“Brand is the sum total of how someone perceives a particular organization. Branding is about shaping that perception.” –Ashley Friedlein
WHAT IS BRANDING?
The marketing practice of building your company’s identity by creating or designing a symbol, logo, tagline, or name is called branding. This is the way by which you differentiate your products and services from your competitors.
To make it a little simple to understand we can just say that branding is the technique or strategy that distinguishes one company from another.
Let’s say, coconut oil, for example. There are many different companies that produce coconut oil each of them claiming it to be manufacturing 100% pure. Then also how one has higher selling rates than others?
The answer is – through branding!
WHY IS BRANDING IMPORTANT?
Branding is the most important asset for your company. It is the face of your company.
Branding helps a consumer in making decisions about which company’s product to buy from a tonne of the same products.
Brading helps a company to hire employees since every other person wants to work for an established brand.
Branding inculcates a sense of pride in the already existing employees.
Branding makes the marketing and promotion of products and services easy.
Branding attracts investors to invest in your company as it enables them to feel inspired and to work with it.
Branding helps to build, improve and expand your company’s reputation, by making it stand apart from the market.
TYPES OF BRANDING
In order to elevate and give your business identity, it is important to understand in how many ways are there to do that. Hence here is the list of some types of branding:
- Corporate Branding: Corporate branding is the branding type that deals with the reputation of the overall organization. In such branding, the consumer will trust your company for the products that you sell and the services you offer. If corporate branding is done correctly it yields great and long time effects.
- Product Branding: Product branding deals with the promotion and boasting of a specific product. In such branding, the company is known for the branded product. For example, Burger King is worldwide famous for its burgers, Coca Cola is famous for beverages.
- Online Branding: This branding refers to how your company is positioned online. Also known as internet branding, this involves the search engine position of your website as well its social media presence.
- Offline Branding: Offline branding, like its name suggests, refers to the position your company holds offline, that is, off the web. It requires meetings with the clients, visiting cards, banners, pamphlets, etc.
- Co-Branding: Co-Branding includes the tie-up of two or more company brands over a product.
- Service Branding: We all know that for any business the major growth factor is happy customers but in service branding, the focus is put on delivering excellent services and use this technique as the selling point.
STRATEGIES OF BRANDING
There are various strategies that are used to build a brand. In order to build an effective brand, one needs to have proper knowledge about them.
The three most common strategies related to branding are listed below:
- Line extension
- Brand extension
- New brand strategy
- Line extension: This strategy involves the production of extra or additional goods/products and services according to customers’ needs
- .Brand extension: Conquering a market by a product and then introducing a new product to enter a new market, to extend your brand’s reach comes under brand extension strategy.
- New brand: Unlike the brand extension strategy, entering a new market or field with a new product introducing a whole new brand comes under the new brand-brand strategy. This could be an expensive strategy because building a different brand can require a lot of money as well as effort
No matter what strategy you use and no matter how big or small your company is, branding plays a vital role in expanding the reputation and reach of your business. Since globalization is expanding the audience and creating a wider audience reach, more and more companies are investing in branding to boost their business value and give it uniqueness and identity.