Through this post, let us try to understand what is meant by a brand, what is branding, why branding is important and what are the processes in branding.
What is a Brand?
Many have a misconception that brand is a product. The brand is NOT a product. The brand is a promise given by the Company/ Manufacturer/ Supplier/ Promoter to the Buyer that the product shall meet buyer’s expectation and shall be consistent with quality and performance across the geographies.
When the product regularly achieves and meet buyer’s expectation, a trust or a bond is developed between the buyer and the Company. Thus, a brand is also defined as a trust placed by the buyer on the product.
As and when the Company launches a new product or enters into a new market, the buyer shall automatically repose faith on the product based on his trust. Thus, a brand is an intangible asset for a Company.
What is Branding?
Branding is the process of creating a connection between the Company’s product and the Buyer’s functional, rational, and emotional perception of the product.
Why is Branding important?
Branding helps a Company to differentiate its product from other Competitors and stand out from the crowd. Branding also helps a Company in building a loyalty with the Buyer. When the product regularly meets buyer’s expectation, branding helps in tapping a premium price for the product.
What is the process of Branding?
The process involves creating a unique product name and image in the minds of the target audience, with a mix of advertising strategies, and making a buyer a loyal customer of the product.
A brand should effectively deliver following components viz:
- Brand Identity talks about how a Company takes its product to its target audience by using a name, logo, tagline.
- Brand Attributes are the features that highlight physical and personality aspects of a brand.
- Brand Positioning – How a brand is positioned in the market? What are the distinguishing factors of the product that separates from the Competitor’s product?
- Brand Building – How a brand is targeted towards the audience? What is the mix of advertising strategies used?
- Brand Awareness – Whether a buyer can recall or recognize a brand or a brand’s feature?
- Brand Perception – How a brand is perceived by the target audience? Whether the product delivers as per buyer’s expectation?
- Brand Loyalty – Whether a brand creates a loyal customer? Whether a customer remains loyal to a brand?
In our next post, let us go into detail of branding. If you had liked the post, do subscribe to our blog post and share it on social media.