Understanding Business Branding – Part 1

Questions on Branding

With so much talk about branding these days, it’s only fitting that we discuss the following questions:

  • What is branding?
  • What are the benefits of branding?
  • What are the goals of branding?
  • What are the elements of branding?
  • How does personal branding differ from business branding?
  • How does one brand their business?

These questions and more will be answer in our series on business branding.

 

What is Branding?

So far, the best answer that I’ve come across to the question, “what is a brand?” is depicted in the following image:

Great definition of a brand | Reid Neubert

 

As Reid Neubert explains in his video “Why Branding is a Critical Business Strategy”, a brand is more than a promise. People’s experience with the brand will either validate that promise or contradict it. Hence, the definition – a promise of quality wrapped in experience.

 

Laurence Vincent, brand strategist and author of the book Brand Real, concurs and states:

Real brands make and keep a promise, and they deliver simple-but-powerful experiences.

 

Based on these definitions of a brand, we shall define branding as the process of promoting a promise of quality AND encouraging experiences that validate that promise.

 

What are the Benefits of Branding?

In the above video, Neubert also highlights some reasons why branding is so important. Branding…

  • adds tremendous value
  • can open doors
  • makes buying decisions easier
  • shortens the sell cycle

 

Other benefits of EFFECTIVE branding include the fact that it…

  • increases brand awareness and memorability
  • improves brand trust and loyalty
  • heightens the ease and frequency of recommendations/referrals
  • lifts branded products/services above their unbranded competitors
  • enables the use of premium price points
  • reduces barrier to the introduction of new products/services
  • lowers marketing expenditure

 

Once you understand what branding is and the benefits your business can derive from it, the next step is to develop and implement an effective branding strategy.

That will be covered in the next articles in this series on understanding business branding.

 

In the Meantime…

Take a look at our “What and Who of Business Branding” board on Pinterest for some more insights.

Follow iBeFound International Ltd’s board Who and What of Business Branding… on Pinterest.

 

Time for YOUR input

  • Do you agree with Reid Neubert’s definition of branding?
  • How would you define it differently?
  • What other benefits are there to branding?

Part 2 ➠

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