Brand and branding are two words that most of the marketers use abundantly. What exactly are they and are they really important to the consumer and manufacturer ? What are the strategies to create a successful brand ? We would be discussing the answers to those questions in this week’s blog.
What does Brand and Branding mean ?
According to popular Macmillan dictionary, brand is defined as a product or group of products that has its own name and is made by one particular company, and branding is the process of making a brand known to its users or consumers.
How important is to create a brand and carryout branding ?
Brand and branding is key in success of every product or service. It improves recognition. When we discuss about recognition, the logo plays a vital role. For example we all recognize McDonalds by its golden arches and Nike by the right / tick sign. Another benefit of branding is that it creates the necessary trust among the end users and and supports the advertising. People are more likely to purchase from a business that appears polished and legitimate where emotional reactions are hardwired into our brains and influence the purchasing decision. Branding creates monetary value and inspires the employees. That is one reason why companies that are being traded in stock exchanges are valued many times the actual hard assets. Most importantly. branding would bring in more new
Key tips to to develop an awesome brand
- Define your brand
Review the product or service that your business offers and identify the market space it occupies. Study the rational needs and concerns of your customers. Your brand should promote your business, connect with your customer base and differentiate you in the market. - Identify what drives your business
What does your business believe in, what is its purpose and who are its brand heroes, would establish the brand positioning and inform the identity and character for brand communications. - Try to build long term relationship with the customers
Do not over promise to raise the expectations and end up making broken promises. As we discussed above, branding builds trust. Hence maintaining the integrity is of utmost importance. - Avoid repetition of the messages
Do not bore the consumers with repetition of same messages. Alternatively, aim to make your key messages work together to build a coherent identity. - Avoid mimicking larger brands
Try and carve out your own unique identity. Truly independent operators can leverage their status to attract customers who are looking for something original and authentic, that aligns with how feel about themselves. By mimicking, you would be contributing to the success of the competitor. - Align your communication with the brand
Don’t lose your pride or dilute your brand positioning with discounting. Offering more, rather than slashing prices. Promotions are an opportunity to reinforce your brand mission. - Avoid the old school technique
The future of branding is fluid and engaging. Hence respect your customers’ intelligence by not giving everything away up front. Generate some intrigue and allow them to unearth more about your brand. This will create brand ambassadors who will be promoting your product / services through word of mouth.
Does the above excites you and do you aspire to develop the best brand in the market ? Drop us an email and we would be glad to train your branding / marketing team to achieve your dream. Contact us on braveenan@ultimmatraining.com
