Many people associate branding with logos, websites, and color schemes. But what is the true power of branding? According to Krishen Iyer in his article “Why Branding Matters,” “Branding means different things to different people. For marketers, it’s a way to identify products and services, so consumers know what they’re buying.” So according to Krishen Iyer, three main points show how important branding is:
Branding Makes an Impression
Successful businessman and CEO Krishen Iyer shows that branding makes an impression on the consumers by stating, “Many people associate branding with logos, websites, and color schemes.” This quote supports his first point as it demonstrates how important branding is to consumers.
Branding is About Credibility
The outstanding marketing expert Krishen Iyer states that “the bigger a brand is, the more credible it feels. This is why big brands have an advantage over smaller ones.” An example of this is how someone perceives a well-known restaurant vs. a small local one. The locally-owned restaurant may have better food, but people are less likely to trust it because it isn’t as widely known (Econotimes).
Krishen Iyer states that “If consumers are looking for a product or service, they automatically think of brands they trust.” This strengthens Iyer’s credibility because it shows how big brands trust the consumer and eventually get the sale.
Builds Customer Trust
According to Krishen Iyer, “Branding helps build customer trust. Customers are more likely to buy from brands they know.” This quote supports point three because it shows that consumers trust big brands more than small ones. As Krishen Iyer explains, big brands have already built up a reputation with their customers, so even if the product or service isn’t as good as another, they will still buy it because of brand loyalty. Iyer shows how important trust truly is when he states, “Customer trust isn’t something a company can easily win back once it’s lost.”
More on Krishen Iyer´s biography and career https://krisheniyer.wordpress.com/about/