Understanding Branding: A Comprehensive Guide to Building Strong Brands

Introduction of  Branding

A brand as “a Name, term, Sign, Symbol or design or a combination of them ident to identify the goods or services of one seller or group of seller and o differentiate them those of competitors.

“A brand is thus a product or services that adds dimensions that differentiate it in some way from other products or services designed to satisfy the same need”.

Branding is meant to distinguish the good of one producer from those of another. Branding in endowing products & services with the power of a brand. Branding Is all about creating difference.

What is Branding?

Branding is more than a name and symbol. A brand is created and influenced by people, visuals, culture, style, perception, words, messages, PR, opinions, news media and especially social media. Like when a child is born and given a name, a brand needs nurturing, support, development and continuous care in order to thrive and grow. Some brands have a life cycle and grow old like people. Some brands are timeless and never die, are “born again” or reinvented, while some brands live a short but powerful life and have an iconic legacy.

Branding, to me, is the identity of a product or service. It’s the name, the logo, the design, or a combination of those that people use to identify, and differentiate, what they’re about to buy. A good brand should deliver a clear message, provide credibility, connect with customers emotionally, motivate the buyer, and create user loyalty. Focusing on your Target Audience - It does not matter what your Brand mission is identifying and gaining the devotion of your target audience is the necessary means to reaching those objectives. To achieve your brand marketing goals, it is important that you know your target market inside and out. This requires conducting a market analysis. This market analysis must be as in-depth as possible providing you will all the data you need to reach your target effectively. By knowing your target audience, you will be more confident in the steps to take to connect with that audience. The power of your brand relies on the ability to focus. That is why defining your target market will help to strengthen your brand's effectiveness. There are two steps in Lesson four of the Developing Your Brand's Strategy course. The first is to conduct and informal market analysis of your target market and the second is to write a target audience definition for your company. The instructions below will walk you through the process of completing both of these steps.

The objectives that a good brand will achieve include:

1. Delivers the message clearly
2. Confirms your credibility
3. Connects your target prospects emotionally
4. Motivates the buyer
5. Concretes User Loyalty

Function or Role of Brand 

1. Brands can signal a certain level of quality so that satisfied buyers can easily choose the product again.
2. Brand offers the firm legal protection for unique feature or aspect of the product
3. Brand name can be protected through registered trademark, manufacturing processes can be protected through patents and packaging can be protected through copyrights & designs
4. Brand loyalty can translate into willingness to pay a higher price often 20 to 25 percent more.

The scope of branding

A brand is something that resides in the minds of consumers. A brand is a perceptual that is rooted but reflects the perception of consumers.  

To successfully brand a product it is necessary to teach consumer:

1. Who the product is by giving it a name and using other brand element to help identify it
2. What the product does
3. Why consumer should choose that particular brand

A branding strategy shall be considered only when the consumers have an answer to the above three question which is strong enough to make them believe that there is significant difference in the products or services provided by a brand than others.

Branding can be applied virtually anywhere a consumer has a choice for example, 

1. Physical goods – e.g. soap, Parle G biscuits, Tata tea etc.
2. Services – Indigo airlines, HDFC bank, Taj Hotel etc.
3. Stores – Vishal mega mart, Jio Mart, Amazon, Flipkart etc.
4. Person – Virat Kohli, Sachin Tendulkar, Sourav Ganguly, Amitabh Bachan etc
5. Place – Gujrat Tourism, Incredible India etc
6. Organization – WHO, UNICEF, BCCI etc
7. Idea – Child Education, Freedom of Speech

Brand Equity

Brand equity is the value of your brand for your company; brand equity is the worth of a brand in and itself (social value of a well-known brand name) the owner of well-known brand name can generate more revenue simply from brand recognition as consumer perceive the products of well-known brands as better than of lesser-known brands. Brands equity is the added value endowed to products and services. Brand equity is an important intangible asset that has psychological & financial value to the firm.

Brand Elements

Brand elements are the unique aspects of your brand like name, logo, colour schemes etc that create a recognizable image for your business and extend into everything you create. Brand element is those trademarkable devices that serve to identify & differentiate the brand from competitor. Most strong brands employ multiple brand elements. For example, Nike has the distinctive logo the empowering “Just Do It” slogan and the methodology “Nike” name based on the winged goddess of victory. A rand element provides a positive contribution to brand equity.

Brand element choice criteria

1. Memorable – How easily is the brand element recalled? Ex-short brand names such as Lux, LG and Taj, Nike etc.
2. Meaningful – To what extent is the element credible & suggestive of corresponding category? Suggest about product ingredient or type of person who use for example – Taj hotels (royal ness & luxury), Mother’s pickles
3. Likeability – How aesthetically appealing do consumers find the brand element? For example, maharaja, Splendor etc.
4. Adaptable – How adaptable and updatable is the brand elements? For example, Lifebuoy is launched in 1895 and major change in 2002.
5. Protectible - How legally protectible is brand elements? Ow competitively protectible? Can it be easily copied?

Internal Branding 

Internal branding is activities and processes that help to inform and inspire employee. It is critical for service companies and retailers that all employees have up to date, deep understanding of the brand and its promise. 

Positioning

Positioning refers to the place that a brand occupies in the minds of the customer and how it is distinguished from the products of the competitors. In order to position products or brands, companies may emphasize. The distinguishing feature of their brand (what it is, what it does and how, etc.) or they may try to create a suitable image.

What are the objectives that you hope to achieve with your brand? 

Your brand should be comprised of the company personality, image, core competencies and characteristics. The impressions that you make as well as the words people will use to describe your company to others, are the basic framework of your brand. With a strong brand you build credibility, have more influence on your market, and motivate customers and clients to purchase from you. If done correctly your company will be looked at as a leader not a follower.

To determine your brand objectives ask yourself the following question:

1. What is it that you want your brand to do for your company?
2. What do you want others to know and say about your products or services?

Related Posts

Previous

Next