What is Branding in marketing? And advantages of Branding
In our everyday life, while going through various articles or even in our daily chitchat, we often hear or pronounce the word ‘Branding’ or ‘Brands.’ Subsequently, the question must have arisen: What do you mean by Branding?
Meanwhile, you may have got confused about its exact meaning. No worries, we are here to clear all your doubts about Branding. We’ll also get along with some more questions like What is Branding in Marketing? What is Brand strategy? and What are its advantages for your product or company?
What do you mean by Branding?
Branding is a process in which an organization or company, product, or service perceives some specific image that quickly resembles the respective product or company.
That is to say; Branding lets any product or brand be easily identifiable by your targeted customers in the market.
What is Branding in Marketing?
Branding typically includes a phrase, design, or idea that makes a product easily recognized by the public. Further, Branding differentiates a business from its competitors.
You may consider that Branding makes the product unique among other similar products. For instance, among soft drinks, Coca-Cola and Pepsi are almost identical. But some people seem connected to Coca-Cola while others to Pepsi. Why is it so? What differentiates them from each other? It is the unique feature of each of them. It is also one of the primary reasons behind the popularity of a brand or product.
Thus, defining your company or organization’s identity is quite important. For this aspect to be in on mode, knowing what you want your company to represent and what you want is crucial.
What is Brand Strategy?
You must set up a Brand Strategy for the service or product. Here are some of the crucial ones :
- Set up a Brand Definition, i.e., some purpose and values that resemble your product.
- You must consider Brand Identity Design,i.e., name, and visual identity design, including the logo design, color palette, etc.
- Advertising and Communication tools are an essential part of your strategy.
- The product and packaging design are the central points of your brand.
- Upholding the in-store Experience must be done with care and according to customers’ comfort.
- Customer service is the priority point for every brand strategy.
- Pricing Strategy is the ultimate focus point as it plays a significant role in uplifting your brand.
The primary objective of this brand strategy is to attract new customers and retain the old ones. It would help if you always had a clutch on stakeholders by delivering a satisfying product that follows your brand promises. No sooner, if a company or organization succeeds in the goals mentioned, the targeted customers quickly identify the brand or product and ultimately get converted to loyal customers.
Advantages of Branding
Branding acts as a language for your product through which you may easily communicate with your fellow customers. Branding in Marketing adds value to your company or organization. In short, there are endless advantages of Branding. Let’s have a look at them:
1. Customer recognition
A strong brand works towards building customer recognition. That is to say, when a customer opts to shop for a particular product or considers a company to perform some of the other services, they recognize your company in its process. The customer chooses something unfamiliar, even if they know very little about your brand.
2. Accessible introduction of new products.
When a strong brand with loyal customers introduces a new product, it often becomes more accessible and less expensive for you and your company. Consequently, your customers get interested in your new products and thus follow up your brand.
3. Competitiveness in the market
Your brand is the unique feature that differentiates you from the rest of the companies in the market. When your brand name is identifiable by your loyal customers, you stand among the famous and huge companies. Your brand elevates with the increasing recognition of your product, thus leading to competitiveness in the market.
4. Sharing values for customer loyalty
Customers prove their loyalty to the companies which share values with them. That is to say; customers easily recognize a brand that gets connected emotionally connected to them. Moreover, the customers carry brand loyalty over generations.
5. Enhanced Credibility leading to ease of purchase
Enhancing credibility proves to be one of the best advantages of Branding. When you have a strong brand, you improve your credibility with your customers. Meanwhile, building your credibility also makes recognition and competitiveness in the marketplace. Subsequently, your customers feel connected, leading to their easy purchase. For instance, when we know and trust a company, we feel free to buy from them. Thus, the sale is directly proportional to the credibility of the brand.
To sum up, the brand is the unique perception of your product, and Branding resembles the strategy for defining this perception. Moreover, a proven brand strategy leads your company towards recognition by holding loyal customers and attaining new ones.
To grow your business, contact MixMediaLabs – Creative Branding Agency in Bangalore.