As Business Owners and Entrepreneurs
Are you constantly struggling with these marketing challenges in your business?
- Marketing is expensive still not yielding results
- Not generating enough qualified leads.
- Failing to win customers ‘loyalty.
- Owner-centric dependency in business.
- Bullet-proof marketing strategies failing to deliver.
- Facing problem in recruitment or retention of employees.
Not to worry!
Your salvation lies in Brand Promotion Strategy.
Branding penetrates deep into several aspects of business.
A robust brand strategy can only offer a viable solution to your marketing woes!!
Meaning of Brand
A brand is an intangible marketing concept that helps consumers to identify a company product or individual.
“Brand is a name, term, symbol or design or combination of them which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors”
(American Marketing Association)
Connotation of Branding
Branding involves creating:
- A unique name, design, symbol, and other feature that identifies and distinguishes a company’s products or services from those of its competitors.
- A promise to the customer that the product or service they are purchasing will meet their expectations.
- A promise of delivery according to the value proposition.
“A brand is a set of expectations, memories stories and relationships that taken together, account for a consumer decision to choose one product or service over another”(Seth Godin)
Bursting Myth About Branding
Branding is an important aspect of marketing. However, there are several common myths surrounding it.
Myth#1: Branding is just about the logo and design elements.
Reality:. It also involves creating a unique identity and value proposition that resonates with customers and building a consistent and memorable brand experience across all touchpoints.
Myth #2: Branding is only important for big businesses.
Reality: Branding is important for businesses of all sizes, from small start-ups to large corporations.
Myth#3: Branding is just about making a product or service look good.
Reality: Branding involves creating a unique identity, value proposition, and emotional connection with customers that drives loyalty and advocacy.
Myth #4: Branding is a one-time effort.
Reality: Effective branding requires ongoing effort and investment.
Myth #5: A strong brand will automatically result in sales.
Reality: It is not a guarantee of success. Other factors, such as product quality, pricing, distribution, and customer service, also play a critical role in driving sales and building a successful business.
Myth#6: Branding is expensive and time-consuming.
Reality:. With careful planning and execution, businesses of all sizes can create a strong and effective brand identity that resonates with customers and drives long-term success.
Myth #7: A good product or service does not need branding.
Reality: Even the best product or service needs effective branding to succeed in the marketplace.
Process of Branding
The brand building process entails creation of a unique image of business.
A set of Six Steps involved in the Process are:
1. To determine target audience.
2. To establish a mission s tatement.
3. To undertake competition analysis.
4. To create a strong value proposition.
5. To set brand makers and guidance.
6. To market the brand.
Rationale for Emphasis on Brand Building
Emphasis on brand building is crucial because it exerts a significant impact on a business’s success in the long term.
Rationale for emphasis on brand building is just not far to seek:
A strong brand helps a business differentiate itself from its competitors. It allows customers to identify the unique value proposition of the business, which can make it easier to stand out in a crowded marketplace.
- Increased Customer Loyalty
. By building a strong brand, businesses can foster deeper connections with their customers, resulting in increased loyalty and repeat business.
- Brand Equity
A strong brand can have significant brand equity. It implies added value a brand provides beyond the physical product or service. This can help businesses command higher prices and increase profitability.
- Reputation Management
A strong brand can help a business manage its reputation more effectively as the customers tend to forgive a brand they trust and have a positive perception.
- Competitive Edge
A strong brand can provide a competitive edge by creating a distinct identity and positioning that resonates with customers.
As businesses expand into new markets or product categories, a strong brand can make it easier to establish credibility.
Branding Semantics at a Glance
- Brand Identity
Visual & Design Elements – Size, Logo, Colour Schemes & Typography.
- Brand Positioning
Unique space occupied by a brand in the mind of a target audience vis-a-vis competitors.
- Brand Promise
Commitment by a Brand and how it is delivered to customers.
- Brand Awareness
Level of recognition among target audience.
- Brand Equity
Value added by the brand to a product or service beyond its physical attributes.
- Brand Loyalty
Commitment of customers to a Brand or vis-a-vis other brands.
- Brand Extension
A process of using an existing brand to launch a new product or service in a different market.
- Brand Association
Mental connections that people make between a brand and certain attributes.
- Brand Storytelling
Process of using narrative to communicate a brand value and message.
- Brand Image
Overall impressions that customers have of a brand based on their experience and interactions with it.
- Brand Personality
Human like qualities that a brand embodies and how it interacts with it’s customers.
- Brand Voice
Tone and style a brand uses in its communication with its target audience.
