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In a meeting not long ago, a graphic designer and I sat down where everyone was swapping business cards. I looked at his logo, and he studied the name on my business card.
"I know that logo. We've been in contact previously," I said.
"That's right. I know your name," he said.
Although we weren't able to determine when or why we'd exchanged mail previously, we assumed it was at least five years back. Neither one of us has an exceptional memory. Instead, he had created unique visual identity for his design services, and I had devoted effort to relating my name with creative marketing.
For at least five years his look and my standing had lurked in the other's memory banks, whilst thousands or hundreds of thousands of other business identities had come and gone without making a significant trace. Why? Memorability. It illustrates a vital element of successful branding.
What is Branding?
Branding is the technique of making distinctive and durable perceptions in the minds of people. A brand name is a persistent, distinctive business identity intertwined with associations of personality, quality, origin, liking and much more.
Although a lot of people relate brands with big companies, the smallest of companies may use branding techniques with excellent rewards. When a home-based craftspersons ties a nicely designed label on all her products revealing the tale of who she is and where her creations originate from, she's branding her work. When the local market packages groceries in totes bearing its company logo in place of generic "Thank you!" or ordinary totes, it's branding. When your logo is displayed with any of your internet marketing opportunities, it's branding.
Although we associate brands with national names such as Crest, Huggies or Healthy Choice, branding doesn't necessarily need the monetary resources of Procter & Gamble. Branding doesn't even require a product or a tangible shipping system. Branding comes with repetition which is easily done with any internet marketing operation.
Methods of branding include association of a company with logos, distinctive colors, slogans, musical sounds or tracks, unusual characteristics, mascots, packaging, an interesting name, behavioral hallmarks and much more, readily executed for the home based business as well.
Why Branding Pays Off
Time, money and effort used on branding comes back many times over when the process plays out smartly. Here's why:
1. Memorability. It's simpler to remember the branded company compared to the "what's its name?" one.
2. Faithfulness. When individuals have a positive experience with a memorable brand name, they're more likely to buy that product yet again than contending manufacturers.
3. Familiarity. Psychologists have proved that familiarity induces liking, and this helps make even non-customers more likely to recommend a brand name they are aware of.
4. Premium graphic, premium price. Branding may lift what you sell out of the realm of a commodity, with shoppers willing to pay out more for the well-branded products.
5. Extensions. With a well-established company, you may spread the respect you've attained to a related new product, service or branch more easily.
6. Greater company worth. Making your company into a brand typically means that you could secure more money for the company when you choose to put it up for sale.
7. Lower advertising expenses. Although you should invest money to create a brand, once it's made you get a bigger bang for every marketing buck using it.
8. For buyers, less risk. People often opt for the brand-name supplier over the no-name one when scared of the consequences of a mess up.
For those reasons and even more, branding fattens your bottom line.
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