Our world is ever changing, and as shown throughout history, our society is constantly evolving. America is no longer the country of factories and manual labor seen during the industrial revolution. In this new age, more and more americans seek out jobs devoted to intellectual skills rather than laborious work. One thing that hasn’t changed, however, is America’s entrepreneurial spirit. Through the decades, small business owners and corporate executives alike have continued to compete in one of the world’s largest economies. According to U.S. Census Bureau, there were 27.9 million small businesses in 2010. That is roughly 10 percent of the U.S. population!
With all this booming business, it’s important in this fast-paced market to understand the essentials of running a successful company- marketing and branding. These are two must-haves that are pivotal in any business. What is the importance of branding and why is marketing such an essential tool in today’s business world?
Marketing, by dictionary definition, is “the activities that are involved in making people aware of a company's products, making sure that the products are available to be bought, etc.” Such activities are normally called advertising. A company’s brand, by definition, is “a distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market.”What’s the big deal? Why are these important? First off, the importance of good branding can not be overemphasized. This is the basis of your company, or the foundation. It portrays to your audience what your company is, what makes it different, and the effect is something that could help or hurt a business drastically. Additionally, a brand does all of this while still maintaining an eye catching, yet simple design. It has to be clear, simple, and quick or else risk losing the opportunity to “convert” or keep a customer. Tammy Brown, Senior Designer at Mighty 8th Media states, “A good brand has early adopters, or loyal customers who will keep coming back and buying products or services because there is a sense of trust. A bad brand is inconsistent and does not feel authentic, but rather cheesy, like car salesmen or real estate agents.” If you have already branded your company, but are looking to improve, consistency is always key. as Mrs. Brown points out, “All elements in a good brand are consistent, even down to the packaging. Wherever you go. you always know what you’re going to get. It’s clean. At Chik-fil-A they will always say “my pleasure.” At the Ritz Carlton, you're always going to get the same service whether you’re in Atlanta or the Bahamas.”
Marketing, especially in an age such as this, is undoubtedly necessary. With business booming and competition at it’s peak, advertising and promoting your company is essential. According to Hubspot, 92% of marketers in 2014 claimed that social media marketing was important for their business, with 80% indicating their efforts increased traffic to their websites. There is just not a whole lot to believe that good marketing isn’t effective. At the very least, it generates brand recognition. According to Forbes Magazine, marketing means more opportunities to convert. “Every blog post, image, video, or comment you share is a chance for someone to react, and every reaction could lead to a site visit, and eventually a conversion.” The goal is to make more money, and in order to reach that goal, more customers have to be onboard.
Without proper branding, a business's identity could be compromised. without good marketing, a business may not grow at the rate of it’s potential. These two factors are undeniable in their ability to enhance any company.