- Brand Messaging
Language and copy used to communicate a brand’s value and messages.
- Brand Reputation
The collective perception that customers have of a brand on its history, actions and interactions.
- Brand Differentiation
The process of setting a brand apart from its competitors by emphasising its unique value proposition.
- Brand Experience
The sum of all the interactions that the customers have with a brand – products, services and customer support.
- Brand Strategy
The plan a brand uses to differentiate itself and communicate its value proposition to its large audience.
- Brand Portfolio
The collection of brands that a company owns and manages.
- Brand Management
The process of overseeing a brands identity, messaging and reputation.
- Brand Recognition
The ability of customers to recognise a brand based on its virtual elements, even without seeing the brand name.
- Brand Extension Failure
When a brand attempts to launch a new product or service and lend an existing brand, but fails to gain attraction with customers.
- Brand Perception
The way customers view a brand based on their experiences and interactions with it.
- Brand Authenticity
The degree to which a brand is perceived on genuine and true to its values.
- Brand Trust
The degree to which customers believe that a brand will fulfil its promises and deliver a positive experience.
- Brand Identify Guidelines
The rules and guidelines that dictate how a brand’s visual identity should be used across all marketing material.
- Branding vs Marketing
Branding is the process of creating a unique identity and value proposition for a brand, while Marketing is the process of promoting and selling product and services.
- Brand Advocacy
When customer become advocate for the brand and promote it to others through word-of-mouth or on social media.
Nature of Branding
Branding is about creating a unique identity for a business, product, or service that differentiates it from competitors and connects with customers on an emotional level.
To achieve success, Branding, entails mix of:
Nature of Branding involves:
1. Target Ability
Businesses must identify the types of customers likely to purchase their brands.
2. Brand Awareness
Brand awareness stands for the percentages of people who are aware of the specific brand.
Brand should retain consistency throughout its life.
4. Distinctive Design
Companies must ensure that the visual elements should remain consistent across all media. They should be able to convey the message and evoke the identical feeling.
Companies should strive to achieve brand loyalty of the customers.
Key Functions of Branding
A brand name creates a distinctive impression among the customers.
A brand name enables its holder to advertise his product without any difficulty. Once a brand name becomes popular, people remember it for long.
(iii) Protection of Goods
Generally, the branded products are packed in suitable containers or wrappers which provide protection to the goods against heat and moisture and facilitate convenient handling.
(iv) Consumer Protection
The prices of branded products are fixed by the manufacturers and are printed on the packages. This protects the interest of the consumers because the retailers cannot charge more than the printed prices.
(v) Wide Market
Branded products are quite popular and have wide market. The wholesalers and retailers readily handle the branded products which are advertised.
(vi) Customer Loyalty
Branding ensures better quality at competitive prices. Branded products are available in all parts of the country at uniform prices. This tends to create brand loyalty on the part of customers.
Features of Good Brand Name
A good Brand Name should be:
It should be easy for customers to remember and recall.
It should be descriptive of the product or service it represents.
It stands out from competitors and is unique in the marketplace. This can help with brand differentiation and creating a memorable brand identity.
It should be simple and easy to pronounce..
It should be relevant to the target audience and the product or service it represents.
It should withstand the test of time and remain relevant and effective for many years.
It should evoke positive emotions and associations in the minds of customers.
It should be adapted and modified as needed to accommodate changes in the marketplace or business strategy.
It should be available for use. This can help with avoiding legal issues and building a strong brand identity.
Crucial Components of Branding Strategy
- Target Audience:
This involves understanding their needs, preferences, behaviours, and motivations.
- Unique Selling Proposition:
A unique selling proposition (USP) is the key benefit that a brand offers to its target audience. By identifying and communicating the USP, businesses can differentiate themselves from competitors and create a compelling value proposition for customers.
- Brand Personality:
A brand personality is the set of human characteristics that a brand embodies, such as friendly, adventurous, or sophisticated.
- Brand Positioning:
By defining the brand positioning, businesses can differentiate themselves from competitors and create a compelling value proposition for customers.
- Brand Messaging:
Brand messaging includes the tone of voice, messaging, and storytelling used to communicate the brand’s values and personality.
- Visual Identity
A brand’s visual identity includes elements such as logos, color schemes, typography, and other graphic elements.
- Brand Experience
A brand’s experience includes everything from product design and packaging to customer support and social media engagement. Creating a consistent and memorable experience is essential for building customer loyalty and advocacy.
