Dictionary says, ‘brand’ is a noun and the meaning is “a type of product manufactured by a particular company under a particular name. A brand is not just a manufactured product. A brand could be a product or a service. The brand is a name given to a product and/or service for its identity.
The marketplace is loaded with a thousand products and services, however, a brand stands out from the mess and attracts attention, and its nothing but Trust Factor. The brand name enables trust, loyalty, faith, mass-market appeal.
The name becomes a brand name by marketing, advertisement, and promotion. The difference between a product’s name and a brand name is the strategy adopted to become a Brand from just the name of the product. Though quality matters a lot. Hence, a brand differentiates it from similar other products and charges a higher premium. Subsequently, the life of a brand is longer than any common product or service available in the marketplace. The responsibility of the owner is to maintain the quality and brand relevancy consistently. Branding adds meaning and clarity.
Branding & Marketing Dependency:
The responsibility of the marketer is to;
- Understand the product/service
- Study the market, its need.
- Look for the ways to connect to people/buyer
- To convey the targeted mass about the product/service and how it’s going to meet their needs.
Hence the making for Brand starts. The purpose of branding is understanding customers/buyers and maintaining consistency in providing quality.
Departments responsible for the maintenance of branding are sales, marketing, product, support, operations, and corporate culture. They give shape to it.
A brand is the story of people headed in a direction, inviting you to travel with them.
Branding Empowers Business
“Branding is the art of differentiation,” David Brier
“Branding is the way that consumers identify and experience a product, service, or person, from the look, taste, feel, and sound—a brand is all of those multifaceted parts,” says Starbucks.
These pioneers in branding are trying to say that a brand isn’t just a product or service companies have. A brand gives a competitive factor for buyers to choose you.
You need to give folks a reason to choose you, but how do you identify what makes you special and how you can convey that to the crowd?
Here are those major factors a business need to focus on are;
- Market Analysis
- Competitive Analysis
- Audience Persona
- Brand Name & Vision
- Online Presence
Market Analysis: The very first thing is to understand your industry. The study of the market is essential to decide what do you want to do? Either you want to disturb the market by adding extra features to your product, you want to have a similar existing product or you want to bring something unique and new. It’s your strategy of ruling. You can take the example of Dyson Vacuum and iMac. Dyson Vacuum made its vacuum cleaner interesting by adding extra features and technology. Now they are leading in the niche.
Find your space in your target market.
Competitive Analysis: Always it is advised to follow your competitor. You need to visualize the competitors, how they are different, how do they attract the market? See your top competitors, meanwhile, you will be able to see own drawback. Hence you improve.
Learn is anyone solving the problem I aim to solve, are they doing it perfectly or poorly. What can make my product/service different? Because that differentiation leads to ‘Branding’.
Audience Persona: Audience persona is very essential to know what kind of elements to integrate into your brand to stand out from the crowd and appeal to your audience. Understanding your audience personas will help you determine the language and tone, color palette, design aesthetic, and packaging that will draw those personas in.
You need to make a list of few things like age group, gender, location, area, occupation, lifestyle, interest, behavior, etc. And it needs to be scrutinized once collected.
Brand name & vision: Ben Matthews, Director of Design at Adobe Spark, recommends “staying focused on your brand’s mission while researching your developing identity.” Write down the vision of your business or brand, and then extract your mission. Define your values. What values are important to communicate to yourself and/or your employees? Last write-down how do you want to communicate these internal values to potential customers?
This analysis will give you a clear picture to plan further and enlightens your ‘Branding’ purpose.
Online Presence: In the present scenario, an online presence is extremely important, as all your customers are there online. You can reach your customers faster, easier, and with less cost through online media. Digital media has become very important for any business. It is helping in creating a trust factor hence ‘Branding’ becomes easier. Whether it is social media, email marketing or presence on Google search page companies are everywhere.
Explore prompts to fuel your exploration
You’ve identified the research you need to do to understand your product/service, where it fits in the existing industry, and about your targeted customers. The next step is to find your customers to target and pitch your product in a productive manner.
[Lake Global Reach Inc. provides a business detailed customer list to fetch the target. For more details may contact at [email protected] or call us on +1 786-668-1279. To read more click on www.lakeglobalreach.com.]