Just to be clear, branding means "image-building," and the image should be backed by a real quality advantage if it's going to work long-term.
Here are the 5 reasons why branding is crucial to the success of your business:
- It makes people trust you versus competitors who are unknown, even if they are cheaper.
- It makes people prefer you to competitors and resist their attempts to woo you.
- It makes people willing to pay more for what you sell (brand equity).
- It gives you a cushion to recover from mistakes.
- It enables you to change with the times because your name is associated with a concept not just a specific product or service.
Originally posted to Quora by Dannielle Blumenthal, Ph.D. All opinions are the author's own. This is a personal account unrelated to and not sponsored by the author's employer or any other entity. The author shares this content for reuse under the Creative Commons 3.0 License. Public domain photo via Pixabay.