Have you ever do a research on how many business are selling similar or same product as your business is? Probably thousands or even millions and hence, it is quite difficult to make your business stand out among the others. One of the powerful solutions to this problem is by using brand and branding.
Brand is an identity. It is a name and symbol which represent a product to differ that product from other similar products while branding is an activity that is done to build as well as to strengthen that brand.
In order to be recognized by consumers, a company has to have a brand. Furthermore, in order to be trusted and remembered by consumers, a company needs to do branding. There's little to no holiday for your business to sell its product. Every second of every day, your business is competing against other businesses, trying to gain more and more traction to grow. This is where excellent branding will help your business to excel because:
- Branding gives identity to your product
- Branding communicates the value and competitive advantage of your product
- Branding helps your business to communicate with your consumers and target market
- Branding distinguishes your product from your competitors'
In other words, the goal of branding is to gain the consumers' trust and that is a very important aspect a business should have.
Example:
You can name many brands for sports shoes. Yet, when you want to buy sports shoes, what brands come to mind? Most likely, Nike or Adidas comes to mind first before any other brand right? That is the product of excellent brand and branding.