Branding is a business identity in the marketplace. It connects the target prospects more effectively and strengthens customer loyalty based on the consumer experience. Apple, Calvin Klein, Nike and several other companies like them are good examples of brands.
Branding is not limited to a company or businesses. It also includes individuals that are public figures such as celebrities, politicians, business leaders, authors and more.
Branding is defined by name, term, design, symbol, colors, slogan, sound and multiple combinations thereof. The biggest question is how can a business establish its brand identity?
Brand identity is often established after years of consistency in operation, business credibility and strategic marketing. Innovative or niche products, creative content, unique business model and consistency in delivering quality service help develop the business credibility and branding foundation. Brand resides within the minds of customers, clients, and prospects in the form of experience and perceptions, and it connects to some of them personally. To succeed in branding, it’s important to understand the needs of your customers. You do this by integrating your brand strategies through your company at every point of public contact.
Almost every business or company that has become a brand-name started with a formal plan and a vision, but started out small. Brand popularity attracts target customers. Because of the customer loyalty, the brand popularity continues to mature. Branding is about getting your target market to choose you over the competition. It’s a long journey that requires ongoing customer and market research, finances and strategic marketing.
Here are some of the advantages that a brand-name has over no-name:
- When people consistently have positive experiences with a particular brand, they develop acquaintance. They are more likely to buy a product or service of the same brand family or recommend it to others.
- Customers who lack knowledge about the products usually choose a known brand-name supplier over others. This also means that customers who lack the product knowledge are also the target market.
- Because of the brand popularity, when a brand-name company or business introduces a new product or service, the product can be marketed under the umbrella of an existing brand family to win the acceptance of loyal customers.
- Even people who have never bought any products or services from a specific brand-name company are likely to recommend the company or product only because they are familiar of the brand through brand advertisement.
- A business with very good branding helps increase the business value. This means that if the owner chooses to sell the business then he/she can sell it for a very good price.