Why is branding so important?

In today’s world, if you do not have a brand, you simply do not exist. The problem is that most SMEs undervalue the importance of branding. They may be familiar with the concept but fail to recognise it as an essential tool of success for their business.

Donald Trump once said, “Your brand can be the single most profitable asset of your company, if it is built well.” I can’t agree more. Branding is key to help a company, product or a person to develop a unique experience. It is a set of tools that creates a solid first impression for you; helps convey your core values more effectively and sets you apart from your competitors with your brand uniqueness.

Throughout years of helping our clients to create a platform of branding success, developing creative brand solutions all across South East Asia, we would say branding is key for a business to gain the 3 R’s –

To be Remembered

 A brand needs to be differentiated clearly from all its competition. For example, Pepsi is always Pepsi. It is not Coca-cola number 2. It has a different set of values, look and feel, and overall experience.

To be Recognised

Getting recognition means getting attention. Your brand will have a strong presence in the market place when it’s generally being perceived as the market leader, the go-to brand. It’s just like when I mention the product ‘white coffee’, you and I may think of the same brand(s), for those are the ‘top-of-mind’ brands that we will purchase when we need to satisfy our thirst for the aromatic cuppa.

To be Rewarded

At the end of the day, doing business is all about the revenues – not just in money, but in people as well. You want to own a brand that has the power to excite in the beginning and the power to sustain for years or generations to come.

Having a strong branding means creating wealth for a company in the long run. It provides motivation internally (employers and employees) and externally (customers and vendors) and creates a lasting impression towards the company or product.

Ian Lai and Jane Lee are Co-founders of Brand Talks Asia.