Why Does Branding Matter?

We all develop a certain sentiment for a brand once we know a bit about that brand, its people, and what it stands for. Are they innovative? Clever? Affordable but stylish, perhaps? We tend to put them in a certain category in our brain.

What's in a Brand anyway?

Essentially, a brand is used to declare something—something you want your clients to believe about you.

Over time, a brand is built by consumers developing trust in who you are, what product/service you deliver and what you stand for. Think of a brand like Coca Cola. You know every time you put that can to your lips, you can trust what taste will be delivered out of it. Whenever you visit a Starbucks or Sephora store (regardless of if you're in Shanghai or Los Angeles), you know what range of products and level of service you will be greeted with. And that in itself, gives us a sense of comfort.

Your audience builds trust in your brand every single time you live up to that promise. Every time that vanilla spice latte tastes just as you expected it, additional trust is built in the Starbucks brand.

A few key points on the importance of branding:

• Your brand is what people believe you stand for. MasterCard may be a credit card provider, but it paves the way for priceless moments

• It helps to build an emotional connection with consumers. All phones in today's world can make phone calls and connect to the Internet. Why do some consumers swear by Apple, Samsung or even Fairphone...it's because of the emotional connection they have developed with the brand

• Branding can help tell your story better than you can. Perhaps it's in your name, logo design, colours, or font. What do they say about your brand—fun, conservative, earthy, open?

• Great branding creates positive employee morale. Think of all the companies where employees wear their brand with pride or happily promote the company on social networks like LinkedIn (and even on personal networks)

• Consumers are willing to pay more for brands they know vs ones they are not familiar with. Think of your behaviour on Amazon when looking for products. Are you not more inclined to stick with tried-and-tested?

Never underestimate the importance of branding

Great brands aren’t just recognised and trusted. They’re loved, and in the end, increase the chances of your business surviving. With the rate of businesses opening, there are thousands and thousands of new products launching every year. It's typically those brands that enter the market by hailing from a well-established brand, or those building a name for themselves fast that capture consumer awareness, understanding, and preference fast enough to survive.