Winning the market competition on a local scale is getting harder in the globalization era. Because your competitors are not only coming from local business people, but also other international level business. So, how can your business survive in this fierce competition? One of the ways is branding.
Branding can make your business easier to recognize by your customers. Building a strong brand will make your business or product the first to come in mind among your customers, not your competitors. If you successfully build your branding, you don’t have anything to fear locally, or even globally.
Branding is how your company runs communication activities to build your brand awareness. Branding is not only promoting your product or service, but you also have to consider how society envisions your company.
So, why branding is important for your business? Here are five of them:
Branding helps you stand out among competitors
The fierce competition and countless competitors out there make the business owner has to think the best strategy to make your business the first choice of your target market. Pouring a lot of money for advertising is no longer enough. You have to highlight the main value of your company or products for successful branding.
There are a lot of examples out there. Viral ads in social media are so unique and make those who see the ads remember them unconsciously. As a result, those products or companies stand out among societies and easy to recognize.
Provides unique identities
A slogan, songs, music, colors, and brand ambassador to represent your products or company has to be considered thoroughly for branding purposes. If utilized properly, a branding campaign will provide unique identities for your product or company compared to your competitors.
For example, if you see a person driving a motorcycle with a green jacket, you might associate the person as a “Grab Driver”. Or when you see a good looking man riding a white horse, your brain probably running the Old Spice commercial scene right away. Those simple and easy to remember things gives the strongest impression for your product or business.
An alternative method for promoting your business
There are a lot of companies out there that put a premium price for their products or services since they have a successful branding campaign. Let’s take a look at Apple with its iPhone or Starbuck with its coffee.
In terms of quality, Samsung’s phones are equally as good as Apple’s. But, since iPhone has better branding success, they don’t have the slightest doubt to put a higher price for its product, and people still bought it. Same thing with Starbucks. In terms of taste, a local coffee product might taste better, but Starbucks never hesitates to put a premium price for its coffee drinks because their brand is well known.
Branding improves customer loyalty
Increasing customer loyalty is not as simple as brings in a new customer. There are a lot of things that influence a person to buy a product from the same business twice. A good service, product/service quality, and many other quality aspects that have to be maintained so a new customer can be converted into a loyal customer.
Good brand awareness is the reflection of the customers’ trust for the company. The trust between customers and the company will potentially increase your customer loyalty and make them do another business with you, again and again.
Wrapping it up
There are a lot of things that you need to prepare to be able to stand out in the fierce market competition. One of the most common ways to survive in the globalization era is by starting a branding campaign. Good branding can build an unshakeable trust between your customer and your business, or continue doing the business in the future.