If you’ve followed the business world for any length of time, you know that brand identity is a game-changer. It’s one of those topics that garners massive attention when it comes to market or is the subject of some new research or study. Brands are so important to the modern business climate that many people think of them as a fifth P: People, Products, Place, and Price all take a backseat to the company’s own perception and image in the general public eye. Whether you see brand identity as just another shiny idea with limited practical application, or an exciting opportunity to expand your business potential through rebranding or other techniques, it’s important to understand what brands are and why they matter so much.
What is Branding?
The term branding refers to the overall visual and textual identity of your business. The idea is that your brand is the face of your company, the element that sets your business apart in the marketplace and that draws customers or clients to your product or service. The concept of branding goes back to the early days of commercialization and advertising, but it has been refined and developed into a highly complex process over the years. Now, branding is a strategic process that involves every element of a business and is used as a means of creating positive associations with a business in the minds of its customers. Branding also refers to the visuals that are used to represent a company, such as its name, logo, color scheme, and typeface.
Why Does Branding Matter?
Branding is a tool for differentiation: It’s how you set your company apart from the competition and make it memorable for customers. The right branding strategy can help you become the business that people come back to again and again. And the wrong branding strategy, or one that is not properly implemented, can drive customers away. Additionally, branding provides consistency: It’s what helps you maintain a strong identity over time in spite of personnel changes, product or service alterations, or other transitions. Branding strategies can help ensure that your business continues to be the same reliable, customer-pleasing company that it always has been, no matter what else is going on in your corporate world.
How to Brand Your Business
We all have certain ideas in mind when thinking about Ferrari or Apple, or any of the world’s top brands. This is branding at its best. While Ferrari and Apple have been around for decades and have had plenty of time to create a powerful brand, the same can be done for your company. It may be tempting to think of branding as a one-time thing: You create your logo, name, and tagline, and that’s it. But branding is an ongoing process that evolves as your company moves forward, making changes as necessary to keep up with the latest trends while staying true to your core identity. Branding can be done in a variety of ways: Using a single consistent design and visual style, such as a logo, color scheme, and typeface; creating a narrative that ties your business together and gives it meaning; and even choosing the location in which you conduct business. Whatever branding elements you choose, they should work together to create an overall picture that reflects your company in the best light.
Takeaway
Branding is the process of creating a consistent identity for your company. It’s about creating an image that distinguishes your company from the competition and attracts customers. It does this by creating associations in customers’ minds with your business. Branding is an ongoing process that evolves as your company moves forward. It can be done in a variety of ways, such as using a single consistent design and visual style, creating a narrative that ties your business together and gives it meaning, and choosing the location in which you conduct business.