The brand is any service, product or concept which is publicly different from that of other services, products and concepts so that it can be communicated as well as marketed easily. The brand name is the name of that distinctive service, product or concept and branding is the process of creating and distributing the brand name.
Usually, brands are protected from being used by others through a service mark or a trademark from an authorized agency which is usually affiliated with the government.
Definition of Brand
Branding is the name, design, type, symbol or any other features which tend to distinguish a tangible product or intangible product, service or concept from that of its competitors in the eyes of customers. With time, the image of the product, service or concept is associated with a certain level of quality, credibility and satisfaction for the customers.
Why is Branding important for the Success of any Business?
Branding is very important for businesses as it creates a memorable impression on customers and allows both customers and clients to know what they can expect from it. It is a great way to distinguish the product or service from competitors and makes it easier for customers to understand why the product, service or concept is a better choice.
A strong and consistent brand image is very helpful in establishing a business. Brand enables customers to recognize, remember and recommend the product or service to others. Brand image is usually a brand logo which should be designed so that it has a strong impression on the target market at first glance.
In addition to this, a business can benefit from branding to generate future businesses. A well-known and strong brand can increase the value of your business and will provide more leverage in the industry. In this way, businesses can capitalize on potential investment opportunities as it is firmly established in the marketplace.
Establishing an effective brand also allows companies to win referral businesses. Having a strong brand means that customers have a positive impression of that product or service and will likely be associated with other businesses because of the assumed familiarity and dependability of that name which can be trusted upon.
- Brand Name: It is that name which is given by the manufacturer or maker of the product or a range of products. A brand name is most often trademarks.
- Brand Attribute: This includes brand characteristics and its core values. Brand attributes include consistency, credibility, sustainable, relevancy and appealing.
- Brand Positioning: This involves determining where the brand is standing in the competitive market. Positioning is that unique or distinctive position that the brand holds in the market or in the mind of consumers.
- Brand Identity: This is the way in which any business perceives its brand. This is basically the image of the brand from the point of view of its maker and how the maker wants it to be perceived by consumers.
- Brand Image: It is the perception of customers about a particular brand. It is basically how consumers perceive the brand.
- Brand Personality: Brands also have the characteristic to speak and behave with customers. Brand personality can be associated with human personality traits such as the brand of being caring, luxurious, honest, etc.
- Brand Awareness: This refers to the degree to which customers are familiar with a particular brand.
- Brand Loyalty: This refers to the tendency of a particular group of customers who will continue buying the particular brand instead of other similar brands in the market.
- Brand Association: Brand association is a link which a customer creates in his mind about the brand. This link should be positive so that the brand is perceived as positive.
- Brand Equity: This is the impact a brand can impose over the purchasing decision of a customer.it is a set of brand assets and liabilities which can either add or subtract from the brand value.
- Brand Extension: This type of branding strategies basically uses a well-established brand name for launching a new product or new product category.
- Co-Branding: This is amongst brand management strategies which make use of multiple brand names of a product or service as a part of a strategic alliance.
- Sonic Branding: This refers to the use of sound in advertising a particular product or service. The underlying concept is that when a customer hears that sound, they will think of that particular product.