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Whether you're a small company or a multinational corporation, the majority of businesses answer to a single trading name. Only small subsets of these businesses, however, operate under what could be called a brand. Branding refers to the process of crafting memorable and long-lasting awareness in the minds of customers. In essence, a brand is the consistent identity of a business, combining associations of personality, superiority, heritage, and other such aspects which make a business unique. For the most part, customers associate brands with big companies, but this is not to say that a smaller business can't take advantage of the benefits of branding. Customer Trust and Loyalty A key benefit to branded products or services is that they will be more memorable. An effective brand name and image can help to put your business at the forefront of your potential customers' minds. If, for example, your business sells products that are typically purchased on a whim, a customer recognizing your brand could persuade them to choose yours over another. Even if the customer was unaware that your business sold this particular product, they are more likely to purchase off you if they trust your brand. Additionally, if the customer is satisfied with your products or services, your unique brand can help to foster customer loyalty throughout all your business operations. Image of Establishment A strong brand will put forth an image of success and professionalism to your customers. As mentioned earlier, people usually attach branding to larger, more established businesses. If you can effectively brand your products and services, then you can make your business seem much larger than it really is. This perceived image of size and establishment can help to reassure customers that they can rely on your products and services, and thus helps to establish trust. Image of Value If you can create an effective brand, the image of quality in your business will increase over time. This is not to say that branding can replace quality, but rather enhances the positive attributes of your products or services. After all, many people see brands as a general representation of the quality and value offered by the business. Diversification If your business has a strong brand, you can group together a number of different products to make your service seem more comprehensive. This is particularly useful for promotional products, as promotional companies can place your brand on any item you see fit, all at a reasonable price. More info: http://www.consumerprotectionagency.org/
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