If you look at certain products of basic and generic use, almost all of the brands selling them provide more or less the same product, just with a different brand name. Have you ever wondered why certain brands manage to become highly successful, while others fail to get off the ground?
This question has troubled most of the budding entrepreneurs as they are always on the verge of uncertainty before starting out with their venture. If you are one of those, you should know why brands offering similar products are not treated and perceived similarly.
The main reason behind this is the fact that it is not sufficient for an entrepreneur to rely merely on the product they are offering. No matter how good or bad a product is, it would never sell itself. Branding and marketing of a business plays a major role in how it would be perceived and received by their target market, and this is what makes all the difference!
The Need For Branding
In simple words, branding is nothing but the process of making your venture stand out of the clutter. It involves practices like assigning a unique name to your line of products/services, designing a logo for the same and marketing your brand in a way that no one else in the market is.
In the age of cut-throat competition in every business sector, you would never be able to survive in the market if you are not able to brand your venture well. You need the best combination of hard work, determination, persuasion and creativity in order to come up with a brand that stays in the minds of people. If a brand is established well, people falling outside of your target market would also be impressed by your strategies. This would help you a lot to sustain in the market.
Branding would also put several responsibilities on your shoulders. If you succeed as a brand and have been satisfying your customers’ needs for years at a stretch, you happen to generate a feeling of trust with your customers. Here, you can’t afford to make any mistake as it would break the trust of your loyal customers.
The worst example of brands breaking their customers’ trust would be that of the banks involved in PPI mis-selling scandal. Once the customers went through a detailed PPI check and discovered that the most trusted banks in the country have been involved in a huge mis-selling scandal, all the trust and respect the customers had for the banks was lost in no time.
Therefore, maintaining your brand’s reputation is as important as creating one. Always remember that it won’t take much time for your customers to switch to your competitors once they lose trust in you. There are already multiple brands serving exactly the same purpose as yours.
Tips To Improve The Reputation Of Your Brand
There are two cases where you may have to improve the reputation of your brand – one when you are on the verge of losing your customers due to a blunder made by your brand, and the other when you have reached stagnation and you need your brand to get better.
In either of the cases, you need to act in a certain way in order to improve your brand’s reputation. Here are three most basic ways in which you can do so:
- By Being Proactive – Never wait for your customers to make complaints in order to re-evaluate your brand. Always be proactive and keep having regular checks on your services, values, objectives, products and services. You can also take surveys from your customers on a daily basis and act on the responses in order to improve your reputation.
- Incorporating Corporate Social Responsibility – Every customer loves to be associated with a brand that is socially responsible. Therefore, you will automatically build a favourable image in the minds of your customers if you get indulged into activities like helping charities, funding NGOs, donating your profits to the needy and so on.
- Take On The Social Media – Today, every other person is active on the social media. Whatever you post, you can be sure about your customers viewing it. Therefore, show the culture and values of your brand on your social media pages. Keep posting about your vision and your goal of giving the best to your customers. if nothing else can, this will definitely improve your reputation in the market!