Updated: Sep 12, 2020
Branding is a marketing practice which helps to identify and distinguish one’s product or services from their competitors’. Branding not only makes a memorable impression on customers but also create a relationship and a value of trust and quality between you and your customers.
But is this what we call brand recognition? Strategy Wanted!
The answer is “NO.” Brand recognition is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service's logo, tag line, packaging or advertising campaign.
Does that mean by having a unique logo or a tagline, one’s brand would be built and recognized? Strategy Wanted!
Again, the answer is ‘NO’. Building brand recognition is a time consuming yet most profitable process. If you want your brand to be recognized it is important for you to create a perceived value for your customers and the perceived value could be as simple as a good customer service experience, or a timely delivery of products or services.
The perceived value could be different for different products, and even for similar products in the same category. For an instance, Apple is recognized as a brand of innovation and quality, however, Xiaomi is known for its value for money smartphones.
How can an SME build a perceived value? Strategy Wanted!
If you ask me this question, I would say the answer already lies in your head. As long as you are aware of your target audience, their needs, expectations, competitors offering and your own product’s uniqueness, you can easily answer this.
Now, for instance, an unorganized retail business can turn itself into a brand by simply offering some added values and can be recognized easily within its market with negligible marketing spend. As simple as having a warm gesture of treating your customers, giving hand-written notes on their purchases can change the perception of the customer towards the shop and they will for sure remember your gesture.
In long run, you would be able to notice customer loyalty and positive word of mouth ultimately would help you reach more customers and will grow your business.
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