How to gauge the impact of branding on your business?

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A brand campaign is a strategy to introduce a new product or service in the market or boost the awareness of an existing brand. Businesses have been shelling out billions every year to create effective and innovative brand campaigns with the target being improved revenue. But with the ever-growing investment into branding by businesses, finding out the ROI has become the need of the hour. Figuring out how a brand’s image and message is being perceived by the customers has been a constant headache for entrepreneurs and marketing heads. The impact of branding can be tricky to evaluate as there are no set practices or standards for it. In this blog, we will talk about some of the points, which may help you figure out the increase in business revenue directly proportional to your brand awareness.

One of the most efficient ways of keeping track of your return on investment when it comes to branding is by comparing your results to your goals. Always make sure that you set periodic goals for your business that cover different aspects. Reaching these goals or making progress towards reaching these goals will give you a clear idea of how your brand strategy is flourishing in the prevailing market conditions.

The other way to see if your branding strategy is working fine is by assessing the traffic on your website. People only perform online searches for businesses, products or services, which leave a mark on their minds with creative and unique marketing. If people are coming to your website directly by typing your web address, then that is a clear sign that your branding efforts aren’t going down the drain.

Keeping a track of your business or your website being mentioned on content that is shared by others is also a good way to evaluate your branding strategy’s success. Earned media increases your brand awareness by getting the word out about your brand through others. Earned media is a telltale sign of effective branding as people never promote brands that they don’t like personally.

In this tech-savvy world, every business has to put their best foot forward when it comes to social engagement. Social media interactions with customers and potential customers have become a vital part of every branding strategy. By measuring the social engagement metrics, you can measure the impact of your brand and gauge how your content is being boosted online. These metrics can show you the facets of social media branding where you lack or where you are thriving.

Use these simple methods to ensure the viability of your business’s branding strategy. Though there might not be a clear-cut path to estimate the direct impact of branding on a business’s revenue. But the points mentioned above are more than helpful for businesses to make decisions about spending big on branding.

Common Branding Mistakes People Generally Make

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Every business aims to create a successful brand for itself. In today’s market, creating a brand and promoting it among the customers is what drives the success of a business. But branding doesn’t end at PR, it also includes customer experience. These are some of the things about branding that every business has to focus on to nurture its development. But with branding being such a vast concept, entrepreneurs end up making a few mistakes that directly affect their business. Let’s discuss a few common branding mistakes that every entrepreneur should try to avoid.

• A trend that has been present for many years is of businesses not knowing what their brand really stands for. Every business in its initial stages should clearly decide its mission, approach and target audience. This will help the business focus on things that are vital to its success.

• Another aspect to look at for businesses is trying not to please everyone. The number of people a successful brand attracts will usually be the same as many as it repels. Brands that don’t appeal much to others will more likely appeal to the brand’s target audience. If you try to appeal to everyone, you risk reducing the effects of your brand message on your core customers.

• With exponential growth and success of social media platforms, it is vital for every business to make its strong presence felt on the web. Branding has been taken to another level with the help of such modern tools. But where most brands run into a glitch is when they over-utilize these platforms. Ensure that your brand has a great presence on social media sites, but don’t focus on quantity over quality. Interact through posts with your potential customers, but don’t hog their timelines and newsfeeds.

• When building a brand you might get tempted to share everything related to you on your website or social media platforms. But it is important that your posts are consistent with your brand image. This practice will go a long way in building a strong brand efficiently, as it fosters trust and confidence among your customers. Consistency begins with harmonizing all of your visual assets.

• Branding can never be complete without the feedback of your customers. Businesses make the mistake of not tracking their efforts and their effects on the market. Finding out how your customers view your brand message has become necessary in today’s competitive world. Consistent feedback can help your business to grow and strengthen its branding strategy.

Businesses quick to recognize their mistakes have greater chances of being successful in the long run. Though mistakes are part of every business and they can’t be completely eliminated. It is important to learn from your mistakes and from your competition’s mistakes as well to keep progressing.

Rational Branding V/s Emotional Branding

Branding is a multifaceted topic and is indeed the science of making promises and the art of delivering them. Companies and brands make several attempts and efforts in nailing the two through a variety of methods and strategies that can be basically classified as Rational and Emotional.

What is rational branding?

Anything based on reason or logic can be called rational. So rational branding means a branding strategy that is devised considering the benefits of a product. It highlights the reasons for picking a product. Also the product is at the center of the strategy here.

What is emotional branding?

When you deal with people, you deal with their emotions too. There is no shunning away from this fact. Hence a branding strategy developed considering the emotions of the target audience, would be called emotional branding strategy. The “buyer” is at the center of the strategy here and, the campaigns are designed in such a way that the potential clients are able to connect with the brand. While the prior one creates the reason, this one, creates the desire.

