What is brand image and how important is branding in your business?

Many companies run successfully without giving a second thought to their brand image. However, little do they know, if you don't create a brand image, your customers probably have one for you and in most cases you'll find that their perception of your brand drives your pricing and quality instead of you.

Everyday we come across logos, and images but without a word describing what it is we already know the company or product represented. That is the testimony of powerful branding. Companies and their customers have a co-dependent relationship as both of their identities are linked to branding power.

Physical presentation has been found to be part of the driving force in decision making for many people. Not only do more attractive people have a higher chance of getting employed but they also earn more than less attractive people. 57% of hiring managers say that qualified but unattractive candidates are likely to have a harder time landing a job. These may not be the statistics we want to perpetuate but it is sadly how it is.

In a survey of 500 top colleges it was found that 10% of admissions officers acknowledged looking at social-networking sites to evaluate applicants. While colleges are dependent on their intake numbers, they still take the time to be selective of their enrollments. This goes to show that their customers are important because they are brand ambassadors. 8% of companies have admitted to firing employees based on their social media behaviour. Company brand images are not just images that represent the company but the people that are associated with it.

Why people are willing to pay more for branded items?

Many companies focus on simply creating the best products or delivering the best service and they neglect their brand. This leads to a loss no matter how invaluable they may be in the market. Here are some reasons why people are willing to pay more for branded products:

1. Branded products are more visible on the shelf

Most brands make use of unique and eye-catching designs. When a product is branded, the image pulls attention and curiousity. Even if someone knows exactly what they want, a logo that speaks to them gives them enough interest to pick it up and learn more. Same applies to service providers. If the employees are well dressed, with a friendly and welcoming demeanor, customers feel more comfortable to engage them. Different outfits and postures will convey different emotions in customers. It is crucial that every company understands what emotions their employees' dress code is meant to invoke in their clients.

2. Branding is associated with quality

When someone comes across a well-dressed or well-presented product they cannot help but associate it with good quality. It takes a lot of effort to put together a good presentation and anyone can appreciate it. Most products consist of the same ingredients with the same purpose but once well branded, customers easily assume higher quality and thus worth more.

3. Branding reflects a customer’s personal identity

As I mentioned before, branding is a reflection on both the company and the customer. Once level of quality is assumed, customers will choose products based on what they think the brand will say about their personal preferences and, sometimes, their affluence.

Needless to say, determining your brand and what image you are trying to get across is just as important as quality when it comes to the price of the product. While you might want to set a price that allows you to break even, you might fail to even put a price tag you require because no one believes your product is worth it at first glance. In some cases you'll find that customers are amazed at your affordable prices because your brand speaks of a higher quality.

What are your favourite brands? Do you agree that your favourite brands are a reflection of you and your personal preferences?