Branding makes a memorable impression on consumers. It allows your audience to know what to
expect from your company. The main purpose of branding is to understand consumers’ value.
Hence, it is important to hire the right branding agency to create a brand or rebuild a brand by
doing brand identity design.
Branding is important because-
- It helps to promote recognition
- It sets you apart from other products
- Branding speaks about how your business works
- A strong brand generates referrals
- It also gives consumers a rough idea of what the product is all about
Hence, it becomes crucial to have a suitable branding agency or hire a print media design to help
in making a brand identity design. However, there are strategies that need to be adopted before
building a brand.
Four major branding strategies include-
Product Line Extension
Introduce a new product which will be similar to what the company offers. It is targeting an
existing market by using the existing brand name. This is a market technique that is often
used by a company. The existing brand name has a loyal customer segment and new
products under the same brand name will act as leverage and will be well received by loyal
customers.
Multi-Brand
A company can run multiple brand strategies within the same market. It involves a multi-
brand strategy that involves having more than one brand competing in the same product
category. These brands may have different positioning in the market, dominate the overall
shelf space and reduce opportunities for competitors to enter the market or to win market
share. The only con of this approach is that it consumes a lot of time and cost in developing
a new brand name successfully.
Brand Extension
It is broadening the market’s understanding of the brand i.e. offering more products that are
of different natures/categories under the existing brand name.
New Brand
The final brand development strategy is a new brand. A new brand emerges when the
company or the firm is expanding.
Now Let’s see what A BRAND includes,
- Brand Compass
- Company Culture
- Name and Tagline
- Identity, Voice, and Messaging
- Website and Brand architecture
Let’s see How to choose a Right Branding Agency,
Rebranding a company is not a cakewalk, it needs a lot of investment. Hence, it’s important to
choose the right branding agency for a company. Here are few pointers to keep in mind before
opting for a branding agency-
- The chart down the number of agencies that you need to interview – Tone down to the best three
- branding agencies that can help you in rebranding or building your brand
- Once you finalize, make sure that the branding agency has the right expertise – This helps in
- solving a brand’s unique problems
- Check if they have a diverse portfolio of quality work
- To know if the branding agency has a good industry reputation
- To know if they have a well-defined process
- To know if the branding agency offers solutions within your budget and also aligns with your ideals and values
After a holistic understanding of what a brand includes, why is it important, and its strategies, let’
understand-
Why is branding an important factor for small businesses?
A brand generally represents the sum of people’s perception of a company’s product, service,
and so on. Good branding can also increase the value and trust of a company. Hence, here are six
reasons as to why a brand and hiring a branding agency plays a pivotal role in helping a small
business grow –
- It helps to improve recognition
A brand consists of having a logo that represents the company’s product in a succinct. It acts
as the face of a business. It’s the first that attracts people’s attention. A properly designed
logo that has been done by a professional branding agency is not only attractive but also
powerful to give the desired impression of a company. Hence, the print media design that has
been hired needs to understand the product’s essence, and deliver it to through the logo; a logo
that is simple, memorable, and marks a proper impression of the company. - It creates trust
A Branding agency needs to make sure that the brand they are working on is polished and
legitimate. This needs to be done so that a circle of trust is created among the audience that
wishes to commit to that company. A brand ensures that the business is given a professional
image that is essential to help it grow, hence, the brand logos must be used on business cards,
or staff T-shirts etc. The branding agency should make a logo on the website that will help in
reinforcing that the business is a reputable one.
- It supports advertising
Branding also includes advertising. The demographics that are to be targeted and the medium
is chosen to market the product plays an important role in building a brand. Hence, adding logo
designs to apparel, packaging, printed material, and so on and so forth to spread about the
business is necessary. In social media, one can spread it through word of mouth will help in
the growth of a brand. Word of mouth will act as a walking billboard – a strategy for free
advertising. - It builds financial value
Most of the value of companies that trade on the stock exchange publicly is due to the branding
of the company. A strong brand ensures increasing the prospects of the company in the
future. If a company hires a professional branding agency to build brand value, it will
surely ensure better financial returns. A company with a consistent brand is well-positioned
to expand its economies of scale, that is, to expand its business. - It inspires the employees of the company
Employers need to understand the intricacies of the mission of the business. They need to
look forward to work in the business with pride and need to achieve the goals and vision the
business has set. Hence, having a strong brand will inspire the employees in understanding
the value of the company, facing challenges, and working with passion. - It generates new customers and gives assurance to old ones
Branding will help a business get word-of-mouth referrals. A common criterion among all
the businesses are that they would have established themselves as a leader in a specific sector
through a strong brand and that would mean that they would have hired a creative print
media design and branding agency to design a logo.
What are the 4 branding strategies?
- Product line extension
- Multi brand
- Brand Extension
- New Brand
