Is branding just a marketing buzzword, or is there more to it than meets the eye? If you look at some of the most prosperous companies the world has ever seen, it’s clear that branding has played a crucial role in their success.
Any businesspeople hoping to give their company the best chance of success need to carefully consider various aspects of their branding. It begins with simply thinking of a catchy and memorable name and spans to developing a bond of trust between the business and the customer.
Naming Could be the Most Crucial Factor
Some businesses have famously changed names over the years, with the most high-profile example being Facebook becoming Meta. However, often, companies stick with a name throughout their lifetime. That’s why it’s crucial to get the name right. The name is at the heart of the brand, so it needs to be catchy and memorable, but should also reflect the company identity.
Using common wordplay techniques such as alliteration can be an excellent way to create a snappy name that people are going to easily remember. The most famous example of this is Coca-Cola, and it’s clear from the brand’s $106.1 billion valuation that its name was a success.
Other examples of this include Dunkin’ Donuts, PayPal, and Bed Bath & Beyond. It has even been used in the online casino industry to help slots stand out from the plethora of competing games. Fluffy Favourites attracts players with its memorable name, which is written in an eye-catching pink font over a green background. It has worked well for the title, as this has remained one of the most popular slot games on the market over the years since it’s release.
Branding Builds Trust
For a business to be successful in the cutthroat online world, fostering trust with customers is more imperative than ever. Building a distinctive and reputable brand is at the core of that, and the full brand study from Edelman found that 67 percent of consumers needed to trust a brand before they would become repeat customers of a company.
In addition to becoming regular customers, other studies have found that 44 percent of consumers are likely to spend at least $500 more per year with companies they trust. So how does a brand build that connection?
One of the main things about branding is that it can portray consistency across various levels of a company, from messaging to marketing. It can also allow brands to build connections with other reputable businesses and have them share their logo on their pages.
Of course, it takes time for companies to gain complete trust from their client base. This can be done through developing a clear identity, such as a commitment to sustainability. If the brand’s actions align with its philosophy, this can make it more trustworthy.
Many would argue that building a strong brand is essential for a business’s long-term success. That’s why business owners need to put a lot of time and effort into ensuring they get it right from the outset. If you’re keen to keep up to date with more business trends and techniques, then take a look at the articles in our Business category.
