What is Brand and Branding?
Describe the importance of branding.
Brand or Brand Name:
Brand is a name given to a product or service or an idea by which it takes on an identity by itself.
A brand is a unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and distinguish it from its competitors.
It can apply to a single product, an entire product range, or even a company (e.g. Virgin, Ferrari, Bang and Olufsen). A brand name is usually associated with a logo or other graphical representation of the brand in order to strengthen the brand image.
Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer’s mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value.
To understand branding, it is important to know what brands are. A brand is the idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company who owns the idea or image. Branding is when that idea or image is marketed so that it is recognizable by more and more people, and identified with a certain service or product when there are many other companies offering the same service or product. Advertising professionals work on branding not only to build brand recognition, but also to build good reputations and a set of standards to which the company should strive to maintain or surpass. Branding is an important part of Internet commerce, as branding allows companies to build their reputations as well as expand beyond the original product and service, and add to the revenue generated by the original brand.
When working on branding, or building a brand, companies that are using web pages and search engine optimization have a few details to work out before being able to build a successful brand. Coordinating domain names and brand names are an important part of finding and keeping visitors and clients, as well as branding a new company. Coordination of a domain name and brand names lends identification to the idea or image of a specific product or service, which in turn lets visitors easily discovery the new brand.
Branding is also a way to build an important company asset, which is a good reputation. Whether a company has no reputation, or a less than stellar reputation, branding can help change that. Branding can build an expectation about the company services or products, and can encourage the company to maintain that expectation, or exceed them, bringing better products and services to the market place.
Describe the importance of branding?
Or, Why is branding important?
The most important reason is that it can help increase your sales. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Let’s look at 10 reasons why digging into your brand is important:
Branding promotes recognition: People tend to do business with companies they are familiar with. If your branding is consistent and easy to recognize, it can help people feel more at east purchasing your products or services.
Your brand helps set you apart from the competition: In today’s global market, it is critical to stand apart from the crowd. You are no longer competing on a local stage, your organization now competes in the global economy. How do you stand out from the thousands or millions of similar organizations around the world?
Your brand tells people about your business DNA: Your full brand experience, from the visual elements like the logo to the way that your phones are answered, tell your customer about the kind of company that you are. Are all of these points of entry telling the right story?
Your brand provides motivation and direction for your staff: A clear brand strategy provides the clarity that your staff needs to be successful. It tells them how to act, how to win, and how to meet the organization’s goals.
A strong brand generates referrals: People love to tell others about the brands they like. People wear brands, eat brands, listen to brands, and they’re constantly telling others about the brands they love. On the flip side, you can’t tell someone about a brand you can’t remember. A strong brand is critical to generating referrals or viral traffic.
A strong brand helps customers know what to expect: A brand that is consistent and clear puts the customer at ease, because they know exactly what to expect each and every time they experience the brand.
Your brand represents you and your promise to your customer: It is important to remember that your brand represents you…you are the brand, your staff is the brand, your marketing materials are the brand. What do they say about you, and what do they say about what you’re going to deliver (promise) to the customer?
Your brand helps you create clarity and stay focused: It’s very easy to wonder around from idea to idea with nothing to guide you…it doesn’t take long to be a long way from your original goals or plans. A clear brand strategy helps you stay focused on your mission and vision as an organization. Your brand can help you be strategic and will guide your marketing efforts saving time and money.
Your brand helps you connect with your customers emotionally: A good brand connects with people at an emotional level, they feel good when they buy the brand. Purchasing is an emotional experience and having a strong brand helps people feel good at an emotional level when they engage with the company.
A strong brand provides your business value: A strong brand will provide value to your organization well beyond your physical assets. Think about the brands that you purchase from (Coca-Cola, Wrangler, Apple, Ford, Chick-Fil-A, Quick Trip)… are these companies really worth their equipment, their products, their warehouses, or factories? No, these companies are worth much more than their physical assets…their brand has created a value that far exceeds their physical value.
Wrapping it up: The best branding is built on a strong idea… an idea that you and your staff can hold on to, can commit to, and can deliver upon. Your brand needs to permeate your entire organization. When your organization is clear on the brand and can deliver on the promise of the brand, you will see tremendous fruit