Marcia Yudkin is the author of 6 Steps to Free Publicity and ten other books hailed for outstanding creativity has an interesting post, presenting eight reasons for which even the smallest of enterprises have to jump in the branding wagon, and get back great rewards out of it.
Branding is the process of creating distinctive and durable perceptions in the minds of consumers. A brand is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more.
Time, money and effort spent on branding comes back many times over when the process plays out intelligently. Here’s why:
- Memorability. It’s easier to remember the branded company than the “what’s its name?” one.
- Loyalty. When people have a positive experience with a memorable brand, they’re more likely to buy that product or service again than competing brands.
- Familiarity. Psychologists have shown that familiarity induces liking, and this makes even non-customers more likely to recommend a brand they know.
- Premium image, premium price. Branding can lift what you sell out of the realm of a commodity, with customers willing to pay more for the well-branded product or service.
- Extensions. With a well-established brand, you can spread the respect you’ve earned to a related new product, service or location more easily
- Greater company equity. Making your company into a brand usually means that you can get more money for the company when you decide to sell it.
- Lower marketing expenses. Although you must invest money to create a brand, once it’s created you get a bigger bang for every marketing buck using it.
- For consumers, less risk. People tend to choose the brand-name supplier over the no-name one when afraid of the consequences of a messup