When shown a swoosh sign the first thing that comes to the mind is Nike. How incredible is that for them? Just show your logo and people recognize you. Even if there is no “nike” written with it, people will still know it. That’s the power of branding, to make you so famous, so well-known that you are recognized in an instant.
Branding gives you the distinctness you need to have an edge over your competitors. But branding also depends on the qualities your consumer attaches you with. For Nike, that’s quality. The quality it provides with its apparel, the shoes and various other lines of products.
The most important thing branding brings to you? Brand Loyalty. Businesses would give anything to have brand loyal customers. But cultivating brand loyalty is a long process and brand building definitely helps you in that. It also helps when you’re introducing a new product; normally if an unknown brand did so, people would be sceptically about buying it, but a branded product? Most people would go for it in a heartbeat.
And how can one forget Brand Equity? To put it into simple terms, Brand Equity is when your brand becomes so valuable that it starts giving you financial advantages. The best example of it? Dr. Dre’s Beats brand of Headphones and speakers recently sold for $ 3 billion to Apple.
It’s no secret Branding is one of the most important tool there today to be marketable, making it an indispensable asset.