Remember the game in which one had to match the logos to the brands? Ever wondered why you remembered some logos but not the others? The answer is powerful branding.
The power of a brand lies in its unique presentation. There are lakhs of brands around the world, and this number is growing every day. Therefore, it is important that you differentiate your brand from others. This is where branding plays an important role.
Branding is the way to make your brand stand out from the competition, even though your products and services are almost the same as another brand’s. Branding is the tool or strategy that you employ to connect with customers in a way that helps them remember who you are and what your USPs are.
Branding does include the logo, but it also includes many other things such as messaging, designing, advertisements, sales campaigns, resonating with emotions, etc. to pique the interest of a potential consumer. The brands need to keep up with the times and trends and select the right branding method to match customer wavelengths. Once the customer feels aligned with the brand, they stay loyal and recommend the brand to others too.
2024 is going to be no different in terms of branding. If you have also still not started budgeting for branding, here are some figures to motivate you for it:
- 81% of customers buy from brands that they trust.
- 77% of consumers shop with brands they follow on social media.
- 65% of customers look up the CEOs and employees of the brands before making a decision to buy.
- 55% of first impressions are formed by visual branding.
- It takes only 7 seconds to make an impression, but the consumer needs about 5-7 impressions to remember the logo.
- Instagram is the most popular social media channel to research on the brand.
- Google comes next as a research tool for finding out about brands.
The type of branding that you select will go a long way in building trust with your present and potential customers, which directly translates in to increase in your revenue.
Types of branding and 2024 trends you should know
Research shows that the presence of all types of branding can increase the revenue of a business by 23%. The type of branding you select, will depend on your business goals. You don’t have to limit yourself to one type of branding; a judicious use of multiple types of branding can help you reach more customers.
Here are the 10 common types of branding in 2024:
1. Corporate branding
This is about making a name for the brand. The company’s good reputation can be leveraged to create a powerful brand identity. This includes all spheres of a business, such as the employees, products, business ethics, services, etc. Corporate branding highlights the USP of the business. Corporate branding not only gets you more consumers but also attracts a skilled workforce. Another advantage of corporate branding is that consumers tend to trust the new products.
2. Personal Branding
It is the art of promoting a brand using one’s personal popularity. It is popularly used by celebrities, actors, politicians, celebrities, influencers, etc. Social media is a popular means for personal branding.
3. Product Branding
It is the most popular type of branding and focuses on one single product rather than the range of products or the entire business. Product branding focuses on the customer’s needs and reviews and tries to understand the customer better to build a successful brand. The product is branded as a solution to the customer’s pain points.
Also Read Customer Journey Maps
4. Retail Branding
This is when the retail brand is treated as a product. It includes products, corporate inclusions, and an experience. Different products are all under one roof and the focus of the retail brand is to market the seller and convince people to shop from them rather than somewhere else.
5. Geographical Branding
This is focusing on the customers in one area and selling the good traits of one specific region. It is very common in the tourism industry, where they use the region’s star attractions to boost the visits. Same way, businesses who are targeting customers in their area, can use their logos with famous attractions to generate interest in consumers.
6. Service Branding
This is a type of customer centric branding which puts customer service at the top of the priority list. It is all about adding some personal value to customer service and promoting the same. Service branding focuses on building the image and selling the skills.
7. Online Branding
The last few years have been about social media. and 2024 is turning out to be no different. Also known as ‘internet branding’ this type of branding is about building a reputation for your brand or product online. It can be making a strong social media presence, or reaching consumers through blogs, etc, or building an attractive website. Online branding covers all social media platforms and everything that happens on the internet under your brand’s name.
8. Co-Branding
It is a simple type of branding, where banding is done in partnership. Two or more brands can connect for building the reputation of one product or service.
9. No Brand Branding
This type of branding, does not have a brand name but relies on the product to sell itself. It is also known as ‘minimalist branding’ and highlights the high quality and affordability of the goods, and customers are only paying for the good and not the branding.
10. Offline Branding
Hard to imagine, however still very relevant; the offline branding is off the web. It includes handling out business cards, setting up client meets, events, goodie bags, etc. to reach out to customers and clients.
Branding trends you don’t want to miss out on in 2024
- Personalization including bespoke products and tailor-made experiences. AI and AR are the great tools that will come in handy in touching base with customers.
- Short term videos: Reels are in, and studies show that attention span is decreasing. In 2024, your brand’s focus should be on short terms videos as they have the highest ROI.
- Sustainability i.e., making the branding eco-friendly by imbibing good ethical practices, reducing carbon footprints, and still exceeding customer expectations.
- Take social responsibilities by showcasing brand’s social initiatives in real time.
- Minimalism, i.e., simplicity, especially in designs to create a concise and memorable message.
- Making data privacy a priority and transparent
- Using user generated content because user reviews and opinions fortify the brands authenticity more than traditional advertisements.
- Use animation videos, animated logos, and a lively tone of voice in your branding.
The aim of branding is to bond deeper with your customers. Knowing the types of branding that you can use will help you work on your marketing strategies more efficiently, which is essential for organizational growth.
Amit Bhateja is the co-founder of enrcloud and helping brands and Unicorns from the last 15+ years and overachieve their Engagement and Retention goals. He is passionate about solving customer problems with modern technology, new age solutions, and consultancy approach. Besides Building ENR, He enjoys reading books, spending time with his family and Teammates, traveling, meeting new people, learning new things, and love to close the business deals.
