06 January 2018
Before diving into the topic directly, I would like to discuss about the user persona i.e demography and psychograph of current Gen Y-proudly called the age of millenials,which means people born after 1982.You may agree with me that smart phone has become our best friend and sometimes to an extent ignoring people around us, The millennials use internet to gather information and make use of it to make an enquiry, perform a transaction etc and are very proactive to report/critise which effects brand image of a person or a business.
Let’s accept the fact that the best way to reach out to Geny-Y or making the Gen-Y to reach out to you is defining the right brand strategies and be heard. As per the PMAR report 2017, it is evident that brands are increasing their ad spends digitally narrowing their focus to specific audience by getting to know their user online activity.
These insights above help us make better decisions regarding our ad spends and digital is surely going to thrive in coming years making businesses retrospect the traditional ways of promoting their services/products. The brand identity of the business makes a huge impact on the purchase decision of the person who is looking out for similar product/service, the customer nowadays is empowered with data that enables him/her make better purchase decision at the time of need.
Branding and Identity plays an important role in driving sales, consumer loyalty and establishes credibility. Business need to rethink about having branding and identity which is in simple terms their name, logo, typeface, tone and tagline. It should appeal to their audience when they are making a purchase, It should recall subconsciously when the customer is looking for similar service or product at POS. Having a logo and a tag line which resonates with customer beliefs thus giving a clear edge in the marketplace among its competitors.
Internet penetration is going to increase manifold in coming years and surely influences purchase decisions of the customer. Its high time Small and Mid-sized business need to act on the importance of having a brand identity to reach out to new customer as well as retaining the existing customers.
Having a strong branding and identity has advantages such as brand awareness and consistency in the marketplace. The more customers know about your brand the more you are alive in the market place. Best example of brands having a consistent brand identity are Apple and Coca-Cola. The more a business works on its branding and Identity the more its seeds a subconscious belief system in consumer’s mind.
To conclude, if you want to succeed and sustain in the market place, better work on your branding and Identity.