As consumers, we don’t really think about the importance of branding. We just seem to go with the flow of brand names that have become synonymous with our daily living. But the impact of a name reinforces the importance of branding when we promote our business. Think about one of the world’s most popular athletic shoe companies, Nike. The importance of branding is exemplified by the fact that when you hear Nike, you think athletics and “Just Do It.” A great brand name and association has catapulted Nike to the top of its industry.
When you are considering the name of your company, you need to remember the importance of branding. Deciding on a name is not a fluke, but instead is a well thought out process and analysis of names and meaning. The importance of branding begins with creating a simple name for your company. Consumers remember simple. Also, making sure your name can be associated with a positive value, characteristic, or position is part of the importance of branding. Consumers like products to which they can associate positive qualities.
Another aspect of the importance of branding is that your name must be different and unique. If your name is too close to another company’s then people are likely to mix you up, which reduces revenue. Also, the importance of branding needs to be voiced to your employees so that your message is clear to all of your employees and the public. If you have a vision or goal statement, then you need to voice the importance of branding here also. Employees need to understand the importance of branding so that it is communicated in the office and to consumers every day. The message you are trying to get across in branding depends on your employees putting it out there to consumers.
Still don’t think there is any importance of branding as it applies to your company? Well consider that brand name recognition can increase your profits by between 10 to 20 percent. If you are looking to increase your profits, then you may come to understand the importance of branding. Analyze the importance of branding and determine how you can use your name to promote positive qualities. Encourage your employees to learn about the importance of branding and to put the branding message out to the consumer. Believe in your brand name, what it means, and consumers will follow.