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The Role of Branding in Marketing

On hearing "brand name" we usually think of the most famous ones ever to hit the shelves – Nike, Coca Cola, Sony, etc. But don't be fooled – branding is a key element in marketing for businesses of all sizes.

Branding is important for businesses of all sizes. A common error in small business is to imagine that branding is only for the agendas of big companies. Not so: branding is grease on the wheel of any business. In fact, it is arguably more important for new and small-scale businesses that are unfamiliar to consumers, and that must use marketing to establish trust and a good reputation. From the day you start trading, you are showing the public what you stand for.

It is true that big companies have big resources to support and promote their branding efforts. They can afford to advertise for the sake of brand awareness alone. Brands that are recognizable anywhere in the world (such as Toyota, Sony, Coca Cola and Nike) have reached that status only after years of expensive promotion.
Your company, on the other hand, may have limited marketing resources to promote your brand, and few small businesses can (or should) advertise simply for brand awareness. But this doesn't mean that smaller businesses should not make organized efforts at branding; there are real benefits to be gained from this aspect of marketing.

The benefits of a good brand

Successful small business brands are all over the place. For example, think of the labels on wine, olives or fruit preserves from small producers – there are probably some that you recognize immediately and reach for before other products in the same vein. Many such brands have grown from tiny beginnings to nationally-known products.

The benefits of brand building can be summed up as:

Recognition in the marketplace. Consumers prefer and tend to choose brands they recognize.
Credibility. The more credible your business, the easier it is to make a sale. Brands can play an important part in establishing your credibility.
Reduced risk for the customer. People want reliability and predictability. They choose familiar brands because they know the brands support these qualities.
Adding value to your business. The goodwill associated with your brand(s) and associated brand loyalty can grow into an important ‘intangible asset'. In other words, potent branding adds to the value of your business, useful towards the day when you sell it or – if you're very successful! – go public.

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