With the new age of social media and digital marketing, effective branding can elevate a product or an organization from being just one commodity amongst many identical commodities, to becoming something with a unique character and promise. Branding is vital since it not only creates a lasting impression on customers. It also informs them about what to expect from your business. It’s a technique to set yourself apart from the competition by stating exactly what you have to offer that makes you the better option.
The power of branding to impact behavior is its strength. We brand businesses so that they can establish a reputation. More purchases, advocacy, donations, shares, and other actions are elicited by a company with a positive reputation.
What is a brand?
Firstly, a brand is a name given to a product or service that gives it a distinct identity. In today’s market, which is flooded with thousands of products and services that are increasingly becoming commoditized, a brand stands out and attracts attention. Depending on how the brand is marketed, advertised, and promoted, it can produce and stand for loyalty, trust, faith, premiumness, or mass-market appeal.
Then, why is it important to build a brand?
The public’s perception of a firm and its products is determined by how it establishes its brand. Hence, people’s perceptions of a company’s name, story, logo, and marketing efforts can all be influenced by successful brands. In many circumstances, a product’s brand is just as significant as its quality and price. Thus people who purchase a product are also purchasing the lifestyle that the thing represents.
The public will recognize a company’s products or services more easily if it produces an exciting and memorable brand, and they will have a clear idea of the value that the goods can offer to their lives. One of the most efficient ways to earn client trust is through branding.
How to build a brand?
One may follow these four simple steps as a guideline when building your brand:
- Identify your target audience
Find out who is most likely to purchase the product. To establish a demographic, consider criteria such as age, gender, geography, and income. For example, examine related businesses. Established businesses that provide similar products or services can teach you a lot. Hence, try to learn more about how they produce marketing efforts that are aimed at specific groups of people who buy their products the most. Compare data from different firms to get a better picture of their branding.
- Position your product and business
When it comes to positioning a firm, it’s all about figuring out how to set it apart from other similar items or services on the market. To do so, you must first collect as much information as possible about your company’s direct competitors, including specifics on their products, prices, and markets, as well as marketing techniques. Thus, try to identify any flaws in their products or services.
- Establish your company’s personality
A brand, to a considerable part, communicates the company’s identity. Determining the company’s personality, then, is a key stage in developing a brand. A company’s target audience will assist establish its identity. In addition to its products and services. Choosing the personality of your firm will necessitate creative brainstorming with other members of the branding team. Consider the corporation as a person to begin the process.
- Have a logo and slogan
A strong phrase can help people remember your product, while an excellent logo may make your brand visually appealing.
- A brand is the sum total of a customer’s interactions with a recognizable product.
- A company’s brand is its basic identity, and it has the power to make or break it.
- A brand is an intangible asset that has a value that is difficult for investors to quantify.
- Branding may help a company win a pricing war, prosper during a recession, or simply increase operating margins and produce shareholder value.
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About the Author
Rae Woon is a brand marketing analyst intern at the International Institute of Digital Marketing ™.