Author: Lenka Dzadonova
Date of Publication: 11/12/2022
Why is everyone nowadays talking about branding? Is it really that important and if yes, how can someone build it to make it effective?
What is a brand?
A brand is a set of associations and feelings that people have with regards to a specific product, service or company. On the one hand, it is the promise that connects the product or service with the consumer - whether it is words, visual images or emotions. In other words, there are mental associations that emerge when someone sees a brand’s product for the first time.
On the other hand, a brand is about uniqueness and differentiation from competing brands. Once the consumer accepts a brand’s proposition and purchases its products, the brand’s performance and uniqueness will determine purchase repetition. Such repeated purchasing behavior develops brand trust and creates economic value.
What is effective branding?
In the branding process, a relationship is created between the brand and the customer. This influences human behavior to favor a specific group of products or services over others. The purpose of branding is for companies to evoke emotions in their customers and to differentiate their products and services from others. This allows them to create their own identity. Therefore, the benefits of effective relationship marketing include reduced marketing costs and increased trust and loyalty from clients.
Elements of a brand
Meaning, awareness, and preferences
From the point of view of brand building, it is first necessary to create a unique meaning for the brand. The next step is creating brand awareness. That way consumers will distinguish one brand from another and make decisions based on their brand preferences.
Ideas, values, and logos
The brand idea is a simple element of difference that will be embedded in people's consciousness when thinking about the brand. The simpler and more specific the idea, the stronger the association.
Brand values are a core set of guiding principles that shape every aspect of a business. In fact, they are the beliefs behind which the company stands. Also, they determine the brand's identity, message and personality. So, knowing the values is a fundamental aspect of brand uniqueness.
A logo helps to create brand identity. The primary use of a logo is to inspire trust, recognition and admiration for a brand or product. It should be simple, memorable, and timeless.
Other elements of the brand include:
brand name, colors, music, message, and all marketing communication
packaging, design, and product functionality
sales premises, online experiences, websites, social networks, customer care services
the behavior of people who work for and are associated with the brand
To sum up, in a world full of information, companies should focus on building good relationships with their customers and fostering a sense of community. By doing this, people will likely feel an emotional connection to the brand and start sharing similar values. Know your customers, take care of them, and eventually they will come back. They are the most valuable asset when it comes to effective branding!