If you have a great product, it does not necessarily mean you will be able to sell it. People must be made aware of its existence and value. Here’s where branding comes into play. Today, Apple and Google are some of the most well known global brands; achieving financial success in the same proportion. In other words branding makes your enterprise identifiable and commercially successful. Few people will opt for unheard of or obscure brands because most people perceive that doing so is a serious risk.
Branding is the most important area of any business. It is more important than the product, price and location. Your company’s brand is its definition in the world. An actress may be pretty, but without a name, she’s just that woman in that movie. Take the example of Nike—tagline “Just Do It” is not perceived just as a shoe manufacturing company. Its brand associates it with positive lively characteristics such as dynamism and energy. People prefer to buy branded items because the brand exemplifies good quality or a desirable value or trait.
‘Xerox’ is the name of a company manufacturing photocopying machines. However, the brand “Xerox” is so strong that the act of photocopying is called Xeroxing. This is an apt example of the power of branding.
How branding should be done?
The brand name should be unique. Your product should be perceived differently than others in the market. Brand name should be simple enough for people to remember. People find it difficult to remember obscure or complicated names. It is important that brand names and logos should not closely resemble that of a competitor. This will confuse your target audience and may prove to be counterproductive. Choose a name that would not associate with something negative but rather something positive.
Ways and means of branding
Branding can be done in several ways. It is imperative that you hire skilled and proficient professionals with hands-on experience in branding. Doing so is well worth the investment on time and energy. Branding should make your audience perceive your product differently and superior to that of your competitors. You can sell merchandise such as clothes and toys, which will also advertise your brand. A polished and well advertised website will also do wonders for your brand. Getting someone famous to endorse your brand would do wonders to your business. Also, handing out promotion products such as notepads, memory sticks, mugs, etc. with your logo on it will help get your name out there. Consider advertising in print media or television as other channels of branding as well.
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Brand loyalty is an important part of building a brand. Consumers have a plethora of product/service choices in the same market segment. If a company wants to be a winner, it will come up with a way to ensure that customers keep buying their products rather than that of its competitors.
A brand uniquely identifies your enterprise and what it is selling; it’s as critical as giving a name to a baby. Time, money and energy must be invested to transform your nascent business to a fully mature and successful one.
How do you propose to brand or re-brand your products and services successfully?
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