Brand building has never been as important as it is in today’s competitive market. How does brand building work when you’re a video production company, though? Let’s find out!
While every business venture has a different success story, we tend to see some common grounds that affect most businesses’ results.
Now, not all of these are related to finance and good strategy. An important part of success relies on branding and advertising.
People often confuse branding with advertising, but the two terms are a part of each other. A good business stands on the pillars of prosperity only when it is well recognized. Sometimes, even very small video businesses are able to earn more profit, with the right plans.
Let’s take a close look at the importance of branding and advertising. But before we do, let’s discuss the two terms:
Branding is what other people say about your company. It is a promise to your customer. Branding conveys what customers can expect from your products and services.
Branding also helps to differentiate your proposed offering from that of your competition. The main aspect of branding is to attract and maintain loyal customers by offering a product that is always in sync with what the brand commits.
Simply put, branding defines who you are, who you want to be and how people perceive you.
Without advertising, products and services are just commodities. And, it’s known that the global market has a lot of stuff already. Why should you be the ‘audience favorite’?
To make a difference and mark your presence in the market, impactful advertising is a step in the right direction.
Not only does it provide a direct mode of communication, but also makes the customers aware of your products and services. This further helps in enhancing the presence of your company and creating a desire for what you have to offer.
Difference between Branding & Advertising
Branding and advertising are the cheerleaders of your business. And, as discussed above, they’re separated by a thin line.
Branding is shrewd, and advertising is tactical. The objective of advertising is to foster campaigns that give away a wow factor with the message of saying ‘buy me’. It also screams: “Support the business because we are great, work here because we are awesome.”
The objective of branding is to win over people and allow them to emotionally invest in your company. At the same time, the aim of both is to become known, likable, and trustworthy
Is the ROI Worth the Effort?
What do consumers want? Satisfying services and products that don’t cheat them out of what they invest in them. Customers value quality.
Presently, branding and advertising have become a much broader way to score success than it was a century back. With the inclusion of digital media, the race to build the best brand has got fiercer.
Creating a reputation and goodwill in the market means surviving thousands of battlegrounds. A brand becomes invaluable only when the number of customers intensifies day by day.
Therefore, it is essential to spend time investing in defining, researching, and building your brand.
Here are reasons why improving your brand is important:
1. Earns Customer Loyalty
Branding and advertising act as a marketing campaign that never ends. Even if your brand is not engaged in an active marketing campaign, it will constantly build awareness about your products.
As a result, the more prevalent the brand, the more customers it attracts. For instance, Coco-Cola or Pepsi are brands that run on & off campaigns. But, the customers buy their drinks throughout the season. That’s an example of tactful branding. Everyone knows what these companies are and what they sell: it’s about putting themselves into the mind of the consumer.
How can you do that with your video business?
2. Creates Clarity
It’s easy being clueless and lost in the puddle of the market with nothing to guide you. A little deviation from your idea and you will be far and away from your original plans.
This is where clear branding helps you repeatedly realize and toil for the mission and vision of the enterprise. It further helps you be strategic, realize what the audience needs and plan deliverables.
3. Generate Referrals
How many times have you suggested your friends or family to try a particular brand? Probably more times than you can remember.
That is because people love to share their experience about the brands they like. Everyone pays heed to an established brand. Maximum new-gen customers like to wear a branded outfit, party hard at a well-known joint, and are on a look-out for better options.
Word of mouth advertising is the best:
- Let your audience advertise for you,
- let your ad campaigns roll out,
- understand the market demands,
- serve your consumers, and
- earn their loyalty for life.
A strong branding & advertising strategy is critical to developing referrals for the success of a business.
4. Promotes Recognition
Whether you are commencing a business online or offline, branding brings your brand into the light. People associate and deal with companies they are familiar with or which are popular.
If your branding is consistent and easily identifiable, it can help people recognize your company, leading to ease in purchasing the products or services.
5. Customers Know What to Expect
A venture that is clear and uniform gains customers trust. The simple reason? They know exactly what to expect every time they buy your product.
Furthermore, both new and retained customers will place increased trust in your business.
6. Speaks about Your Business Purpose
From things like the logo of the brand to the way your customer support team answers the phone, everything speaks about the kind of company that you are.
It tells your customer how important they are to you and how your products and services can serve them.
7. Sets Your Business Apart from Others
This kind of brand building sounds simple. It is simple, but also highly effective. As you have a name that differentiates you from others, your business branding and advertising are also intended to do the same.
In this competitive global market, it is difficult to stand out of the crowd. Even if you are a small business, there is competition for you.
In such a scenario, how can you stand out from the millions of similar organizations around the globe? The answer is too obvious to be stated.
8. Helps Connect with Customers Personally
Archies, Cadbury, Puma and so forth are examples of brands that customers fall for.
It’s because these brands connect with people at an emotional level. Customers feel good when they buy these brands. They feel satisfied. A positive response always earns more customers and the impact starts right from advertising.
9. Most Importantly, Brand Building Provides Your Business with an Additional Value
Another important aspect of brand building is that it provides worth to your business, beyond your physical assets. For example, brands like Wrangler, Apple, Ford, and so on, are not merely loved because of their equipment, warehouses, or factories. These are trusted and liked brands because they have created a value that far exceeds their services and products.
With video production, start by making yourself the de facto and most trusted video company in your area. Find a strategy or technique or value proposition that sets you apart in your market. And then do everything you can to make that work in your favor.
So the gist is clear. Every good brand needs a PR team, i.e. Branding and Advertising. If you don’t differentiate between the two, you might be confusing your customers. Never stop testing and your advertising will never stop improving.
This article was written by Nayab Hasan of 9ightout (check them out on Facebook, Twitter, Instagram). I hope you’ve found this article on the importance of brand building to create a strong market identity useful in your business.