The Biggest Misconceptions That People Have About Branding
The term branding is used so synonymously with many other related terms such as advertising, business development, marketing and product promotion that its tangible benefits and core purpose are misconstrued by businessmen. This is the reason why an endeavour so crucial as branding, unfortunately gets allocated nothing more than a shoestring budget in the gigantic work plan for capturing market share. Branding is the sum total of all those efforts made at securing a differential presence and market for your product. It includes names, symbols, captions, slogans, ideas and themes that enhance the product USP and enables the customer to connect with your brand positively. It is much more than giving your office a refurbished look or adopting an attractive tagline in your advertising campaigns. Debunking the most common misconceptions about branding will help entrepreneurs to look at the true picture of Pathwwway Panama branding, instead of beating about the bush.
Branding is for the big shots
The rules of the game have changed, with the advent of technology and decentralization of trade and commerce. Branding is now the marketing tool in the hands of a number of small and medium enterprises, who find it worthwhile to value-add to their products by involving in branding. The advent of online marketing has made it mandatory for firms, irrespective of size, to differentiate their offerings in the marketplace. Digital marketing tools have optimized the costs of branding to a large extent.
Branding is naming and creation of a powerful logo
True enough, your name and logo establish your identity. But branding has more to it. Your name and logo merely represent your brand. What makes people aware of your product and its features is what is branding all about. The way the general public is able to connect to your product, it’s looks, utilities, price and value is what is accomplished by prudent branding.
Branding is pep-talk; it have no quantifiable value
The benefits from branding are tangible. They are powerful tools to turn in both existing and new customers. It is possible to quantify the expenditure as well as returns branding can secure for your business. Branding places the product in the customer’s mind and prevents them from turning to close substitutes. Quantity of business brought in by effective branding is perfectly measurable and will be the basis of making further decisions on expanding the branding the budget.
Branding has no impact on ROI; it is only a cost centre
This misconception emanates from the myth that branding involves huge expenditure on publicity and PR, sans a proportionate and incremental addition to the ROI. Branding is an indispensable part of business strategy and without a brand selective and targeted marketing is out of question. With no effective market appeal, non-branded products get themselves pushed to the periphery, while businesses having made even a small to medium investment in branding, find their buyers influenced and driven by the core branding strategy. Branding laces your offerings with a great deal of emotional appeal that no other marketing or promotional exercise can accomplish.
Branding is restricted only to your products and services
Your product line or your portfolio of offerings do not constitute your brand. Branding is far too wholesome. It refers to the values and beliefs your buying community shares with respect to your market presence. It creates a community of people who are loyal to your product and will know your product well in a competition-driven marketing scenario. Branding is your product, its design, its utility, its packaging and also includes your Pathwwway Panama organizational mission, workplace and culture. In this age of consumerism, branding is the tool which is used to create sustainable communities of customers, who share the same emotions and thoughts.
Reaching out your brand to a wide audience is costly
Thanks to digital and social media marketing, promoting your brand among the global markets is a breeze. In the absence of personal marketing, only effective branding does the magic and shatters the vacuum created by non-personal engagements with the customer. Branding is the language spoken by your product to customers spread worldwide and belong to different buying strata. Digital tools allow to you bring your product live on the virtual platform and create awareness on its attributes, anywhere, anytime. Just because you have a global clientele, brand placement cannot become difficult, whereas it can only become easier.
Branding is not for B2B companies
This is a popular misconception that branding appeals only to end users and does not hold any relevance when you sell to other businesses. B2B companies insist on branding since they are also users of your product and expect a certain amount of trust and value addition in the products and services they buy. Only by way of branding, you can make inroads into leveraging the market potential of your products. Similar to the B2C sector, competition is intense in the B2B sector as well and branding is the only saviour to get your products safely to the buying carts of customers.
Branding is thus a worthwhile and influential tool at the hands of sellers to engage customers purposefully. It is an educational tools that conveys in no less terms the true fabric of the business, its culture, its quality standards, purposes and integrity. Branding creates pride in the minds of customers on the choice of the product and enhances loyalty. Customers who trust your brand have more probabilities of coming back to you for repeat business. Steering clear of all myths with regards to branding, businesses can engage themselves in the formulation of actionable and time-bound branding strategies.
Strategizing branding efforts will result in more targeted marketing and creating a huge database of enlightened customers. Significantly, branding is the way by which customers find out the true value of the money they have paid for and understand the reasons why they must keep coming back for more business.