Difference between the two:

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Brand Positioning:
Since both the branding strategies have different orientations, they also have different cause and effect relationship with the brand positioning in the market.

Rational branding can help you in developing a strong footing in the market with the help of stats and facts presented right. You can inform people about your brand and if they find it useful, they would end up buying it. Rational branding can bring you good market recognition if your product is unique, useful and cost-effective and, your branding strategies describe the same to the fullest.

Talking about emotional branding, here you have to top your USP game to hit the right chord. If your consumer is able to feel it, you are sure to top the chart.

To get the best results, it is advisable to merge the two.

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Have a look at this product creative of one of our clients, Italica.

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It talks about the product in particular and also highlights the USP’s of the brand. Apart from that, it also narrates the benefits one can get on a lifestyle note.

All in all, both the modalities can do wonders for your brand, if used aptly.

Unique Selling Proposition

In this competitive world with innumerable similar products, it is vital for a business to offer something to their customers that is different. When marketing to customers, a business should always mention their USP or their product’s USP. Unique Selling Proposition or USP is what sets apart a business or a product from its competition, and making it easily recognizable by its potential customers. It basically means stating what you have, but your competitors don’t. Quite a few businesses make the mistake of being known for everything in their initial phase. But instead, they should be attempting to be known for something specific, which is the product’s or the business’s USP.

An effective USP clearly conveys the message of benefit to consumers, by offering them something that the competition can’t or doesn’t offer. Your USP is a successful tool that aids your marketing goals, and it ensures that every element of your marketing strategy makes a cohesive effort to set you apart from the competition. Your USP is also an integral part of your branding that can make your company or product memorable for customers or potential customers.

Every USP envisioned should be short and concise. It should tell your customers what your business stands for and what you promise to deliver that is unique in the market. Let’s see how you can come with an effective USP for your business.

• You should always start by identifying points that differentiate your business from the competition. These will be the factors that will compel your target audience to choose your business or product over others.

• Your USP should be such that it effortlessly instills trust in future customers. It should attract people and make them curious about your business. This will give you the opportunity to open conversations with your target audience easily.

• Most importantly, your USP should emphasize on the skills and experience behind your business. It should clearly state the expertise used to create your product or brand. This helps in winning potential customers’ trust and builds a brand.

Following this philosophy, Wolves Creata created a powerful marketing strategy for the launch of Motto Tiles’ new and exclusive size in India. We incorporated the product’s USP in Motto’s marketing creatives to efficiently state that it was the first time that 900×1800 mm size was manufactured in Asia. This special factor made a whole new category in the market, which obviously made the product different from its competitors. This gave Motto Tiles an evident advantage over the other manufacturers not only in India, but in Asia as well.

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This example of Motto Tiles shows us that a USP makes a business stand apart from the crowd and highlights its distinctive qualities. It has gradually become essential for every business to have a USP that is capable of drawing new customers for sustaining a business in the long-run.

Modern Tools of Branding

Evolution is a rule of nature. Over a period of time, almost everything adapts to face new challenges. The things that were considered modern 25 years ago aren’t anymore and new ideas have replaced them in today’s world. The same is the case with the evolution of branding and its tools. As the world has progressed and became technologically advanced, branding tools have also evolved over the years. This blog will talk about some of these tools and how they have changed and developed in the past few decades.

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If we start by talking about initial branding tools, arguably one of the firsts was the logo. Since ancient times, people have been using different techniques to put a unique symbol or mark on their products. Logos help people recognize their preferred brands out of thousands of other brands. Though logos are still one of the most effective branding tools, modern use and portrayal has evolved drastically. In the bygone eras, logos were only initials of the business’s name or the owner’s initials, but with time logos have started depicting a business’s true identity and character. Logos are designed intelligently to serve the dual purpose of easy recognition and to tell the world about the business in a brief manner.

Another branding tool that has stood the test of time but evolved drastically is the visual adverts for products. In the past, business used print ads and images to increase their market visibility and reach potential customers. With technological advancements in the last century, businesses found video advertising more compelling and attractive for their customers. Print ads still exist, but the effect video ads have on the masses can’t be argued.

Branding has always been about increasing a business’s reputation and visibility among the people. An effective branding strategy uses its existing customers as marketers for its business. People tend to turn to their loved ones for advice when it comes to choosing a new product. This is where word of mouth marketing comes in the fray and it has been here for centuries. In the old times, people used a product and they advised their loved ones to try the same. Word of mouth marketing has increased many folds with the invention of the internet. People now talk about products and services on their social media platforms, which has revolutionized word of mouth marketing for brands. Easy access to product details and ease of buying shows how seriously businesses take word of mouth marketing nowadays.

As we saw above, the tools of branding we discussed are still the same on the basic level, but their application and uses have evolved over the decades. These changes have benefitted both the businesses and customers alike. And we are sure these tools will keep evolving with the ever-changing market needs.