Why businesses must rethink their branding
We live in an era where the success of key industries and their respective components greatly depends on a well-elaborated branding strategy.
Advertisement
The brand should communicate and identify a product clearly to the consumer while aiming to establish a positive perception in the mind of the consumer.
A brand can be concisely summarised as the one way a business wants the customer to feel about them; the brand is the entirety of the impression the product makes upon them.
The mental concept of what a business is and the emotions evoked by that concept are what we colloquially refer to as the brand.
After the consumer has made an emotional connection with a product, his brain will rationalise why he now needs the product.
While some large businesses have gone through multiple rebrands, the most successful brands keep the idea of who and what they are consistent in the customer's mind.
Ghanaian businesses must rethink their branding efforts due to some of these reasons:
A well-established brand opens up opportunities for business expansion.
With a strong brand foundation, businesses can introduce new products or services under the same brand umbrella, leveraging the existing brand equity.
When a brand has established a positive reputation and strong recognition in its current market, it can leverage those brand assets to explore new opportunities.
This expansion can lead to business growth and diversification, mitigating risks associated with relying solely on a single market segment.
Attracting, retaining talented employees
A strong brand can attract and retain talented employees.
Companies with a positive brand image are more appealing to prospective employees who seek to align themselves with reputable and respected organisations.
Additionally, employees who are proud of the brand they work for are likely to be more engaged and motivated, contributing to the business's success.
Adaptability, resilience
Brands that have built a strong reputation and customer loyalty are often more resilient in the face of market fluctuations or crises.
Challenging times: During challenging times, as we have now in most parts of the world, customers are more likely to stick with brands they trust.
A strong brand creates trust and credibility with customers.
When a brand consistently delivers on its promises, maintains a high level of quality, and provides a positive customer experience, it builds a reputation that customers can rely on.
By investing in branding, businesses can establish a foundation of customer loyalty and adaptability, allowing them to navigate competitive market conditions more effectively.
Differentiation
In a crowded marketplace, branding helps businesses stand out from their competitors.
Advertisement
It allows them to establish a unique identity, personality and positioning that distinguishes them.
Customers are more likely to remember and choose a brand that has a distinct and appealing identity.
Customers can easily recognise and choose the brand that aligns with their preferences, needs and values.
Customers appreciate brands that are well-known and respected, as it gives them a sense of pride and confidence in their purchase decisions.
Advertisement
Emotional connection
By tapping into their values, aspirations and emotions, brands can forge a deep and lasting bond with their target audience.
When customers feel connected to a brand, they are more likely to become loyal advocates who make repeat purchases and recommend the brand to others.
Customers rely on brands they trust to meet their expectations, ensuring they receive a reliable and satisfactory product or service.
When customers have positive experiences with a brand and develop a strong emotional connection, they are more likely to become loyal advocates.
Advertisement
Loyal customers not only continue to purchase from the brand but also recommend it to others, contributing to the brand's growth and success.
Recognition, recall
Branding helps customers recognise and remember a particular product or service.
Strong branding elements such as a logo, tagline, or distinctive design elements create visual and mental cues that make it easier for customers to recall a brand when making purchasing decisions.
This recognition and recall give brands a competitive edge in a crowded market.
A well-established brand often commands a premium perception among customers.
When customers perceive a brand as being of higher quality or having a superior reputation, they are willing to pay a premium price for it.
Strong branding allows businesses to justify higher prices and maintain profitability in a competitive market.
Many brands strive to personalize their offerings and experiences for customers.
By understanding customer preferences and needs, brands can tailor their products, services and communications to provide a more personalised and relevant experience that customers are willing to pay any price for.
Customer loyalty, retention
Branding fosters customer loyalty and retention.
A brand that consistently delivers value and meets customer expectations can create a strong bond with its customers.
Loyal customers
Loyal customers are more likely to stick with a brand, even when faced with alternatives from competitors.
This loyalty helps businesses maintain a stable customer base and reduces customer churn.
Branding provides a sustainable competitive advantage by building long-term relationships with customers.
When customers form a strong emotional connection with a brand and perceive it as superior to alternatives, they are less likely to switch to competitors solely based on price or fleeting factors.
This loyalty and attachment to the brand create a sustainable advantage that can withstand market challenges.
In essence, a well-developed brand focuses on providing a positive user experience at every touchpoint.
User-friendly
Brands invest in user-friendly interfaces, intuitive designs and seamless interactions to ensure that customers have a smooth and enjoyable experience with their products or services.
This focus on user experience adds value and convenience for customers.
Lastly, brands often create communities and foster a sense of belonging among their customers.
The writers are a lecturer/consultant and a consultant, respectively.