Process of Brands Building by Businesses
Companies can build brands, depending upon:
- Target audience
- Business goals
1. Define Brand Strategy:
Companies define brand strategy, by identifying their:
- target audience
- unique selling proposition
- brand personality
- overall brand identity
2. Develop Visual Identity:
Companies create a visual identity for their brand, including logos, colour schemes, typography, and other graphic elements.
3. Create Consistent Messaging:
Companies create consistent messaging to establish credibility and build trust with customers.
4. Deliver Great Customer Experience:
Companies focus on delivering a great customer experience across all touchpoints,:
- product design and packaging
- customer support
- social media engagement
- other interactions.
5. Invest in Marketing:
Companies invest in marketing efforts, such as
- Public relations
- Social media
- Content marketing
6. Leverage Influencers:
Companies leverage influencers and brand ambassadors to reach new audiences and promote their brand.
- Engage with Customers:
Companies engage with customers through social media, online reviews, and other feedback channels to gather insights and build stronger relationships
- Monitor Brand Reputation:
Companies monitor their brand reputation online and respond to any negative feedback or reviews.
Role of Brand Names
Brand names play an important role in the success of a business.
They create a unique identity and value proposition that resonates with customers.
Brand names help differentiate a business, product, or service from its competitors.
Brand names help create a visual and design identity for a business, product, or service, which can make it easier for customers to recognize and remember the brand.
Effective positioning can help a brand stand out from competitors and resonate with customers on an emotional level.
Brand names help communicate a brand’s values and personality through storytelling and other narrative techniques.
- Emotional Connection:
Effective brand names can create an emotional connection with customers, fostering deeper relationships and driving loyalty and advocacy.
- Value Proposition:
Brand names help communicate a brand’s value proposition to its target audience, highlighting the benefits and value that a product or service provides.
- Brand Equity:
Effective brand names can create brand equity, which refers to the added value that a brand provides beyond its physical attributes. Brand equity can help businesses command higher prices, attract top talent, and establish a competitive advantage in the marketplace.
Advantages of Brand Name
Customers are more likely to remember a brand name than a generic name, which can help a business build brand recognition and drive customer loyalty.
Customers who feel a connection with a brand are more likely to remain loyal to it over time, leading to increased sales and profitability.
A strong brand name can help a business differentiate itself from its competitors, creating a unique identity and value proposition that resonates with customers.
Customers are more likely to trust a brand with a strong reputation and established presence in the marketplace, leading to increased sales and customer loyalty.
- Price Premium:
A strong brand name can help a business command a price premium for its products or services. Customers are often willing to pay more for a brand they trust and value,.
- Brand Equity:
A strong brand name can help a business build brand equity, which refers to the added value that a brand provides beyond its physical attributes.
A strong brand name can help a business expand into new markets or product categories. With greater ease.
- Attract Talent:
A strong brand name can help a business attract top talent, as employees are often drawn to companies with a strong reputation and established brand presence.
By building a loyal customer base and establishing a strong brand presence, businesses can weather economic downturns and other challenges more effectively.
Brand Architecture: Some Vital Aspects
Brand architecture refers to the organization and hierarchy of a brand’s various product lines, sub-brands, and offerings.
While developing a brand architecture some vital aspects for consideration are:
- Brand Identity
A strong brand architecture should be aligned with the brand’s overall identity and values, and its target audience and market positioning to create a cohesive and consistent brand image across all offerings.
A clear and well-defined hierarchy defines the relationship between the master brand and any sub-brands or product lines, and any co-branding partnerships or other affiliations.
A consistent naming convention can also help build brand recognition and loyalty.
- Visual Identity
A consistent visual identity architecture includes elements such as logos, colour schemes, typography, and other design elements that help create a cohesive and recognizable brand image across all offerings.
- Brand Portfolio
. Effective brand architecture should consider how these offerings fit together and how they can be organized to create a clear and coherent brand portfolio.
- Customer Perception
. Customer Perception includes understanding how customers view the relationship between different sub-brands and product lines, and how they perceive the brand overall.
Brand architecture should be scalable and adaptable to changing market conditions and customer preferences for new markets or product categories..
It is necessary to communicate the relationship between different sub-brands and product lines to customers, as also of any changes thereto.
Creating Brand Image:
- Define brand identity
- Develop visual identity
- Create a brand story
- Leverage social media
- Focus on customer experience
- Leverage influencers
- Monitor and adapt
Evidently, brands create value for business and business owners.
They provide cutting edge in the market against competition. Successful branding augments base of business enterprise. Consequently, trust and credibility are created. Eventually brand loyalty helps boost business bottom-line not a little!!
“Brand is just a perception, and perception will match reality over time”(Eion Musk)