According to Business Dictionary, branding is the process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
Today, every business has a trading name, from the smallest to the largest multi-national corporation. However, only very few of those businesses have a brand. Most people associate brands with big companies. This is not right because even the smallest businesses and companies can use branding techniques with great rewards. A great motivation for such enterprises is, because branding is usually associated with large businesses, it creates the illusion that your small enterprise is bigger that it really is. Therefore, making it more attractive to potential clients and convinces them you will still be around in a few years to come.
One of the main benefits of branding is it helps your company be easily remembered by clients when they are in need of goods or services they procured from you. On top of that, they easily come back for more only based on memorable brand and good experience. This in turn, helps create loyal clients.
People who have never done business with you, but are very familiar with your brand because they've seen it everywhere, have high chance of deciding to choose you or recommend you to others.
Branding help improve the price of your product or service based on its unique value. Client will choose you over other competitors, because they would rather go for your goods or services than become price-shoppers. Therefore when you have better image, you can ask for better prices.
Additionally, based on a successful branding, you will use your reputation to launch similar services and products, expand to new locations or be able to launch a new unrelated product or service and still easily succeed in profiting from it.
Plus, when you have decided to sell your company or business, you will make more money provided you have a well-established brand. Maintaining a brand without reintroducing it all over again becomes easier and cheaper.
Clients deciding to buy from your brand-name and another no-name supplier are sure to easily choose you, making it much simpler and safer for them.
I hope, by now, you have understood how important branding is for the growth of you enterprise. And if you have decided to give it a go consider us, The AP Kompany, and we will help you achieve your goals.
Fasil Kidane
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