Sreepriya M MMay 7, 2019
The word "Brand" owes its origin to the Norwegian word “Brand” which means to burn. Farmers used to put some identification mark on the body of the life stock to distinguish their possession. Products are what companies make, customers buy brands. Therefore, marketers resorted to branding in order to distinguish their offering from similar products and services provided by their competitors. Additionally, it carries an inherent assurance to the customers. The quality of a purchase will be similar to earlier purchase of the same Brand. A Brand is a name, term, sign, symbol or design or a combination of one seller and to differentiate them from these competitors.
Branding is a process, a tool, a strategy, and an orientation. It is the process by which a marketer tries to build long term relationship with the customers by learning their needs and wants so they offerings could satisfy the mutual aspiration. Branding can be used as a differentiation strategy when the product cannot be easily distinguish in term of tangible features or in products which are perceived as a commodity.
Brand building is a conscious customer satisfaction orientation process. The Brand owner tries to retain customers to its fold over the competitors by a mix of hardware and software. Because, when a customer feels satisfied he/she develop a kindly of loyalty for the same. A central function of branding is the facilitation of the customer choice process. Due to the complexity of having to select a product amongst thousands of similar offerings, consumers will instinctively attempt to simplify their choice process by selecting Brands that have satisfied them in the past. In this competitive world the importance of branding is vulnerable.
From the point of view of a business, the process of branding involves making a trademark and a good name. A registered trade mark and a name ensure individuality and uniqueness of a particular product or family of products. Branding is possible for anything that can promoted in the consumers market. May it be simple label, a family of products or ana umbrella brand. People can also have a personnel brand. The primary advantage of branding is that is safe guard from unlawful activities. Moreover, at the same time, it is also a way of developing a good reputation in the market.
Marketing primary involves the study of demand in a market and creating a response in the form of supply. In the field of marketing, the Brand name plays an important role. It helps the people to promote the brand name and its merits quite easily. Apart from that, it also becomes possible for marketing people to generate intelligence information about the brands popularity and also what people exactly want from the brand owning company. As a result of brand loyal group of consumers, it also becomes easier for marketing department to asses regular and promised demand. Apart from that schemes such as free gifts and discounts often boosts the sales as the brand is an important icon of the market.
Advertising is often consider to be a part of marketing. However, branding a particular products helps the advertisers to provide catchy Logos and advertisements. As a brand name can never be copied, advertisers face lesser heat from unauthenticated advertisements effectively. Their advertisements creation gets protected. Apart from that advertisers can initiate fearless and independent advertising as due to the process of branding, consumers are already aware of the product, its identity and nature. In short , the importance of branding is here in simple words. ‘Successful branding is a process that generates revenue that can't be count. It creates a reputation that is felt not seen, and it is an asset that one cant show on a balance sheet”. When an employee works for a strongly branded company and truly stands behind the brand, they will be more satisfied with their job and have a higher degree of pride in the work that they do.
Branding is an amazing area of marketing practice and it creates a name, symbol or design that identifies and classifies a product from other products. An effective brand strategy gives you a major edge in increasingly competitive markets. Only a best strategic branding partner can reach your brand in front of your audience immediately and astoundingly. In short, if you want to elevate your name in front of your competitors feel free to contact us.