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Posted by Advamps Business Consultancy on 09/11/2020

Branding- The jump starter of corporate excellence

There is a Famous Saying that “People don’t buy what you do, they buy why you do it.”

Branding refers to the entire process involved in creating a unique name and image for products or services in the minds of the consumers through various promotional tools with a consistent theme. It’s an art of creating the brand which aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Strategic brand management involves the design and implementation of marketing programs and activities to build measure and manage brand equity. It’s like a tool that creates a reputation in the marketplace that can drive price premiums and customer preference for goods from a particular provider.

Importance of Branding:- Branding is not just naming or symbolically tagging a product but it is like giving birth to a brand, which is headed towards fulfillment of all promises and guaranteeing top class services and products. Branding helps in focusing on the product which best represents the brand’s intention, thus the one which best supports the brand’s potential to bring about a change. Branding creates brand equity which refers to the marketing effects and outcomes that accrue to a product with its brand name compared with those that would accrue if the same product or services that lack brand name. Branding creates brand associations which are anything that is deep seated in customer’s mind about the brand.

Types of Brand:- A brand consists of all the features that distinguish the goods and services of one seller from another: name, term, design, style, symbols, customer touch points, etc. Together, all elements of the brand work as a psychological trigger or stimulus that causes an association to all other thoughts one has had about this brand. Brands are predominantly divided under four heads.

As per Ownership

 

·         Manufacturer’s Brand

·         Middleman’s Brand

As per Market Area

 

·         Local brands

·         Provincial brands

·         Regional Brands

·         National Brands

·         International Brands

As per No:Of Products

 

·         Family Brand

·         Product line Brand

·         Individual Brand

According to Use

 

·         Fighting Brand

·         Competitive Brand

 

Benefits Of Branding:-

It improves Credibility-Having an established and clear brand will make a business more reliable in the minds of the customers. A brand is well known and associated with high satisfaction levels provides an improved image and added value to the product.

Brand Recognition:- A properly executed branding strategic management consulting firm can lead to customers insisting on the product by brand name and being lesser price sensitive. Good branding elevates a business and builds recognition and loyalty. Customers are attracted to brands that share similar values with them.

Branding leads to returning customers & referrals- If a business development consulting firm delivers what its brand promises, it has higher chances that the customers will remember the company in the long run. Satisfied clients and audience can be the best form of marketing. If they ever need similar services or products in the future, they will think of that brand first and will most likely refer it to their friends.

Financial Benefits: According to the brand value chain, marketers create value first through shrewd investments in their marketing program and then by maximizing, as much as possible, the program, customer and market multipliers that translate that investment into bottom-line financial benefits.

Importance of Branding for Small businesses: Small businesses are at the heart of a developing country’s economy. One must understand that no company in the world is self-reliant and fully integrated. It depends on suppliers and vendors, distributors etc. to do its everyday business. Branding plays a pivotal role in giving a jump start to the startups as it creates a brand awareness for these companies which is then converted into clients and ultimately into revenues.

Benefits of branding to small businesses

One of the major reasons behind a failing businesses is a lack of proper branding. No matter what product or service a company or a firm provides, it won’t mean anything if it doesn’t discern itself from its competition. Branding is a way for a business to stand out in the minds of its audience.

Provides Value creation-Branding along with brand value chain provides a structured means for managers to understand where and how value is created and where to look to improve that process.

Branding attracts ideal clients- People connect with brands that share the same values. If a brand clearly represents a business, it is set to attract the right people. An established brand will almost always garner more trust than a company that nobody has heard of. When a brand stands out to millions of people (like Nike’s does), the firm is going to experience far more attention.

Branding Attracts Investors: Branding is a tried and tested way to put any business on the map, even if a company doesn’t have the capital that a large corporation does. Finding investors is one of the most lucrative benefits of branding If a business is looking to significantly grow. If a business has a strong brand appeal and a group of loyal customers, people who are looking to invest their money may view that company as one with a high amount of potential value hence compelling them to invest.

Branding in Retail

As markets evolve and become more competitive, it will become more important for retailers to focus on branding. Branding provides a name, sign, symbol, design, term, or some combination of these things that identifies an offering and helps simplify choice for the consumer. Retail branding does not necessarily focus on the creation of a private label. In the case of multiband retailers, the task becomes more difficult as the retailer needs to create a store identity which is different from that of the brands that he sells within the store, but at the same time, there has to be a level of consistency among the products available. Retail branding is different from just branding. In case of branding, companies build the brand name on the basis of what they want to communicate about what the brand stands for. In case of retail branding, the store has to match the branding with the performance. A brand serves to create associations and expectations among products made by the producer. Of all the market categories, retail offers the broadest canvas for any brand to show its true colors.


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