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If you have your own business or company, you might want to have your own identity by creating your own brand which would help your customers and other people recognize your business. But just like a true businessman, you will probably ask "what's in it for me?" Here are some reasons why having a brand is important to your business.
• Brands are experienced by the different senses. For instance, the unique shape, color, or design of a logo or packaging can be recognized by the sense of sight. Or the unique name and catchy slogan or theme song of a business can be heard. And when people sense these stimuli, they will instantly recognize that it is your company or product.
• If your brand becomes successful and well-known, you will have customers who always purchase or use your brand. And this is called brand loyalty. If a customer is loyal to your brand, he will not use any other brands aside from your own. You can easily observe this in bag and clothes brands. People only buy and use specific brands because the brands are already well-established and have good reputations.
• Brands that are well-promoted and are very popular are usually associated with the benefit. When a person hears or sees the brand, he will immediately think about its corresponding benefit. Or what is even better is the other way around. When a person has a specific need on his mind (e.g. to brush his teeth), he will automatically think of a specific brand that is really popular for that need (e.g. popular toothpaste brand). Your competitors who have less known brands and newcomers in the market will have no chance if this is the situation.
• For companies or businesses that have created a successful brand, it is very easy to add other products using the same brand. They do not need to do much advertising because people already know the brand and they already know what to expect. This saves the company time, effort, and money and it also lessens the risks that always go with trying to sell a new product or idea.
• If the brand is really popular or well-established in the market, the company who owns it can earn money by selling the rights of the brand to other company. This means that another company can use the brand such as name, logo, and slogan but it has to pay for the original owner of the brand. The original owner of the brand does not even have to provide other parts of the business such as facilities, manpower, etc. The company with a really strong brand has a financial advantage by just allowing other companies to use their brand. And really popular and well-established brands come with very expensive price tags.
Having a great product or service is not enough to grow a business or improve your company if only a few people know about it and if they cannot even remember it. Creating a brand that is unique and can easily be recognized among all the other brands in the market is the key to a successful business.