Welcome back to our 360° Branding Guide for those of you that missed our previous post you can find it here - Branding Guide - Definition of Branding.  In today’s post we are going to be talking about the Benefits that can be obtained for your business by building, developing and managing a Brand.

So what are some of the benefits of branding and what is the point and purpose of developing and managing a brand(s)?

Some of the benefits that can be obtained by organisations that have a brand(s), is that brands provide:
•    Increased awareness

•    Greater company equity – particularly when selling a business, a branded business sells for significantly more than its book price value

•    Memorable – brands are more memorable than their non branded counterparts and as such are far more likely to be purchased, or recommended by consumers

•    Higher acceptance by a consumer due to the perceived lower risk associated with brands

•    Decreased price sensitivity

•    Increased customer loyalty

•    Increased market share

•    Ability to charge premium prices for goods or services

•    Increased value for shareholders

•    Better bargaining power for the brand with retailers, wholesalers, distributors, channel partners etc.

•    Organisations with the ability to attract and retain a highly talented workforce

•    Focus and clarity for organisational activities and resources

•    Quick acceptance for the introduction of new products or services that are related to the brand, this is known as brand extension whereby you can extend the line of a product or service offering so long as it is aligned to the core brand and as consumers have familiarity with the core brand they are far more likely to accept the brand extension.

In our next post we will be talking about Organisational Branding what it is and what it means, so do not forget to join us and we look forward to your comments and feedback for our Branding Guide series.

Brand Art – Fresh ideas Grow business™