Rapid growth in the digital technology of the world has proven to be a great plus point for growing and established startups or companies. As for the newer companies that have just taken their toll because of the lower amount of branding. For these fresh companies, company branding is an important factor.
The first step to grow your sales as an e-commerce website or provide services in a service-based business, branding plays a vital role. We never had thought about how Branding will become a must in a business. Back then, the business was just to manage sales and profit through ear-to-ear or references. With the growing popularity of social media, Branding can be taken as a strategy that can help build your company and take it to the next level.
The contemporary business environment stimulate companies to conduct more aggressive business strategies oriented on the creation of the attractive brand, while branding has become a part of the marketing strategy of many companies
In actuality, companies cannot ignore their branding policy, if they want to maintain a successful competitive position because customers often view the brand as the determinant factor that influences their decisions.
So the main question arisen while talking about the topic is What is a Brand?
Brand refers to a product or type of service that is provided by a company under a particular name. It is also a trademark that defines a company from the product. For example, whenever we want to beat the heat during the summer, the go-to drink is Coca-Cola. The company Coca-Cola have done their branding in such a way that whenever we want to go get a drink, the first thing that comes to our mind is the Coke itself.
Defining a unique product that a company has to offer plays a great role while branding. Growth in digital technology has helped us make our branding strategies easier. Every person can get a hold of a smart-phone or every next person is busy on their phone browsing social media apps. Creative Advertisement, Genius Catch-Phrase, Unique visualization are a perfect example while branding a product.
Branding has several benefits for sellers. By having brands for their products, sellers get product recognition and product differentiation. This means that consumers would be able to accentuate the value they receive from one seller’s product in comparison with other products of a similar nature and they would also be able to easily spot these products among other products.
A product with a well-known brand generates more revenue to the seller than the product without a brand. In today’s world, products without brands are considered to be duplicate or replicas even if the product is genuine. For the seller, a good brand increases the perceived value of its product and allows it to have a better price and better sales.
For the brand Apple, the loyal customers of the brand tend to buy their product due to brand-loyalty, the marketing and branding techniques of Apple are out of this world which a growing company would call it genius.
Branding helps a company to pull new customers and easily make them their loyal customers, with various strategies like excellent quality products, responsive customer services, heavy discounts, or some scheme like buy one get one free or many more. Growing customers from the branding strategies lead to the growth of sales and gradually the growth of a company.