Is Branding Important?
You could be forgiven for thinking this is an Apple Store, but it’s not.
It’s an iStudio store in Changi Airport Singapore – an approved Apple reseller. This is where Apple understands their customers’ expectation. Rather than having a jarring customer experience with different colours, store layout, styles and lighting – they ensure their partners represent a consistent brand.
Now, this photo was taken back in September 2017 and there are plenty of examples of stores looking like this now. But Apple has been brand oriented for decades. It’s part of their mythos and what makes Apple… well Apple.
Why Branding Is Important
There are so many reasons why branding is important, but a very quick list would definitely include the following;
- Branding improves recognition
- Branding creates trust
- Branding connects and inspires employees
- Branding supports advertising
- Branding contributes to financial value
- Branding enables referrals
It is often said about advertising that someone must see your ad at least 5 to 7 times before they even actively register they’ve seen it. Often people will remember who more than the what in the ad or offer. This is why brands use consistent colors, or jingles. It creates a connection.
The Goal of Branding
- Deliver your message clearly and concisely
- Reaffirm your credibility
- Connect with your customers emotionally
- Generating goodwill and loyalty
Simon Sinek made the observation in his How Great Leaders Inspire TED Talk that Apple doesn’t have customers, they have fans. This is so true. Car manufactures and sports clubs often enjoy the same level of loyalty and commitment. They’re with you through the good times and the bad. They stick with you when you make a mistake, defend you when you misstep, line up for your latest product, and tell all their friends just how good it is.
Determining the value of your brand
Branding is so important the International Standards Organization has even defined how to determine the monetary value in ISO 10668:2010
The International Standards Organization (ISO) has defined a standard for the valuation of your brand in monetary terms in ISO 10668:2010 https://www.iso.org/standard/46032.html
They break it down via the following structure;
- General Requirements
- Specific Requirements
- Valuation approaches and methods
- Necessary valuation inputs
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Brand types the ISO standard covers include;
- Accounting and financial reporting
- Insolvency and liquidation
- Tax planning and compliance
- Litigation support and dispute resolution
- Corporate finance and fundraising
- Licensing and joint venture negotiation
- Internal management information and reporting
- Strategic planning and brand management
Applications of the monetary value include;
- Brand and marketing budget determination
- Brand portfolio review
- Brand architecture analysis
- Brand extension planning
Make it easy for your target customer to identify and recognise you. Make it easy for them to buy from you. Make it easy for them to love you.