Steve Jobs explained to us that businesses might spend a fortune on marketing, but people would still fail to notice. So businesses need to deliver precise messages to the minds of their consumers and grab their attention in just about 7 seconds. What is the solution then? It’s Branding.
In simple words, branding is your promise to the consumer. But the definition has become multi-dimensional after the pandemic and this is one very important factor of branding. And that is exactly what we are going to talk about here - Why is branding important in the COVID era?
How has COVID changed the business landscape?
With the pandemic in place and restrictions still going on, there is an inherent fear in the minds of consumers. In this new normal, trust and authenticity plays an important role in purchasing decisions. Only businesses with strong brand equity will flourish.
Thus, businesses that are planning to reach out to newer segments of customers need to have strong brand equity in order to compete in this business landscape.
Now that you know what is branding and how COVID is changing the scenario, it is time to talk about tits importance:
To stand out from the rest
There is so much noise out there that customers start wondering what to prefer and whom to choose. Why would a customer choose you amongst thousands of options available?
If your brand serves their needs and addresses their problem, they will not look for any solutions further. But how will they know that? Your branding and marketing strategy will help to draw their attention and up your game. Post-pandemic, only brands that make themselves customer-centric and show care for them have been succeeding.
To show the goodness in your business
Did you know that big brands like Cadbury’s, Nike, Volkswagen, and Carex delivered on their customer promises and chose people over profits even when they were churning in losses due to supply chain disruption in the pandemic? These are one of many instances where a customer shows loyalty to a brand and even spreads the message to their peers.
These brands even released creative ads amidst the pandemic and garnered a huge increase in sales. Take a look for yourself:
Cadbury’s: This doesn’t need to end
Nike: Play for the world
Volkswagen: Respect
Carex: Helping hands
To grow your business
There is a reason why big guns show consistent growth every fiscal year. Branding helps businesses to build relationships with new customers and be profitable. We are all aware of the price surge that has taken place due to the pandemic and thus, it’s essential to keep roping in profits to sustain your business in the long run.
To gather great employees
Branding is proven to boost employee morale. Everyone wants to be a part of that big brand and the great company culture that the company has built around it. These are one of many motivation factors which promote employees to choose one company over another. Great employees will deliver great results and try everything in their capacity to bring in thoughts, skills, perceptions, and unique gifts to the company which is getting increasingly difficult in the COVID-era.
To target newer customer segments
Strong branding typically indicates that customers have a favourable opinion of the firm, and they are more inclined towards your business due to the recognition and reliability of utilising a name they recognise. Word of mouth will be the company's finest and most successful advertising method once a brand has established itself.
To establish satisfaction in minds of customers as well as employees
When a person works for a business with a strong brand name and believes in it, he/she will be more pleased with their employment and take greater pleasure in the work they do. Working for a recognised brand that is well-liked by the public makes employment more fun and satisfying. Employees who have a positive impression of the brand will pass that impression on to the clients and partners with whom they contact. Better leadership, increased engagement, and better products or services are all results of brand reputation.
To create trust in the market for your business
Branding is the process of determining the best approach for a firm to gain and retain a particular degree of trust among its stakeholders. This is accomplished by making a reasonable and attainable promise that places the brand in the market in a certain way, and then following through on that promise. Simply said, if the promise is kept, stakeholders develop trust in the organisation.
Well, the list of benefits goes on and on and on but we will have to stop here. However, we will be back again with another interesting article to help you grow. And we will not stop until we have made you excel at what you want to do. Because we took it by heart when Robert Frost said:
"The woods are lovely, dark, and deep
But I have promises to keep
And miles to go, miles to go, miles to go
Before I sleep."