Why is branding so important? – Birds on the Blog

Why is branding so important?

Your brand’s identity is a bigger deal than you might think, and it represents much more than just product or service expectations. You need to be able to resonate with your consumers personally, creating a powerful feeling or emotion tied to who you are.

Coca-Cola, Starbucks, Disney… These are great brands that induce powerful feelings just by reading them. After reading these names, you might be imagining smells of fresh coffee, or perhaps you are envisioning yourself at the Magic Kingdom. For these brands to develop such strong associations, it took both time and money. While Coca-Cola, Starbucks and Disney all have 1-5 year growth goals, they also think about growth from a long-term perspective, and that involves substantial brand building.

It usually takes at least 5 brand interactions before a consumer reliably remembers your brand

As we mentioned, creating a strong memory with your consumer depends on connecting personally, but there are also other important elements. For example, your name and logo are fundamental as they enable consumers to instantly recognize your company. This is important in a world where convenience is prized and attention spans are limited.

Companies that invest in building strong brand recognition typically have shortened sales cycles and higher conversion rates. These companies utilize strong foundational assets tied to elaborate brand strategies. Through a variety of savvy marketing tactics, their brands are usually seen with high frequency by the target audience.

Great Brands Often Command Higher Prices

There is an old saying that goes, “people don’t buy products, they buy brands.” If this is true, then it certainly makes sense to find consumers paying higher prices for standout brands in the marketplace. Branding is a force that differentiates one company over another, and it can even function as a competitive moat.

Luis Voitton Moet Hennessey is a great example of a brand that dominates the high-end market for many luxury goods.

Luis Voitton Moet Hennessy is associated with feelings of power and prestige, and it is a well-known status symbol (in comparison to competitive brands). The long brand heritage, quality reputation and limited availability of product also support Luis Voitton Moet Hennessy’s strong demand and premium pricing structure.

Establishing Your Brand Reduces Marketing Costs Over Time

You must prove your value to any newly acquired customer. Once you have proven yourself, it becomes much easier to sell to them a second time, third time and so-on…

A well-articulated brand that spans your customer touchpoints will provide juice to all of your marketing initiatives, giving you the opportunity to prove yourself with new customers. At the same time, great branding will help you to more effectively nurture existing customer relationships. As your brand reaches new heights, you will be able to develop highly relevant campaigns that target your most valuable customer segments. All of your marketing initiatives will become elevated and better optimized through branding.

AUTHOR: Danny, Slyde Associates LLC

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