Branding is the process of developing a distinctive feature or set of features associated with a product, service, company or individual. It is also the process of creating a perception in people’s minds about that product, service, company or individual. Branding encompasses a broad range of activities including research, design, development, and implementation. A strong brand creates customer loyalty and decreases the risk of losing market share to competitors. It also allows companies to charge a premium price for their products because consumers are willing to pay for brands they trust.
Brand identity is the essence of a brand and encompasses everything that makes it distinct from its competition. This includes a logo, visual design, color palettes, fonts and iconography. Once your branding is developed, it’s important to establish brand guidelines (also known as a brand style guide) to ensure that anyone who works with or for your business adheres to the established brand standards.
Having well-established branding will also make it easier for you to introduce new products or services. For example, when Apple first introduced their AirPods in 2018, they instantly became the leader in wireless earphones, surpassing giants like Samsung and Xiaomi. This is because loyal customers are always interested in what new products the brand is releasing. The same principle applies to businesses that are already well-established, such as Greggs who have now expanded their offering beyond pasties to include bucket hats and sliders. This is because their branding has established them as a fun, hip, and cool brand that customers are eager to buy into.