A Brand gives a product what name, fame, recognition, and status gives to a human being. A product with a brand captures the consumer’s attention, leaves a lasting impact, and adds a set of personality traits and attributes such as name, form, shape, size, color, logo, and so on.
Let’s look at the benefits of branding to understand how it impacts the market.
Benefits of Branding
Provides product identity
It is the brand that provides an identity to a product. People remember, purchase, value, and use a product because of its brand. With keen observation, you will notice that it is the brand value that increases the popularity of the product.
Differentiates product from competition
You can differentiate between two similar products by its brand. Products, although similar, are associated with multiple brands. Brand attraction happens based on various parameters such as the look and feel, logo, market value, and so on. Therefore, apart from providing an identity to a product, brand also gives sustainability to a product by differentiating it from other brands.
Increases recall and market value
Of the five sensory organs, visual memory is the most effective, long lasting, and impactful. In other words, a brand that can stimulate visual memory can undoubtedly increase recall. Humans tend to recall products if the brand catches their eye, attention span, and taste buds. Moreover, a brand with an increased recall value automatically attracts a higher market value; it is directly proportional.
Attracts new customers
A strong irresistible brand attracts customers like a magnet. It creates a positive impression of the company in the minds of the customers. Eventually, it is this impression that triggers referrals by word of mouth and as a result, the brand goes viral in the market.
Supports marketing strategies
Implementation of marketing strategies succeeds tremendously with a strong identifiable brand. Strategies like referral marketing, influencer marketing, affiliate marketing, and even advertising succeed only with the support of a strong brand.
Marketing strategies require an identity to promote and the brand is what gives an identity to the product.
Provides scope for business expansion
Business expansion is seamless with a reputed brand. New products can be easily aligned into the product mix of the same brand thereby kick starting the marketing and sales of new products. As a result, the goodwill of an existing brand percolates to its future off springs.
Sortd ensures that its stakeholders go through the branding exercise to align and articulate the core attributes of the brand. The output enables designers to define how the brand should look, writers to determine how the brand must speak for itself, and vendors to make coherent decisions by themselves.