Branding
Branding
Branding has been misunderstood and reduced to just visual or functional identity. Many limit branding to name, logo, design, packaging, etc. Although the concept of branding and its understanding have evolved over the years, from traditional visions to multidimensional frameworks, the same old theory of branding is being propagated, even by high-level marketers.
Branding is the continual process of identifying, creating, and managing cumulative actions and assets to create and shape a perception of a product, service, or company in stakeholders’ minds.
Branding Key Elements
Brand Identity
The visual and verbal components such as logos, colours, typography, and slogans that make a brand recognizable.
Brand Personality
The traits and characteristics that personify the brand, e.g., professional, playful, innovative.
Brand Voice
The tone and style used in communications to reflect the brand’s personality.
Brand Equity
The perceived value and reputation a brand builds over time, which can influence customer loyalty and pricing power.
Importance of Branding
Branding is absolutely critical to a business because of the overall impact it makes in one’s company. Branding can change how people perceive a business or personal venture, it can drive new businesses, create trust, and increase brand value – but it can also do the opposite if done wrongly or not at all.
Contrary to popular belief, branding is not an “expensive marketing tactic that only big brands use”. On the contrary, branding has a lot to do with common sense and is heavily influenced by the market you are in and the level you want to play at.
Reputation builds up whether the business does something about it or not. The result can be a good or bad reputation. Understanding and using branding only means that you take the reins and try to control what that reputation looks like. This is why it is recommended to consider branding from the very beginning of your business.
