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    Tuesday, December 11, 2018

    THE 5 POWER OF BRANDING/BRAND

     BRAND/BRANDING

    The immense contribution of branding to any business, be it a small or large scale, cannot be overemphasized, as it is what actually defines what that business is, gives it its value and any other qualities specific for such business. In this way, it can be said that every lasting success of a particular business is attributed to branding. However, for any business to stand out, it must be uniquely branded; the likes of Coca-cola and other popular brands, because they are uniquely branded, their perpetual existence and thriving cannot be terminated. Going by history, it will be noticed that any business that stood the test of time is able to achieve such feat because they devoted their time in building a brand.

    What then is a brand? In a very simple language, a brand is the fingerprint of a particular business. In a broad sense, however, it could be associated with a particular name, symbol, design, term or any other item that is specific to a particular business, with which it can be identified or distinguished from other businesses, hence, must be unique.

    Two or more brands could be offering the same services or providing customers with the same products. Although offering/providing the same services/products, yet, they can easily be distinguished from one another. E.g, HP and Apple, let say they provide the same products, but they can be distinguished from each other with something, either their design or anything peculiar to them.

    Having said all these, you should have a hint of why having/creating a brand is necessary for the success of your business? Having a brand really matters as you have now known, because, it simply differentiate/distinguish you from other businesses in the same niche as you. Moreover, branding actually does more than mere distinguishing your business from other businesses. Branding confers credibility, influence, value and fame or recognition on any business type, it also inspires employee and enhance advertisements.


    5 Power or Functions Of Branding

    1. Credibility 

    Brands which have been consistent in what they do will have their level of credibility significantly raised, provided they have been able to offer quality or standard products or services for a period of time. Customers find it easier to do business and relate with such brands, than they will do with just any business. With these, the brand is able to gain the trust of their customers.

    2. Influence

    Branding confers unusual influence on any kind of business once it has gained credibility from its customers. It gives you that unusual ability to change people's perception. An evidence of this is the impact of iPhone on the smartphone industry. Apple's consistent passion for creativity and quality products has led to a whole new revolution that has affected the way we see the world. Brand building simply gives that power, intense enough to change people's behavior towards a product and can easily generate new customers.

    3. Fame 

    Brands makes you famous. Coco Chanel became a word famous name because of the brand she built around her perfume. Same for Apple products. Nike's shoes have pushed the brand to the forefront of the athletic world. That's what consistent quality standard gets you, an awesomely famous brand name.

    4. Enthuses Employees

     Branding or creating brands could serve as an inspiration source for employees, hence, working in unison with the business owner to achieve his goals. Moreover, some employees require more than just working and doing the same thing over and over again, rather, they prefer having something that will make them want to work more, in the sense that they would be able to strategize and make use of their 36, that is, putting their senses into work.

    5. Monetary/Financial Value

    As long as other things are achieved, monetary value simply follows. Apart from getting customers' satisfaction, what then is the aim of setting up a business? To amass loss? Never! The ultimate aim of setting up a business is to make profits, an efficient branding will give you that, hence, branding is a  gateway to great wealth. It's easy to make money as a business when you've built a brand. You easily can charge a higher rate or price than your competitor, Why? Because you have put up a standard for yourself.


    CONCLUSION 
    knowing the essence, importance or power of branding is very crucial as it immensely and significantly contribute to your business growths and developments as it has been discussed above.

    That's all for now, feel free to make contributions!