What’s in a Name: Why Branding is Important
by Larry Slusser on February 28th, 2008
You have the perfect name for your new company. But will it draw customers to your business? Branding is loosely defined as a name, term, or other symbol to identify a good or service available, and which distinguishes that seller from others in the same market. Based on this rough definition of branding, you can answer the question why and how a name will draw a customer to a business.
One important element of branding is marketing your business. Brand marketing is researching the market to identify your brand identity within the marketplace. Once this has been identified then a marketing plan can be developed to get your company’s identity out there and recognizable to potential customers. Brand marketing will encompass developing search engine keyword lists that will ensure your company pops up when potential customers are searching for a service or product that you provide-in essence, capturing your target audience.
A successful brand campaign will let your customers and potential customers know that you have what they need and want. A brand campaign will convince your target audience you are the only one who can solve their problem or fulfill their needs, and keep them coming back to you. Implementing attention-grabbing content, without being gaudy, will keep these customers and potential customers at your site longer. This, together with your branding strategies, will help the customer or potential customer remember your site; thus becoming familiar to them.
When a strong brand is developed, it will prove to be invaluable in today’s highly competitive market for customers and repeat customers. This does come at a price-your time, money and energy to determining what your company’s brand will be and marketing it to get your brand recognizable and familiar. For example, when you go to a restaurant and order a “Coke”, The server may tell you that they only serve “Pepsi”. In most instances, that is ok because you are familiar with Pepsi. It is crucial to create a brand that will be top of mind when a customer needs or wants what your company offers, whether it is a product or service.
There are a couple of things to remember when you are trying to develop your brand. First, if your name does not effectively deliver the message of what you offer clearly, you will have missed the target. Your brand should not be vague-you cannot rely on people’s memory, you have to create a brand that will be recognizable to them.
Next, having a good brand will lend credibility to your company. If your name does not match your service or product, then how will the customer know that your company truly performs the services or provides the products you claim? Again, your name should match what you do.
By connecting with the buyer through your brand, you will motivate them to want to do business with you. This is through an emotional connection that leads the customer to believe that you are the only business where they can get what they need or want. Your brand marketing will help to establish ways in which to do this. This will also create a customer loyalty-repeat business is good for business. You receive repeat customers and they will spread the word of this great product or service to their network.
In essence, creating an effective brand with complete brand marketing will help your business to be successful. Through effective target market research, clearly communicating what you will be providing to your customers, how it is presented to them, and by creating a fun and memorable experience is all part of brand marketing. Once you have established a foundation to start from, remember to continue to research the market to ensure that you are providing what your customers need and want, helping to provide your company a long and fruitful business life.