Branding and What it Means for Your Business.
The brand of any company is linked with its marketing materials and associate logos. Branding, however, means much more than that.
There are discussions abound with terms like Brand Advocates, Brand Monitoring, Brand Awareness, and Brand Building.
The original meaning of the word “branding” denoted marking livestock with the help of a heated iron. The 21st century meaning, however, has changed radically from its pastoral roots. The Merriam Webster dictionary defines branding as promotion of service or product through identifying the same with a specific brand.
More than the sum of its parts
Your company’s brand constitutes a promise of what you deliver to your client. It shows them in what way your products are different from your competitors’. Your customers also get a fair idea about the services and products you offer as a part of your business. Branding classifies your company as either a dynamic, fast-moving one or a reliable and experienced organization. Customers will also know the price point of your product or a service—whether it is expensive or economical. You must remember that you cannot be all things at the same time.
Your logo is your brand’s foundation. It is imperative that your packaging, promotional materials, and website must integrate the logo of your company, thus communicating the brand.
Brand equity and strategy
The brand strategy you adopt must encompass concerns about how, when, what, where, and to whom you are planning to communicate and deliver the brand message to. Your advertising is integral to the brand strategy you take. This brand strategy also includes verbal and visual communication.
Strategic and consistent branding results in robust brand equity, meaning that the extra value that is brought to the services or products of your company permits you to charge a premium over what the unbranded and identical peer products or service command. Your clients will willingly pay a higher price for a greater brand equity.
The value present in brand equity often manifests itself in form of emotional attachment or perceived superior quality. To give an example, the sportswear company Nike links its products to well-known athletes, hoping that the potential customer will transfer the emotional attachment he or she has for a particular athlete to the Nike product. Several brands get mileage by appealing to a mass of people.
You and your brand
When you start to define your brand, you may encounter the experience to be time-consuming, uncomfortable, and difficult. It needs, at its very basic, answers to the following questions:
What is the mission of your company?
What are the associated features and benefits of your services or products?
What do the prospective customers and existing customers think of the company?
What are the qualities you want to associate with your company?
It is important that you do the research to learn the desires, habits, and needs of your current as well as your prospective customers. You should know what they are thinking.
And that’s the Dish! Until next time, Belinda
I am Belinda Bow
I love all things marketing and I thrive on seeing a business become re-energised and flourish. I am excited about life and I adore my family.
Within these articles, you’ll find some helpful tips and some real guidance to help you make the most of your business, and gain a good understanding of all things marketing.