Branding is one of those ubiquitous terms that is often misunderstood. Simply put, branding relates to the company's idea or image of their products or services that consumers connect with. When successfully done, branding can build recognition of a company’s products or services among consumers to ultimately cultivate a strong reputation, which can result in repeat business and greater revenue.
The following are five common misconceptions regarding branding:
1. Branding Is Frivolous
Branding can position your company in the best possible light by instilling in consumers a strong sense of what makes your business unique and what your value-added offerings entail. Great branding can lead to tangible results. Therefore, the purpose of branding is to optimize your offerings so that both your prospective and existing customers are willing to do (and likely pay) for your products or services.
2. Branding Is Costly
Many people think that only large companies with an inflated marketing budget can afford to adopt a branding strategy, but this is far from the truth. All businesses -- whether they are small or large, retail or B2B -- can benefit from branding. Creating or developing a simple strategy, such as coming up with the write slogan or tagline for your business that defines your services, can go a long way. And it won’t necessarily cost you and arm and a leg.
3. Branding Only Relates to Logos, Names and Graphics
In the old days, branding was done by simply creating a unique symbol and marking products, such as livestock, with said symbol. Over the past century, branding has expanded well beyond this simple idea to include the way consumers perceive your business and value-added offerings. As such, branding can help build your company’s reputation and create a set of standards.
4. You Can Be Successful Without Branding
Sure, you might be able to get by for a few years without adopting a successful branding strategy. But sooner or later, your business will struggle and eventually, your sales will come to a screeching halt. Without brand recognition, your business and offerings will fail to stand out amongst the competition. After all, only those businesses that boast a clear and concise brand can truly thrive.
5. Branding Can Be Done Without Dedicated Specialists
Devising a successful branding strategy is far more difficult than it looks. If anyone could be doing it, there wouldn’t be such a thing as a dedicated marketing specialist. These kinds of services can help bring a comprehensive, creative approach to branding that implements your specific brand strategy into every design.