Let me tell you something about branding.
First of all, a big fat THANK YOU for taking your time out and reading what I had to put out on my last blog post. I can understand how valuable time is and how hard it is to micromanage time with all the content floating around on the web. In either case, if you were one of the people who took out your time and went through my opinion and perspective, YOU are the reason behind the motivation that led me to write this one.
Talking about my new found passion, one thing I prominently discuss with people is Brand. I put too much emphasis around this particular topic. Is it overrated? NO!
Let me explain, Why.
We live in an age where if you look for a cellphone, you have a million different options to choose from. Categorized by the size, shape, specs, price, OS and various other factors. What makes Apple an Apple and what makes Samsung a Samsung is Brand. Brand is also the reason behind the popularity of a One Plus. Brand gives you a general idea or perception behind a product line or a service or even a person.
In that sense, Brand acts as kind of like a review, a consistent review that is accumulative by nature. The more work you put out in the real world, the more your brand grows. That means you don’t have to re-introduce yourself every time a new entity approaches you.
Now, people often confuse marketing with branding. Marketing is often targeted towards an instant trigger and in terms of business, it’s sales. If you market a product, it’s for selling. It gets you good volume of sales in the short term. And we all will agree that all businesses want sales. So how is marketing not more important than branding? Well, for once, focus on the key word ‘short term’. You can sell 5000 units of a product in a week if you market it properly. However, with a proper branding, you can get a returning customer buying the same product or a variation of it when the sold unit is lost or outdated. Multiply it by the brand presence you have built and the number of consumers you have touched and you get over a million sales. You get the same consumer buying a new product from the same vendor every year, with a rock solid branding. That’s why Apples and Samsungs or One Pluses are winning the game. Not because other companies aren’t branding their products, but because the giants are better in the branding game. That’s what Brand loyalty is about. And more importantly, that’s why winning the game in the long run is more important than just making a few sales over the weekend. The word Apple is planted in our heads, but we barely remember the last Iphone 6s’s ad campaign, an example of the impact Branding has over Marketing.
Now, don’t get me wrong. Building a Brand and creating a presence are completely two different things. One prominent example is the state of e-commerce in our local scene.
Most e-commerce are focused on sales. They focus on marketing, which I wouldn’t say is wrong either. After all, it depends on one’s goals. Most e-commerce ventures want to be in the market, capitalize it and get out of it before the market saturates and slowly collapses. However, there is a limited time period during which this can be done.
On the other hand, one prime example I always talk about it of Sastodeal. They have been able to utilize the concept of branding efficiently and have expanded their business to other ventures catering to book readers and travelers as well. See, that’s how you win in the long run. So now, it’s not just about Sastodeal but they have leveraged the same branding and expanded further. But it didn’t happen by accident. They were strategically working on it and thinking long term. And I’m sure their conversion rates are higher than any other e-com in a sense that they get more orders through their websites and not just their Facebook page.
Now, that’s winning.
So the big question is how do you build a brand?? Well, I’m still learning but I will share what I know with you on the next post including my fav. form of branding Personal branding.
Till then, keep exploring.