Why develop a Branding Strategy?

BRANDING

Branding is process of creating a unique image and name of a product in customer’s mind through various advertisements and promotions. Branding aims at attracting and retaining customers through establishing a differentiated presence and image in the market of any specific product. The American marketing association (AMA) define branding as a” name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.” Hence branding is not a medium to hit target consumers but to present itself as prospect that provides a solution to consumer problem in huge competition. Much time is invested to built and define brand as it is the foundation of marketing communication which is a source of a commitment to consumer. Brand resides in mind and heart of customers and through brand only companies influence their customers (Vaid, 2003). Very simply a brand is promise to consumers which help them to derive value of the product and describe customer expectations from goods and services. Brand is the medium through which it differentiates a specific product from various other products of competitive market. Brand image depends on how people perceive the brand, whose base is their logo. Logo, website, packaging and promotional material all of these communicate the brand.

A brand strategy helps to develop a product image within the market and let the product grow and mature in a saturated marketplace. Brand strategy is decisions regarding how, what, when and whom brand messages should communicate. Advertisements, distribution channel, visual and verbal communications are also part of branding strategies. Therefore, branding leads to strong brand equity, which means branding adds value to company’s product or service and make it different from other which allow company to charge more for a unique image of brand than what for unbranded products or services. For an example, coca-cola vs. generic soda as coca –cola has a strong brand image in customers mind it is more chargeable than the unbranded one. In the powerful brand equity the intrinsic values also comes in form of better quality and emotional attachment. Defining brand for a business is like journey of self- discovery which can be tedious, comfortless and time consuming (Branding strategies, n.d). The various strategies that are commonly followed: company name- in this type a strong company name act as vehicle for wide range of products, attitude branding- it is a choice to represent large feeling, not necessary attached with the product, iconic branding- this type of branding describes contribution of consumer’s self expressions and personal identity, no brand- this branding made product conspicuous through the absence of brand name, derived branding- this branding strategy uses key components as guarantee to consumers, cannibalization- in this a new brand take business from establish brand, crowd sourcing- brand is created by people rather than business creates brand

Branding is a crucial as well an integral part of marketing of the business. Branding plays an important role in business building process. Large business organization spend hundreds of millions dollars in their brand building process and strategy. Brand is a promise to consumer and through branding a customer can count on expectations from any product and services. Branding enable consumer to remember specific product and services as it leaves a lasting impression in customer’s mind. Moreover it results in increasing loyal customers which repeatedly purchases. Brand adds products and services (Branding, 2014). Brands make value to product and it also send message as what are the expectations of customers from the product and services. Brands make it easier for customers to refer specific brand to another customers. Brand not only convey an image to consumers but also it conveys an emotion attach to it. As brand conjure a unique image in customer’s mind, large organizations keep working on raising power and status of their brands and check them from other unfair imitation. For brand identification logo or trade mark is required, many customers can easily identify product through logo or trade mark and drive customer toward that product like Heinz and Kellogg’s packs. For all large companies brand building process is a crucial component of marketing as corporate brand gives positive brand image and confidence about all range of products to consumers, interested stakeholders. By creating effective branding strategy, company attempts to build their brand identity in market which in turn aids gaining competitive position in market (Lake, n.d.). Attributing to this, it can be rightly said that branding not only enables company to create brand awareness but it also helps firm in sustaining in market. In addition to this, consistent branding by company aid in developing strong brand identity that further brings added value to firm’s product and services and hence allowing firm to set higher prices for product than unbranded or identical products.

REFERENCES

Branding strategies. N.d. [Online]. Available through: https://www.boundless.com/marketing/branding-packaging/branding/branding-strategies/

Branding. 2014. [Online]. Available through: http://www.entrepreneur.com/encyclopedia/branding

Lake, L., What is branding. n.d. [Online]. Available through: http://marketing.about.com/cs/brandmktg/a/whatisbranding.htm

Vaid, H., 2003. Branding. Watson-Guptill.

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