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Did you ever feel conflicted before making a purchase? But you were able to make a safe and sound purchase after checking out the brand of the product. It’s not the product we purchase, consciously or unconsciously we tend to gravitate towards the Brand of the said product. Brand plays a major role while deciding what to purchase, or where to invest. And it is the process behind creating a successful brand. So, what is a Brand? and Why is Branding important?
What is a Brand?
According to Wikipedia,
“A brand is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers.”
In simple words, Brand is the unique and distinct identity of any business. It is used for the purpose of creating recognition, and most importantly for the value of the product, it is used for. The main use of a brand can be seen in advertising, business, and marketing.
Now the question rises What makes a brand a BRAND? How does a brand is created? Why it is made? Well, Brands are made by the process of BRANDING.
What is Branding?
The practice of branding (the literal one) can be traced back to as early as 2,700 BCE. Ancient Egyptians were known to brand their livestock by burning them with a mark. They did it to differentiate one person’s livestock from another’s. This is the most basic use of Brand. Let’s talk about branding in modern times.
Branding is the process of applying a unique set of traits to the organization so that consumers and customers can associate the two. For example, brand to product, or product to brand. The process of making a brand also consists of researching and developing the said traits which are used in the brand. The brand of any organization acts as the Face of the organization. It is the most important asset of the organization and requires a certain human touch to it so that it can reach your customer’s hearts. Thus, acting on customer feedback is very essential for creating a great Brand.
Some important terms to know:-
- Brand Awareness – Brand’s familiarity in the target audience, and general public.
- Brand Extension – Brand’s expansion into new line of services, or products.
- Brand Identity – Brand’s persona, mainly consists of experience customers receive from the product, or service.
- Brand Management – The process of maintaining of tangible(style, color palette), and intangible(target audience, customer base) elements of the brand.
- Brand Recognition – It is to see that how well public can recognize the organization without seeing organization’s name.
- Brand Trust – Brand trust refers to loyalty of the customers.
- Brand Valuation – Commercial Value of the Brand. It is based on the trust, recognition, and customer perception of the brand.
Why is Branding important?
Having a distinct, and unique Brand is very important for business. The brand has a huge impact on business by giving it a competitive advantage over other businesses. The importance of branding can be broken down into the following points:-
It helps you stand out.
A good brand strategy helps you stand out from your competition. It makes your business distinct, and unique. Investing time, and effort in making a compelling brand gives the business a great standing in the industry and market. Providing an edge over the competition.
It builds recognition.
A business and its products must be easily recognizable. And it helps in achieving this goal of the business. When done right it helps you make a distinct style and increase brand recognition in the market. For the sake of easy recognition designing of impactful logo, website, and other brand elements is necessary.
It helps in providing Customer satisfaction.
It is essential for businesses to provide their customers with a great consistent experience, and user satisfaction. In order to do so, a great strategy is required. It makes the face of the business, and consumers interact with it. And it allows the business to control, and maintain how people perceive, and experience the brand.
It helps in making Consumer base or Audience.
Branding helps in building a connection with the audience. By creating an emotional connection, and memories turn a prospect into a customer and a customer into a brand enthusiast. Brand strategies provide different ways to help connect with your audience and create a loyal consumer base.
Elements of Branding
Good branding requires careful planning and a strategic approach along with a lot of market research. Thus making it a very complex process. There are various elements that come into play while making a brand. These elements are as follows:-
- Name:- The name by which the brand will be identified.
- Logo:- A symbol, or design associated to the business, or brand.
- Color:- Use of color heavily depends on the color psychology. And the marketing message.
- Vision:- The overall objective of the organization which help guide its activities.
- Message:- Values of the business which are conveyed through brand.
- Graphics:- The designs which are used in the marketing.
- Sound:- Music, or theme used in multimedia to enforce brand identity.
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Types of Branding
They are different types of branding to choose from for your business. And starting out with the one that suits the business gives a huge boost to the business. Types of branding are as follows:-
1. Corporate Branding
Corporate branding is a more reputation-oriented strategy that is usually used for an entire corporation. It relies on name-brand recognition. And consumer tends to automatically trust new products of the business associated with the brand.
2. Personal Branding
As the name suggests personal branding is focused on an individual person rather than an organization. It is mainly done for celebrities, politicians, or even digital marketers. In making a personal brand social media plays a major role by providing a huge platform with millions of users, and great reach.
3. Product Branding
Product branding mainly focuses on the branding of a product. If done correctly the brand name becomes synonymous with the product.
4. Geographical Branding
Geographical Branding is heavily used in the tourism industry. It focuses on the distinct, and unique traits of a region, or area as the selling point, and attraction to a particular place. And urging the audience to visit.
5. Online Branding
Online, or Internet branding, in this the online presence of the business is dealt with. It consists of a website, creating a social media presence, publishing articles, or anything done online under the business name.
6. Offline Branding
Distributing pamphlets, handing out business cards, organizing meet-ups, etc all fall under Offline Branding. This process basically requires the use of conventional methods to reach an audience and create a presence for the business.
Co-Branding is the concept of two different brands coming together which are connected through the same product, or service.
8. Service Branding
Service Branding businesses are focused on providing best-in-class service to their consumers. It relies on adding value to the customer service by going one step further than everyone else.
9. Ingredient Branding
Ingredient branding is done by the business when it mainly focuses on one specific ingredient in the product, or one specific service in the business rather than the whole business.
10. No-Brand Branding
No-Brand or Minimalist branding is done by the business when it is believed that only the product value is enough to get an audience, or consumer base without emphasizing other things.
Making a great Brand requires a great Branding strategy, and it requires a well-researched, detailed, and strategic approach in order to achieve that.
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