Why is branding so important and what we should focus on ?
Updated: 4 days ago
Author: Lenka Dzadonova
Date of Publication: 11/12/2022
Why is everyone talking nowadays about branding? Is it really that important and if yes, how can someone build it?
What is a brand?
A brand represents a set of associations and feelings that people associate with a specific product, service, or company. Actually, it’s the promise that connects the product or service with the consumer, whether it is words, visual images or emotions. So, they are mental associations that emerge when someone, somewhere talks about a certain car, watch or phone. On the other hand, a brand is about uniqueness, or at least about a difference that the customer must first learn about and then be interested in its unique offer. Once the consumer accepts the brand proposition and purchases the product proposition, then brand performance will determine repeat purchase. Such repeated purchasing behavior expresses trust and creates the economic value and the subsequent return on investment for the owner.
What is 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. When a product or service evokes an emotional side in a consumer, that product or service can qualify as a brand. However, the purpose of branding is the opportunity for companies to differentiate their products and services from others and thus create their own identity. So, the benefits of effective relationship marketing include reduced marketing costs and increased loyalty, profitability, security and stability.
What are other elements of the brand ?
From the point of view of brand building, it is first necessary to create a different meaning of the brand. This should be unique and on it you can build the brand idea. The next step is creating awareness so that later consumers are able to distinguish one brand from another. Based on the difference, they create preferences and make decisions.
The brand idea represents a simple element of difference that will be embedded in people's consciousness. The simpler and more specific it is, the stronger the association will be.
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, the knowledge of values is the basis for the uniqueness of business in a saturated market.
A logo helps create a brand identity because the primary use of a logo is to inspire trust, recognition or admiration for a business or product. It should be simple, memorable, timeless and create a feeling to the customer that the company wants the target group to associate it with the brand.
Other elements of the brand include:
brand name, colors, slogans, logo, music, all marketing communication,
packaging design, product functionality and design,
sales premises, online experiences, websites, social networks, customer care,
the behavior of people who work for the brand,
everything that creates some emotions in customers towards the brand.
To sum up, in a world full of information, advertisements and companies selling products should build relationships with their customers and create a community. In this people will have similar values and feel emotional connection with the brand. Know your customer, take care of them and they will come back. Your customers are your most valuable asset.