The Significance of Branding
A brand is a type of product manufactured by a company under a particular name. The process of branding encompasses the establishment of the names, color schemes, value and everything pertaining to the way the organization must be viewed by the outside world. It is important to establish and bring awareness to the market about your brand name. You can have a good product but how you brand and package it matters. It determines whether people will even get close to taking a chance with what you offer. Changing a logo is not the epitome of branding. It encompasses the way business is done, culture, ambiance, service delivery and so forth. What people say about your brand is more important than any other reputation your business will ever seek. Brand prominence will lead customers to buy your product without even thinking in detail.
A good brand name is what people want to create an association with. No one wants to associate with inferiority.
A brand must be strong and able to withstand the pressure from competition. While you are busy re-branding your company, there is competition doing the same. Resilience is when your brand withstands the pressure exerted by others. As leadership you must be able to stand even when it seems your brand is taking time to gain momentum.
A brand must be promoted – The whole process of introducing the brand to the market may take a bit of time. The brand must be advertised and promoted in order for the customers to identify with it. During the promotional stages of the brand, it may be wise to have promotional pricing. As soon as people get the new branded products and they are happy with it then you are assured of repeat business and increased brand awareness.
Avoid copying others in your branding – Your brand must be distinct. It must stand out from others. There is a tendency for people to want to use color schemes of winning brands. It makes the products look like imitations. However some people argue that this helps the less popular product get sales as it is cheaper and yet has a label almost similar to the more prominent product. Customers sometimes put an emphasis on how many products they can get with the same dollar hence the product next to the popular brand becomes the option. I still argue that originality takes the trophy. Be original and distinct.