Branding is one of the most important part of business strategy and also the least understood concept. Branding is often interchangeably used with marketing or even logo of a company. In real world, branding is much more than these.
Present day businesses think of branding as a customer-facing communication. But in fact, branding is what the businesses intent fully listen to its customers & through this listening, what experience businesses design to deliver to its customers not once, but everytime building the perception that generates value for the business.
Branding means the perception of the stakeholders such as suppliers, vendors, investors and most importantly, customers for the business. Customer experience, of consistent and repetitive nature, builds brand perception over time.
Why should businesses focus on branding?
The role of branding is not limited to the customer buying the product from the company. Think about branding as the most powerful and perhaps the only means to build the business character in the mind of the customer which makes him/her stay with the company to buy again, and buy more. This directly impacts the bottom line of a business and at the same time becomes an undefeatable reason for competition to stay far from the business and its value proposition.