Why is Branding Important?
Branding refers to how companies develop marketing campaigns in order to widely associate certain images, words, designs, etc. with their specific brand. Designing a logo image or coming up with a catchy slogan for your company are both examples of branding. For example, one of the first things that comes to mind for most people when they think of big-box retail giant Target is the iconic bright red circular target symbol that is emblazoned on the front of every Target building and has become synonymous with the Target brand.
Branding is something that almost every company utilizes, but why? Why is successful branding so important to building and maintaining effective marketing campaigns and building a large and loyal base of customers for your company? Keep reading to find out some of the top reasons why it is definitely worth it to devote a substantial portion of your marketing resources toward successfully branding your company.
Branding Makes Your Brand Unique
Branding helps set your company apart from other companies—especially companies that offer products and services that are similar to the ones your company offers. It can be hard to keep your brand afloat in the face of competition from similar brands, but branding helps make your company unique and memorable. It allows your company to create a distinct, recognizable identity and carve out its own space alongside other companies within the industry.
Branding is Attention-Grabbing
Another reason why branding is so important to the success of your company is that branding helps attract attention to your brand. Successful branding generally involves designing symbols and slogans that are interesting, highly engaging, memorable, and overall attract attention.
To return to the example of Target, the retail giant has two main symbols that are widely associated with their brand: the bright red target symbol and Bullseye, the white dog with the Target symbol around its eye that serves as Target’s official mascot. Designing an adorable dog to associate with their brand and using that dog in their marketing campaigns makes Target more memorable and keeps their brand at the forefront of shoppers’ minds, which in turn encourages more shoppers to shop at Target rather than buying from one of Target’s competitors.
Branding Creates More Marketing Opportunities
One of the best things about branding is that, once you have established a clear brand for your company with recognizable symbols that are widely associated with your company and your company alone, you can use those symbols to create more marketing opportunities and in turn increase your customer base and boost your profits.
For example, if you develop a cute animal mascot for your company, you can design T-shirts, tote bags, stickers, and other merchandise that are emblazoned with that recognizable mascot. Customers are much more likely to feel inclined to purchase branded merchandise from your company and rep your brand in public if doing so involves wearing a T-shirt that features a cute animal mascot or a colorful, aesthetically-pleasing logo on the front. On the other hand, stickers and T-shirts that just feature your company’s name by itself with no attention-grabbing symbols or slogans are unlikely to sell very well. Over time, successfully branding your company can create additional opportunities for you to expand your company’s reach and allow you to take advantage of profitable marketing strategies such as selling branded T-shirts.