A brand can be defined as a name, term, sign, symbol, or design or a combination of these in order to identify and differentiate the goods and services of one seller or groups of sellers easily from others whose market offerings are same. Branding is not done to get the target market or to increase sales of the product or service but to communicate the characteristics, values and the attributes of product or service which clarify what is the is all about. Branding plays a very important role in marketing as brands are not simply symbols or images, rather they acts as the face of the company that customer portrait when they require the product or service.
Regardless of size and scope of the company branding is one of the most important promotional marketing strategy opted by most of the companies. Some major importance are given below.
Conveys the message clearly: Branding acts as the way of communication of products or services to the potential as well as to the regular customers. Branding acts as a pull strategy which facilitates the essential truth and value of a company’s product and service. Without expensive advertisements, brand ambassadors etc. a well-designed brand can deliver the values of the product or service. If you can understand the needs and wants of the customers and are able to customize your brand in that way then success will be all along with your company.
Create and confirm the business integrity: If you are continuously associated with your brand and along with this there is a continuous increase in the quality of the product or the service then it will get a clear, distinctive and attractive image of your product or service in the minds of the potential customers.
Make a strategic bonding between the customers and the company: Marketing may contribute to a brand but a brand is bigger than a particular marketing effort. Every marketing aspects ultimate aim is to keep a better picture about the brand in the minds of the customers, regardless of whether one buys or doesn’t buy the product. Usually people are loyal towards their favorite brands as they get delighted by using that product or service and every product is backed by a recognizable brand from a trustworthy company.
Acts as a motivator: When there is a good connection between the buyer and the product, the customer loves to come back again and again towards the product and use more and more products even if some of the products they never used before. And another thing is that people love to tell about the brands, products they are using in their community. This attracts more and more new customers to the organization.
Make loyal customers: Making loyal customers is very tough these days as there are several brands available in the market and different companies have their own branding strategies to attract customers. The company must have to prove that it has the ability of continuous innovation of product and services as well as the best customer services which can fulfill the gaps existing in the market, and bring back the customer to the company again and again and make the customers loyal towards the organization.
Helps in preventing competition: It is too difficult to replace a well-known brand from a particular market segment as a brand is emotionally connected to the minds of the customers and also customers don’t want to take risk by adopting new products or services. So branding can prevent the entry of new competitors. Being the first to create segment helps the organization tremendously.
Attaches the products and services emotionally: The goal of branding is to create the brand equity, value, features, quality by which they can remain in touch with the end customers. Often this creates a brand personality and image to which the customers feel an emotional attachment.
Provides business value: A strong brand provides value to the organization well beyond the company’s physical assets. Ex: Apple, Coca Cola, Levis, Rolex etc.
Increases the profitability by allowing charging higher price: Generally people are ready to pay more for a renowned branded product rather than an unbranded same class product.
Creates a unique image of the company: A brand makes the company stands out of the crowd and able to set the company’s image in a top level in the minds of the customers it means whenever the customer will think about a particular product class the respective brand will come firstly.
These are some importance of branding in the field of marketing. Hope these ideas may make you to go for a better branding strategy for your organization.
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