WHY IS BRANDING IMPORTANT FOR A COMPANY?
On the first day of college, the professor asks everyone to give their introduction so that everyone can know each other’s name and background. In the same way in the corporate world, the term branding is used when someone is talking about companies introducing and establishing themselves in the minds of the consumers.
Branding is the process of creating a design, symbol, sign or name that identifies and distinguishes a company from its competitors. Let’s look at the advantages of branding:
Improves Recognition – Customers often prefer to buy products and services of the companies they are familiar with. Effective branding can enhance recognition of a company making the customer feel more comfortable while buying products and services of the company.
Competitive Advantage – In today’s global economy it is very important to stand out from the crowd, as a company is no longer competing on a local stage but it is competing on a global stage. Branding will, therefore, help the company stand out from the millions of similar organisation around the globe.
Generates New Customers – Branding enables a company to get a referral. People eat, listen and wear brands and they tell others about the ones they like. Would it be possible to recommend the new bag you love to someone if you can’t recollect the brand? That is why strong branding is very important, as you can’t tell someone about a brand you can’t recollect.
Attracts Top Quality Talent – Branding not only helps to attract new customers but it also helps to attract top quality talent and retain the top employees of a company. Branding helps companies to shape their reputation thus attracting and retaining top-quality talent.
Builds Trust – A professional look creates reliability and trust. Customers are more likely to buy products and services from a company that appears proficient and legitimate.
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