What is branding and why is it important for your business?
Branding is a marketing practice where you create a brand for your business project: a logo, a symbol, a slogan. Simply put, branding is what you promise to your customers, what sets you apart from your competitors, the embodiment of your mission.
Many entrepreneurs think that branding is only necessary for big companies like Apple, Ikea, Pepsi. In fact, it doesn't really matter what size your business is. Branding is a great strategy for promotion and recognition.
Before approaching designers for a logo, ask yourself a few questions:
- How can I describe my business project in a few words?
- What are the values and mission of my business?
- What can my business project offer that is unique in its field?
- What makes my business stand out from the competition?
Answers to these questions will help you better personalize your brand and create a logo and slogan that is clear and appealing to your customers.
Once you've decided on the answers to your questions, you need to develop a corporate identity. Corporate identity includes the logo, corporate colours, font, packaging, website design, etc.
According to Forbes statistics, colour increases brand awareness by 80%, branding across all platforms (website, social media, external advertising, packaging) increases company revenue by 23%. 64% of consumers say shared values build brand trust. The same percentage of consumers make a purchase after watching a branded video on social media.
Some tips for successful branding:
- Take inspiration from your competitors, don't copy them
- Find a niche where you can market your product best and work with that target audience
- Create a slogan for your brand. It doesn't have to reflect the essence of your product. For example, Nike's most recognisable slogan is "Just Do It". It has nothing to do with trainers, but it's motivating and only associates it with that brand.
- So be aware of the current trends but try not to lose your individuality in the pursuit of them.
- Be consistent, stay true to your values
- Develop and promote your brand.
At the heart of a successful business is a brand. It is your company's biggest and most valuable asset!