What is a Brand?
A brand in simple term is called an “identifier”. It could be a name, a logo, a header, a symbol or anything that makes a company, a product, a service or intellectual property, identifiable where it belongs. A brand is protected by a copyright or a trademark when registered in a patent office or agency – local or international. Branding and labeling are key factors of product marketability and business success.
Why is a brand important in a business?
Importance of brand name in the industry where it belongs
Any kind of product, be it physical, digital or intangible product like intellectual property, needs a brand name in order to be competitive in the market within the same line of industry where it belongs. A brand is important even in marketing and advertising because it is the brand name, logo or tag lines, etc. that make people remember what is being advertised. The brand resonates to the consumers or to potential target market. Have you ever noticed promotions or advertisements of generic products? Seldom - right? It is because generic products are hardly remembered because they do not have names.
Importance of brand name to business owners
If you are a manufacturer of your own products who would like to sell on your own brand name, you will always set high quality standards. Likewise, when another company produces them for you, this is called “white labeling or private labeling” you will always have the same sets of criteria for them to follow because as a brand owner there is a commitment to maintaining or always improving the quality of your own brand. Brand name is important to business owners because of authenticity and credibility. Authenticity in branding plays a very important role in gaining consumers’ or buyers’ confidence and loyalty. Whereas, credibility, give the business owners both challenges and rewards of being on the sweet spot in the market industry and therefore, not to give place for complacency.
Importance of brand name to the consumer
Once a consumable product has been tested by a customer and is satisfied, he is likely to buy the product again and again – he becomes loyal to the brand unless this customer is an explorer who wants to try almost everything new (this is fun for some but terrifying for many especially if the products explored are beauty products). Imagine using a beauty product with a new brand with the buyer’s expectation of making her skin look younger and beautiful but she has got an ironic result! Brand name is important to customers most especially if the products become part of their lifestyles. Satisfied customers are good advertisers which could go viral.
What are examples of brand elements?
Here are some classic examples using brand elements in different categories:
Jon Morrow, who is the founder of Smartblogger.com uses Blue texts in his blogs.
Robert Kiyosaki uses hues of Purple in his book covers.
Colgate uses Red and White.
Mc Donalds uses Yellow M for its signage and logo.
Google uses a combination of Blue, Orange, Green and Red for its products
… and so the list goes on.
Branding Strategies
1. Brand Positioning Strategy
Branding strategies differ from business to business. Aligning your product brand with other products within the market industry is a good strategy to strengthen business foundation – we call this, Brand Positioning. Find your sweet spot and build from there.
Here are some classic brand positioning strategies:
1.Price-Value Positioning - emphasize the value or the benefit which the customers are getting with the price they are paying.
2.Quality Positioning - quality control is greatly adhered by business owners when they like their brand names to stay long (or forever) on top in the market industry and they keep on innovating and improving their products as needed.
3. Purpose-Driven Positioning - these are focused on their advocacy, missions, goals and etc. while building their brand - think of business solutions, apps, intellectual properties.
4.Product Positioning - used in most consumable products. This is exercised within or inside the business itself. Example, you choose a product to promote, when it becomes a "best seller", you make another product as a package then choose the best seller and partner it with those which are not so noticeable yet so that it will rank higher in your list of products once promoted. When that partnered product becomes known, make another product package or offer it as a stand-alone product with a higher price. In other words, product positioning is like choosing your top ten students to compete in a challenge - train those who are in the numbers 6-10 with those in top 5. Later on, those in the ranks 6-10 goes up at par with the top 5. So then, you'll have 10 products in the top 5!
5. Market Class Positioning - this is the same as number 4 but instead of product, you'll choose market class or product line to compete in that line of market industry. AND you choose who is your target market - the masses, a certain group only, the elite, gender, age groups, etc.
2. Brand Pricing Strategy
Brand pricing is focused on cost-benefit factors. A business with a brand that targets Elite Market has exclusive pricing system. Brand pricing is adjusted to each level especially when the product offered is a subscription-based product.
Examples are:
Regular – Group A Market
Premium – Group B Market
Silver – Group C Market
Gold – Group D Market
Research is important in this kind of branding strategy because knowing the group or market class in order to set the prices per group is critical. This is to avoid comments like - "it's too cheap", "it's too expensive", "it's not worth it", etc. As a business owner, we always would like to hear the customers say: "it's worth it!" , "the price is right", etc. Read an article about RESEARCH HERE.
3. Brand Recognition Strategy
The main goal of branding is identification. There is a difference between identification and recognition: We will borrow terms from the English Webster Dictionary.
Identification – a psychological orientation to self in regard to something.
Recognition – a special notice or attention.
Based on the definitions “recognition” is relevant when it catches attention. Brand Recognition therefore, is very effective in building relationships to customers. Brand Recognition Strategy is making the target market know more about your brand and vice-versa (Brand Awareness). Examples:
Mc Donalds - puts signage at crossroads where most travelers see the signage.
Facebook – you can see them in almost all websites with social sharing buttons. If you can see the blue small letter “f” ,you know its FaceBook. This is the same with other social media sites like Pinterest with "P", Twitter with "t" , Instagram with the "camera", etc.
Apple – if you are using an Apple product, you’ll always notice the shiny little fruit in there.
… and again, the list goes on.
Or maybe, I’ll introduce a little about our website “OBC” which uses a brand recognition strategy by putting some quotes here and there, some images in every post, and we use orange, green and blue color hues whenever necessary. And I hope you’ll recognize it the next time you see OBC somewhere in the search engines. :)
4. Brand Personality Strategy
This branding strategy is most common if a business would like to offer a brand to target markets or groups with the same sentiments tapping on emotions, intellect, advocacy, missions, etc. If you are aware of the social media, there is already this called “STORY” in the boards, posts, etc. Brand personality strategy taps the emotional aspect of the target market and this branding strategy is very effective in building relationship with customers and this is therefore the best way to cultivate loyalty of customers to the brand. Brand personality strategy focuses on communities and encourages responses or reactions from the groups. This is therefore, again, the best way to analyse market demands and needs. With this branding strategy in place, product development, product collaboration, and new product introduction is easy. Brand personality strategy is mostly used by big market players - instead of them competing at each other, they collaborate.
5. Brand Signature Strategy
Almost all businesses with multiple products and services have established their brand signature products or services. They put it in the front lines or hide them in their treasure box but offer them only to those who are proven loyal to them (for members or subscribers- only- products).
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