According to BusinessDictionary.com, branding is the process involved in creating a unique name and image for a product in the consumers’ mind. Traditionally, branding has always been about establishing recognition and positive public perception. It’s all about being what Colgate is to toothpaste or what 7-Eleven is to convenience stores. The pinnacle of branding is to make potential customers remember your brand when they think about generic commodities.
These days, the stakes are a lot higher than just recognition and image. The strength of your brand influences not just your sales but your stock prices, your ability to form business connections and even your search engine visibility. Good branding isn’t just about being seen, it’s also about commanding respect. In a lot of cases, what people from the outside looking in think of your business is just as Important as your internal operations.
Whether you’re a startup who wants to launch a strong brand or an established company that wants to enhance its brand equity, there are several things you can do to stand out. I’m listing down six foundational principles of effective branding along with some examples that you can learn from. These are:
