The Word branding refers to a product or products made by a company with a particular name and logo. But to a businessman, a brand means more than just a product name and logo that is why a brand name is protected and franchised, so that no other person will use the same name or logo.
Companies protect their brand because of a number of advantage that are inherent in branding. In this article, we want to look at these advantages or benefits.
1. Brand influence marketing and business
The reason why many companies protect their brand is that every thing you can think about a product is in the brand. For instance, the moment you hear Coke, all the benefits that can be derived from Coke comes to your mind. It goes beyond the name of the product , the quality, the packaging, the relationship with the producer, the health benefits, all of them are contained in the branding.
So we can simply say that brand invoke emotion and appeal to the senses, it drives the the sales and services. That is why a good businessman must do everything to promote his brand.
2. A good brand ensures the longetiivity of a business venture
When you have established the quality of your brand, customers begin to buy based on the initial perception they have on the brand. Your product life cycle depends on the reputation of your brand. Even unknown customers from far and wide in distant lands will buy a product based on what they heard.
If you established a good name for your brand, for years to come customers will patronize your product, so long as you work hard to protect your brand.
3. Great brands attracts investors
If you are looking for investors to invest in your business, establish your brand, once you have built a reputation for your brand, venture capitalist and other investors will be interested to invest in your business.
Going about to look for investors may not be necessary. What is more important and necessary is to build a reputation for your brand.
4. Your brand sets you apart from your competitors
Once you establish a reputation for your brand, people can easily differentiate you from your competitors. For instance, one can say "ABC motors and others" even though there are many transport companies and some charge lower, many people are willing to pay more to enter ABC, this is as a result of branding.
When you work hard to set a standard higher than that of your competitors. Your name will stand out among others, that is one can make reference to your brand and other. That is a mark of distinction.
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