When you hear words like- Nike, Adidas, Apple, Samsung etc- what is the first thing that comes to your mind? You surely think about the amazing products they make and the good services they provide. Every time they launch something new, there is a huge success in sales to them. Ever wondered why is that so? The answer is simple: they have established a brand for themselves. They have built a reputation through their services and won the trust and loyalty of their customers. Take a brief look at why branding is so important for your business:

  • Keeps the sales running: A brand will help encourage someone to buy a product, and it directly supports whatever sales or marketing activities are in play, but the brand does not explicitly say “buy me.” Instead, it says “This is what I am. This is why I exist. If you agree, if you like me, you can buy me, support me, and recommend me to your friends.”
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  • Competitive Advantage: Whether you’re a non-profit or a for-profit, your organization needs to compete for resources, funding and talent, and audience attention. To win your category, organizations plan and implement strategy—a roadmap that outlines specific actions and measures for reaching their goals and out maneuvering their peers for needed resources. When done correctly the organization’s brand mirrors their strategic plan, and helps promote strategic areas and initiatives that will move the organization forward.
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  • Provides stable assets: Products might fail, companies are bought and sold, technologies change on a daily basis, but strong brands carry on through all these changes. Brands are the most sustainable asset of any organization, and when aligned with the overall strategy of the organization they can function as the central organizing principle for the organization’s decision making.
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  • Promotes recognition: People tend to do business with companies they are familiar with. If your branding is consistent and easy to recognize, it can help people feel more at ease purchasing your products or services.
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  • Stand Apart: You are no longer competing on a local stage, your organization now competes in the global economy. How do you stand out from the thousands or millions of similar organizations around the world? It’s your brand that would make you look different than the others.
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  • Loyalty: Your branding is what generates a timeless connection. Even if your current marketing efforts are designed to engage, it is the ongoing branding that keeps customers coming back. Competition is fierce, and the fact of the matter is that there are companies who offer comparable products and services—or even the exact same products and services that you offer. It is your branding that will keep your customers returning for more.
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  • Generating Referrals: People love to tell others about the brands they like. People wear brands, eat brands, listen to brands, and they’re constantly telling others about the brands they love. On the flip side, you can’t tell someone about a brand you can’t remember. A strong brand is critical to generating referrals or viral traffic.

by Piyush Barskar

source: www.strategynewmedia.com, www.howdesign.com