In this highly competitive business world, it is important to have a strong brand identity in the market to distinguish yourself from your competitors. A strong brand gives your business a different personality and builds a better presence in the market to attract customers.
What is Brand Identity?
Brand identity is defined as the collection of all elements of a brand such as color, design, logo, typography, shape, website and product packaging. These brand identity elements together portray the right image of the company to the customers. Your brand identity is the company’s most valuable asset and can have a huge impact on the minds of customers.
For example, a recent street survey was done where people on the street were asked to name the first product that comes to their mind when they hear the word ‘FastTrack’. Unanimously it was watches.
What are the benefits of having a strong brand identity?
Most people get influenced by the name of a brand, especially when customers read or hear positive reviews related to your product or service. It can instantly change the customer’s mind and convince them to try your product.
For instance, some people prefer eating Yippie but due to the higher popularity of Maggi, they end up changing their decision and choosing the latter.
A strong brand is easily recognized by its customers. This recognition significantly leads to customer loyalty.
Customers are usually attracted to brands which share the same values. When you build a strong brand whose values are aligned with its customers, it builds an emotional connection and trust. This brand loyalty can be long lasting and will help to build a better relationship with the customer.
The more popular your brand, higher the chances of increased sales. This is because people start trusting the services that are provided by the company, thus maximizing the sales and setting your business on the path of growth and success.
Helps Launch New Products
Every business dreams of expanding and growing its business. If you are a popular brand then, you can easily launch new products due to a strong and loyal customer base. With minimal investment, you can make your new product reach to current and new audience.
For example, When MacBook got its success; Apple launched iPod, iPad, and iPhone which made again a huge success in their fields. This is because of the brand name ’Apple’ and its unique features.
Easy to Expand Business
When you become a known brand, you can further expand your business. Once people know about your products and services, you may easily achieve this goal. Numerous companies would want to associate with your business and this can help you to expand your business to different locations. This exponentially increases sales and provides numerous benefits.
For example, KFC, which started as a roadside restaurant in Kentucky, USA, has chains today in different parts of the world.
If you want your business to thrive, it is important to have a strong brand identity that conveys your essence, makes you stand out from your competitors and creates a brand experience that persuades the target audience to connect with you.
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