Many people are confused about what branding is and why they need it to help grow their business. This article does a nice job of summarizing what a brand is, why it is important and how to harness it to help improve your business. We thought it would make a great infographic to help capture some of the information. Enjoy!
Why do you need a brand?
Branding can help you stand out from your competitors, add value to your offer and engage with your customers.
Branding is a way of clearly highlighting what makes your offer different to, and more desirable than, anyone else’s. Effective branding elevates a product or organisation from being just one commodity amongst many identical commodities, to become something with a unique character and promise. It can create an emotional resonance in the minds of consumers who choose products and services using both emotional and pragmatic judgements.
Rachel’s Organic Butter, for example, chose black for its packaging design so it would stand out from the typical yellow, gold and green colours (representing sunshine and fields) used by competitor products. The result is that the brand appears more premium, distinctive and perhaps even more daring than its competitors.
People are generally willing to pay more for a branded product than they are for something which is largely unbranded. And a brand can be extended through a whole range of offers too.
Tesco, for example, began life as an economy supermarket and now sells a wide range of products, from furniture to insurance. But a consistent application of the Tesco brand attributes, such as ease of access and low price, has allowed the business to move into new market sectors without changing its core brand identity.
This obviously adds value to the business, but consumers also see added value in the new services thanks to their existing associations with the Tesco brand. Of course, this can work in reverse too: if consumers don’t like the Tesco brand in one product area, they’re less likely to choose the company’s offer in another product area.