Why should SMEs invest in branding?

When someone says engineering giants, what are the names that come to mind? L&T? Siemens? Bosch? There are a lot of companies with a mainstream focus on engineering. But why do these companies specifically pop up?

You would probably say that it is because they are famous. But then again, why are they famous? Is it because their products are better than others’? Well, their products just plainly follow the principles of engineering. And truthfully, there are enough talented engineers in the world to construct wonderful products. But these companies still have a major concentration of clients. Do you know why? It is because they tell us a story.

L&T says “It’s all about imagineering”, but realistically, it is about a lot more than that. Similarly, Bosch says about “Invented for life”, but the truth is, all products come with an expiry date.

Truth is that we get attracted to these statements. These statements that define the personality of a company attract us to the product. And it is not just statements, but their logos, the colors they use for their logos and taglines, the packaging, and many other factors. What these little things do is that they trigger associations in our brain. For example, when you hear ‘Hum mein hai hero’, you instantly think of Hero Honda Motocorp, or when you see people eating noodles on TV, you instantly think about Maggi. So essentially, what has happened is that these brands have successfully created a link to them in your brain using simple things like music and colors.

That brings us to branding. What is branding? Branding is basically the technique that creates a mental picture of your company into your customers’ brain. Let’s now discuss why you should get into it.

  1. You are Unique: We know that you believe in your business, and we definitely agree that that is a belief worth having. But to be perceived as unique, you must show that you are unique, and branding does just that! Branding helps you portray your uniqueness through simple things like a line or a picture.
  2. Storytelling Stipulation: Branding is your own personal storyteller. It talks about why you exist, what your company stands for, what your products are, and so on. If you have a story that your customers can relate to, they will be motivated to keep coming to you, thereby giving you loyal customers. To simplify, branding essentially acts like a magnet and pulls people towards your product.
  3. Competence and competitiveness: Now, we are sure that you are very competent when it comes to your business. But so is your competition! In our booming economy, competitiveness has become the way of life. In such a scenario, branding helps you enhance on your competence by pulling the customer’s focus to your company.
  4. Validate your Value: As a company, of course you promise to deliver a specific set of benefits or attributes or services to your customer. But when you do the exact same thing as a brand, your value is validated as it gives rise to a certain level of value creation and trust among your customers. Basically, you are heard more.
  5. Longer Life: We are sure you must have thought about short-term as well as long-term particulars for your business. But in today’s economy, any hope for you to exist in the long-term is by branding. If you look around, you’ll realize that most of your competitors already are brands. In the business world, it is the survival of the fittest. So be fitter and increase the longevity of your business.
  6. Support System for Sales: We all know that the way a product would get sold is solely through selling. Once you are a brand, you will realize that your product sells fast, and this is not just because your brand tells a story or because you customers believe you are taking your business seriously. It is because people like buying branded products.
  7. Eminently Inexpensive: There is this belief that branding is very expensive and that it is something only big companies can afford. Well, it definitely is expensive if your idea of branding is a nation-wide advertisement with a celebrity starring in it. But branding is not that. Branding is merely an identity you create for yourself. You can start at a very basic level with a logo, a color scheme and a tagline. The music can come later.
  8. Communication Channels: So once the importance of branding for you has finally seeped in, you are probably wondering how to let people know that I am a brand. Or even that I exist? Well, while expensive options like a TV ad are the first thing to come to your mind, we’re delighted to tell you that there are many other options for you. You can go for social media, e-mailers, pamphlets, highway hoardings, newspaper ads, magazine ads, and so on. The options are unlimited.

Now that you understand why you should get into branding, get right into it! Do your research, talk to people or get professional guidance. Time and tide waits for no man. Remember that!

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