The American Marketing Association (AMA) defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.
Branding is used to create emotional attachment to products and companies. Its efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.
Marketers need to work hard to ensure that they are offering our customers strong brands that are clearly differentiated and that offer clear, real value and unique benefits. The need for branding has never been greater.
Here are just a few benefits you will enjoy when you create a strong brand:
- A strong brand builds easy name recognition for your company or product.
- A strong brand influences the buying decision and shapes the ownership experience.
- A strong brand causes your market to make decisions based, at least in part, upon emotion– not necessarily just for logical or intellectual reasons.
- A strong brand will help you articulate your company’s values and explain why you are competing in your market
- A strong brand influences purchasing decisions easier. Consequently, it will help your customers trust you and create a set of expectations about your products without even knowing the specifics of product features.
- A strong brand will help you “fence off” your customers from the competition and protect your market share while building mind share. Once you have mind share, you customers will automatically think of you first when they think of your product category.
- A strong brand signals that you want to build customer loyalty, not just sell product. A brand impresses your firm’s identity upon potential customers, not necessarily to capture an immediate sale, but rather to build a lasting impression of you and your products.
Bottom Line
Your brand lives within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.
A strong brand is priceless as the battle for customers intensifies day by day. It’s important to spend time investing in researching, defining, and building your brand. After all, your brand is the source of a promise to your consumer. It’s the foundation in your marketing strategy and one you do not want to be without.