Why Branding Is So Important For Your Business
It is rather straight forward to see that why brands are more important now than at any time in the past 50-100 years, when you take a wider look at the business world today.
Think about this.
Products as you know, have life cycles or expiry dates. While brands definitely outlive products.
Brands have to convey a consistent quality, credibility and also experience.
Brands are valuable.
Hence why most companies put the value of their brand on their balance sheet.
Do you recall when Tata Motors from India bought Range Rover and Jaguar from Ford…
What do you think they bought exactly?
Raw materials? Employees? Factories?
No. They bought the brands.
And when Kraft bought Cadbury for $19.5 billion, what did they buy?
The chocolate? The factories? The recipes? The candy makers?
Not at all. They bought the brand.
Likewise, when Bill Gates & Prince Al-Waleed bin Talal of Saudi Arabia bought Four Seasons Hotels, Inc. for $3.8 billion, what exactly do you think they bought?
Restaurants? Staff? Beach front property? Locations?
Nope, they bought the brand.
OK, so now you have seen all this…The list can surely go on with many more prime examples such as Geeley Motors of China buying over cult Swedish Auto brand Volvo. Or InBev buying over Budweiser to add to their house of brands that includes Stella, Becks and Labatt. Or Mahindra of India buying Ssangyong, Korea’s 3rd largest car company.
Branding is basic.
Branding is fundamental.
Branding is essential.
Building brands builds incredible value for companies and corporations.
It is worth noting that brands do better in tough times compared to unbranded products, in the face of the current economic challenges. Brands outlive product cycles.
And there are still great brands being built in these challenging times. Brand owners still recognize opportunity and with that, their brands will very most likely thrive in the years ahead.
No branding, no differentiation.
No differentiation, no long-term profitability.
People don’t have relationships with products, they are loyal to brands.
In a movement strategy, you will be able to see that brands have a purpose that people can get behind and can inspire millions of people to join a community. Brands can rally people for or against something. Brands can activate a passionate group of people to do something like changing the world.
Products are one dimensional.
They can’t really do all that.
In today’s world, branding is more important than ever.
And dare anyone still think branding for their business is inessential and requires no attention so they should just DIY?
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Ari Tumijo is a freelance digital marketer and affiliate marketer, and was previously a full-time Brand Consulting Practice Executive as well as Head of its Digital Strategies with Rayan Daniyal Consulting (RDC) brand practice. He possesses 5 years of digital marketing experience and this website is the result of his continuous seeking and sharing of knowledge. With RDC, he was responsible for developing the solutions for clients seeking to improve their digital presence and brand equity in the social media space. In addition to account servicing role, Ari was also involved in business development for Brand Capital, a subsidiary brand of RDC. He has a Diploma in Mechatronics Engineering and spent his early career years in F&B Management and Semi-conductor industry.