BRANDING AS A BUSINESS GROWTH TOOL
Branding has been an essential tool in marketing. Your business needs a good and solid face for people to see. Branding is a necessary tool to companies, organizations and business owners. It is what we locally call “packaging”, how people see and perceive your business matters a whole lot. It is a great marketing tool in business that drives your consumers’ hunger to your products.
WHAT IS BRANDING?
Branding can be said to be the way an individual, organization or company presents their business to the public. It is a means whereby business owners and companies give their products an identity. Branding is giving yourself, your business, or organization a unique meaning that leaves an impression on your audiences. It is how your consumers, see, feel and experience your
product. This involves everything from logo, business culture and environment, customer service operations, marketing advertising. The way you present your brand is the way it is going to be perceived by consumers, so any business owner who wants to thrive globally has to be deliberate when branding. Branding as a growth tool is the basis on which marketing thrives.
BRANDING AND GROWTH
Branding can be said to be a vehicle for business growth. Over the years, different products we purchase change looks. While some have gone into extinction often due to lack of branding evolution, others have remained consistent, improving on customer experience and building trust. Branding is very essential for business growth, and it is important for businesses to make a special commitment to the brand communication in order to stay on top in the marketing mix. A solid brand is meant to be persuasive and captivating. It should be able to leave an unforgettable impression in the minds and hearts of customers and consumers alike.
GROWTH STRATEGIES FOR BRANDS
The market place is highly competitive with so many businesses offering what you are bringing to the table. You need to do something different, give your brand an identity, a place above the competition, especially if you are looking to expand your business, this is vital. Here are some strategies to help the growth of your brand.
1. MARKET PENETRATION:
This growth strategy is the introduction of products into new markets where they have not been seen. This growth strategy helps to create awareness and
increase market shares and according to the Ansoff Matrix, “a market penetration strategy involves increasing market share in an existing market. Common methods include lowering prices or using techniques like direct marketing to create customer awareness of your offerings.”
2. MARKET DEVELOPMENT:
This is a business growth strategy and it has to do with the business owner developing an existing market rather than looking for a new market. Here the
company or business owner tends to find its way into an untapped market. It may try to get the attention of a certain age range, religion, career, etc. It is a smart means of branding and this can be achieved when the product owners do a complete and concise market research and know what works for them and how to get into the market.
3. PRODUCT DEVELOPMENT:
This growth strategy plan has to do with the company re-inventing its products in the market or bring new sets of same products in the market. For example, a juice production company introducing new fruit flavours to their juice collection, a tech company bringing new software updates to existing tech product to make life better for the community, a Fintech company offering new plans to make banking easier for customers. This strategy cuts across so many sectors when properly implemented and in turn yield required
harvest. It is one of the common growth plans in branding, targeted at consumer satisfaction.
4. PRODUCT DIVERSIFICATION:
Diversification is a growth strategy for brands. This plan is one of Ansoff’s product matrix also. Product diversification exist in two levels, either on
corporate level or business product diversification. It is a major growth strategy. This plan reduces company’s risk in cases where there is a decline in business and economy. Navigating this growth plan in branding can be tasking and challenging but once gotten, it brings greater yields.
Branding is an essential tool for business growth and if you want your business to grow, it is essential you look into it as a company or as a business owner. Might be challenging when planning and going through the process, but the return at the end of it is worth the while. It is vital for product owners to consider it and grow their businesses. If you have a problem building
a brand strategy plan, you can get it done externally. We at Kreateng are also your go-to-people for your brand strategy plan, while we save you the sweat.