Benefits Of Branding ???, Why is IT important ???

Question

Hi.. Could anyone pls give me some detailed explaination of what are the benefits of branding. and why branding is important

Answer 1

Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does "branding" mean? How does it affect a small business like yours?

Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Your brand is derived from who you are, who you want to be and who people perceive you to be.

Are you the innovative maverick in your industry? Or the experienced, reliable one? Is your product the high-cost, high-quality option, or the low-cost, high-value option? You can't be both, and you can't be all things to all people. Who you are should be based to some extent on who your target customers want and need you to be.

The foundation of your brand is your logo. Your website, packaging and promotional materials--all of which should integrate your logo--communicate your brand.

I hope this one would help...

Answer 2

Hmm... not my field, but I do know that name recognition is very important in any kind of marketing. So... people will tend to buy a "name brand" that they recognize rather than an unknown brand, all other things being equal, even if they have never purchased either of those particular products before.

Another example: Say you're on a trip, travelling down the highway with your family, and it's getting time to eat. You start looking for restaurants. You may pass several exits where you see restaurants by the side of the highway, but you keep going because you don't recognize anything familiar. Then you get to an exit where you see a familiar franchise and pull in. Why is that? Because the way franchises are marketed, every franchise will carry exactly the same product. So no matter where you are in the US, and sometimes anywhere in the world, when you order at that franchise you know exactly what you are going to get, every time. Many times being able to count on that consistency of product is more important than the adventure of "trying something new." Even if you suspect that "Bob's Beefery" just down the street might have a really good burger, when you travel with kids you go with what's familiar... you go with something that has already been tried and tested and you know the kids will eat. The reason that franchises are successful is because they can offer that consistency across all of their franchises. You look for the "name." You look for the familiar.

Another example: Familiarity is preferable any time you are making a quick purchase. If you run out of common household items and have to make a quick trip to the store... do you "shop around" for a new product, or do you grab the one you're familiar with and head for the checkout? If you're a man, you grab and go... maybe it's different for women...

Then there's also the marketing strategy where the brand name itself is marketed as being cooler or more popular. This is a trend kind of brand marketing that targets mainly teenagers. Brands become a status symbol for different peer groups, and good marketing strategies know how to capitalize on this.

I'm sure there are other legal reasons why branding is important, but as I say, it's not really my field. I'm just giving reasons why brands are important to consumers.

Answer 3

I do not agree with the others, Branding in it's simplist form is just creating the same product as other competiors to the point to where the product is synonymous with your branded name.

This is done by massive submissions to the general public.

When you get a small cut on your finger you put a _____ _______ on it!

Did you say "Band-Aid"???

Band aid is a brand, and adhesive bandage is the proper name for the product!

Band Aid brand out advertised any other adheasive brand for 50 years!

Branding is done by advertising! and like i said...This is done by massive submissions to the general public.

You should be able to see the benefits from here!

Answer 4

Branding's important, because it helps you stand out from your competition.

You need to understand and meet the needs of your target markets better than your competition. What problems will your product or service solve for your buyers? Who else is playing in your market space? How do they stack up? What do your buyers care most about? What will make them write a check to you?

Knowing the answers to these questions...and knowing your buyers inside and out...will help you meet their needs, position (brand) your offering, tell your story, and help distinguish yourself in your buyers' mind. Your greatest hope is that when they see your businesses name, logo, and instantly think of you and what you stand for. That's effective branding.

Without it, you're just one of the pack, and you'll end up competing on price, because your buyers won't be able to distinguish your offering from the next one.