumers, and gives your organisation its identity, which encourages consumers to purchase from you. It's a way of differentiating your business and yourself from the competitors and why you are the better choice, and what to expect from your company. Your brand is in effect a window, and a true representation of how you would like to be perceived and who you are as a business, as there are so many companies out there, your authenticity plays a big part too. By being yourself, the more you are, the more magnetic you are to your potential customers. You want to add your own unique essence to your brand, as customers will be able to relate to it, and you will draw them in on a deeper level. Branding can be the deciding factor for consumers when they are looking to make a purchase decision. In a 2015 Global Niesen Survey, around 60% of shoppers said they actively purchase from brands they know, while 21% said they brought a product because they liked the brand. Branding gives consumers something to relate to and connect with. It gives your company an identity beyond its products or service.
A Simple Checklist to Evaluate Your Brand
If you're still wondering if your brand is powerful and strong enough, start by asking yourself the following.
Does your brand relate to your target audience? Does it speak for itself or will it need explaining?
Does your brand reflect your own uniqueness?
Does your brand reflect your promise and represent values made to your target audience?
If you're unsure of these questions in relation to your own brand, it's time to revamp your brand.