Branding is a term that most people are familiar with or have at least heard at some point. But what is the effect it has on business growth and image? Companies with effective branding strategies are far more successful than their counterparts. The result of investing in branding reflects in the form of more purchases, reputation, shares, donations, etc.
Any company can enjoy this array of benefits by simply seeking the services of a branding agency in Brisbane. The agency can build an entire branding strategy that covers but is not limited to
- Brand colours
- Packaging design
- Attributes and values of a brand, etc.
Consider any one brand that is instantly recognisable and pays close attention to how they present that brand. What are the instant connections that people make when they perceive a brand? The answers are the result of branding done with care and attention to detail.
Branded goods and services are sold at a higher price in the market. Some products even have their own market. It is due to years of brand image development. A quality branding agency in Brisbane can help Australian companies get a clear picture of the market needs. They can help present their product in the best way possible.
It is an unsaid rule that all organisations and businesses need to brand themselves in some way. It is achieved by assigning a name, tagline, or logo and gradually building consistency around customer communications. If an organisation realises the need for this, then the effect it has will be tremendous.
Does branding affect purchase decisions?
The brand effect can also reflect in the way it influences customers’ future behaviour. From a strictly business point of view, businesses can sell their products at a higher price due to the value they offer. People are universally more willing to participate in organisations that have a strong reputation and brand image. It helps people connect with them easily.
In the economic sense, the value of a company’s brand is its influence on the demand curve. It is interesting to note that companies with effectual branding do not just see a change in the demand curve but also on the supply curve. Simply put, the buyers will pay more and buy more of these products.
To make the point more relatable, consider this example. There may be a low demand for electric cars in the current market. But despite that, there is a high demand for electric cars made by the company Tesla. Similarly, in a scenario where there is less demand for tablets, iPads are still high on the demand curve. These examples stand to prove that effectively branded products enjoy a market of their own.
WHY DOES IT WORK?
Brands and branding work because they serve a person’s individual value systems. People have a propensity to associate with attributes and build a reputation. The standings and value help the buyer to filter information for choosing their subsequent actions.
Our subconscious reputation growth evolved as it was crucial to survival. People had to remember which fruits were nutritious and which berries were poisonous to survive in the wild. This behaviour helped them to notice opportunities and avoid several threats. In the same way, successfully branded companies enjoy the loyalty of buyers who favour their values.
People are capable of parsing a complex environment. Reputations are critical for human beings in their social spaces.
Branding helps a business or product stand out in a highly competitive market. By reflecting the brand personality, the company can resonate with the target audience.