Branding is defined as the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. Your brand is your promise to your customer. It tells them what they can expect from your company and it distinguishes you from the competition. Your brand is derived from who you are, who you want to be, and who people perceive you to be. In other words, branding is the process of aligning who you say you are with the market’s perception of who you are.
Branding helps a company, and an individual, cultivate its reputation by delivering on its brand promise. To develop a successful brand you must have a clear understanding of the emotional and functional needs of your target market. Does a prospect hire your company because it wants to do business with a company that has extensive knowledge in their industry or because the company has a strong reputation for providing a high-level of service? It makes a difference in the message that will be communicated. When you develop a brand based on your company’s values, principles and audience needs, your marketing, and its execution, becomes clear and genuine.
Your logo is not your brand. It is a symbol that represents your brand. Logos are meant to make a target audience instantly think of your company. A true brand is the promise of an experience you communicate to a target market. It is the emotional connection that you have with your clients, prospects and center of influences, as well as the audiences they influence.
The benefits of branding go beyond positive interactions with customers, prospects, and referral sources. Companies should invest in branding because:
- Customers will refer more business to you if they know and trust your brand
- You will attract more business opportunities
- It will give you a competitive edge
- A strong brand will reduce the perceived risk of hiring your company
- You can build your reputation as an industry leader through branding
Creative messaging that clearly explains your brand promise should be consistent in all media channels and online. If you truly want to stand out from your competition, customers need to experience your value proposition every time they interact with your company.