Why branding is important to your small business
We all want to be the first brand that springs to mind when consumers and businesses are searching for products or services yet in an age where brands bombard consumers with their value proposals, customers are overloaded with marketing messages and spoilt for choice. The significance of brand identity has become ever more important and companies are being forced to revisit their brand strategy.
If we take a step back and look at a brand which has successfully differentiated itself from its competitors, you will be able to understand how they achieved their current market position. For instance, the perfect example can be taken from the automotive industry. When you think of BMW what words spring to mind? Did you conjure up images of executive, prestige and high-end practical cars? Well, in several market research surveys most consumers did just that and both brands were ranked in the top three car manufacturers by the public.
We can’t deny the Germans produce aesthetically pleasing cars but brand identity played a big part for these brands to position themselves as prestige cars and cement over any issues owners have experienced. For instance, how can a car brand be ranked top by consumers when it was reported car owners seemed to be dissatisfied with their vehicles - a few models had to be recalled due issues linked to the engine and locking system. It has to be questioned, large amounts of money spent on marketing by BMW has sustained their executive car brand identity.
It's elements of consumer behaviour in action as for most of us the image is ultra important, we only want the best and won’t settle for less. As a result, brands such BMW has understood our inner emotional desires thus creating a brand identity through emotional marketing we aspire to be a part of no matter the price.
Large corporate brands like BMW tend to work alongside well-known specialist branding agencies and hire industry experts to assist them further. In return, agencies and branding experts probe our brains, get to know us and build a dream picture that strikes us emotionally over years sub-conscientiously.
It is not enough to have just a great product these days because the competition is tight. Whereas if you focus on consumers as humans and delve deeper into their minds, understand them and listen to their needs you are bound to create loved brands which people want to be apart of.
Finally, just bare in mind brand identity won’t make you a quick buck, it can take years to achieve your desired goals. If applied strategically, you can build long-term relationships with people and eventually reap the rewards or a brand that holds it's reputation.