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By Stephen Murphy | Branding Strategist
The whole branding thing can be a bit confusing. In Marketingland,
there are tons of definitions of what branding is. A real favorite being,
"it's your logo". Actually, it’s not. Forget everything you've heard before.
It's very simple -
We all know how nice it is to have a good reputation, but are there specific reasons we should be investing in branding? Too right there are. We could write a Fifty Shades of Branding hardback on why all your activity should be brand-centric, but here’s some of the more compelling reasons:
1/ Brands make it easy for customers to buy
Familiarity breeds contentment. Buyers don’t need to rationalise the purchase nor go to the bother of seeking out alternatives.
2/ Brands allow you charge higher prices
Brands typically command higher rates over unknown products or service.
3/ Brands make it easier for your salesforce to sell
If a customer knows your brand (and likes it!), your salespeople are going to have an easier time than the guy showing up with a new proposal.
4/ You’re building brand equity
“The intangible value of the brand is often much greater than the corporation’s tangible assets” - Wally Olins
Brand building is effectively the ongoing investment in your most valuable asset. (Apple $591b - $860b; Wal-Mart $200b)
5/ Strong brands attract business (without having to chase it)
The integrity of the brand is already established. The Olympics don’t
need to go searching for sponsorship. Nor does Formula One.
6/ Brands speed up the buying decision.
Familiarity means the customer will usually have fewer questions
or none at all. Costly protracted buying processes are reduced or eliminated altogether.
7/ Brands set realistic expectations for customers.
With brands, the quality and consistency of quality is already known.
No disappointing surprises.
8/ Your brand is your key differentiator
Yes you may have some advantage right now, but sooner or later your competitors will catch up. The one thing they can’t match is your brand. There are many cola drinks out there, but there’s only one Coke.
9/ Customers are more forgiving of brands
Every business; even the best screw-up from time to time. When people have a good relationship with your brand, they're more likely to give you
a second chance.
10/ Brands allow you to extend
Success breeds success. Do you think the iPhone or iPad would have had such rapid traction and been as successful had Apple launched them under a completely different brand name?