What is branding and why is it so important for your brand?
If we look up the term Branding in the dictionary, we will find that it is defined as “the act of giving a company a particular design or symbol to advertise its products and services”. One of the errors in the conception of branding is precisely to reduce it to its aesthetic component: the visual identity – name, logo, design, packaging… -.
But the truth is that branding is important not only because it is what makes the first impression on consumers, but also because it is what will allow your customers to quickly know what they can expect from your company. Branding is fundamental because it is a very effective way to distinguish yourself from the competition, that’s why today from Musart Creative we want to give you the keys to this important concept and the reasons why it is vital for your brand.
What is Branding?
Branding is a very broad concept that is necessary to study from an extensive point of view. But if we had to create a definition, this is it: it is the ongoing process of identifying, creating and managing the assets and actions that shape the perception of a brand in the minds of stakeholders.
As we can see, quite far from the dictionary definition and by no means something that can only be reduced to visual identity. Let’s break down the definition we have just presented:
- Constant process: Branding is a constant process because it never stops. People, markets and companies are constantly changing and a brand’s branding must evolve to keep pace.
- Identify, create, manage: In Branding it is important to first identify who/what you want to be for your target audience, create your brand strategy in order to position yourself and stipulate the mechanisms that allow you to correctly manage everything that influences your positioning.
- Accumulated assets and actions: The positioning of your brand must be translated into both assets – visual identity, content, products, advertisements… – and actions – services, customer service, human relations, experiences… – that correctly project its image in the minds of your target audience, gradually building that perception.
- Brand perception: Also known as reputation. It is the association that an individual (customer or not) has with your brand. This perception is the result of the branding process (or lack thereof).
- Stakeholders: Customers are not the only ones who build a perception of your brand. Stakeholders include potential customers, existing customers, employees, shareholders and business partners. Each constructs their own perception and interacts with the brand accordingly.
Why is branding so important for your brand?
Branding is absolutely fundamental to a brand because of the overall impact it has on an entire company or corporation. Branding can change the way people perceive your brand, it can open up new business possibilities and even increase the value of your brand. But it can also do the opposite if not managed correctly.
Let’s be clear: reputation will always be there. Whether it is a good or bad reputation will depend on the branding work you do. Understanding and using branding is basically about taking control and trying to control what that reputation is going to look like. That is why it is so important that your company has a branding strategy in place from the very beginning of your business.
Contrary to popular belief, branding is not an expensive marketing strategy that only big brands can afford. Branding has a lot to do with common sense and is closely related to the market in which your company is located, as well as the level at which you want to operate. A branding strategy must combine different competencies and activities, so the cost can vary greatly from one case to another.
Here are the reasons why branding is so important for your brand:
- It increases the commercial value of your brand
- Generates new customers
- Improves employee satisfaction
- Builds trust in the market
Don’t hesitate, if you have a brand, you should bet on Branding to give strength to your business. Don’t wait any longer!
