To start with, we must figure out what is brand. Actually, it is a special word that means “sign” or “logo” and identifies products and services of the seller. We used to name “brand” something that is very popular and well known. It gives customers the belief that this is a product of high quality.
So, what is branding?
Actually “branding” it is a process of creation and improvement of the brand. In other words, it is the main method of product differentiation and almost the most important tool for promoting goods and services on the market.
It can also be considered as, a set of consistent measures aimed at creating a holistic and, demanded by the consumer, image of a product or service. Such process is very important for any business. Practically, it is a kind of promise for the consumer of your products. By means of it, you can tell them what do you offer, what they should expect from it and what they will get as a result. Brand determines who you are or want to be and it is active.
Branding, as a process, includes the creation of the concept of a sellable unit, identification of the needs generated by customers, creation of the platform for the brand development, its documentation and the output on the market. It is everything about the creation of a new business item, which has its own name and specific features. You just start from the very beginning and end with a finished product. People used to believe those, who are tested and well-known. And branding can help to achieve such a great result.
Just remember your favorite clothing label and then imagine how your own business can popular be. Branding can solve all the problems, connected with incognizance, the low level of traffic and poor income. So, if you have decided to create your own business – branding will be one of the main keys to succeed.
Actually, the brand concept is considered to be fully developed when it has central idea, a key motivator for consumers, unique mission and character.
Why do you need it?
- Brand affects the perceived quality of the product. Brand is a tool of formation of additional value, expressed in financial terms. The key objective of the brand is the market capitalization, the increase in the cost of the brand apart from the product
- It is a psychological trigger. Consumers do not remember the brand itself. They remember the impressions formed by a product. That is why it can be considered as the most important way to overcome the competitors.
- Brand helps the consumer to differentiate and to choose. Subconsciously, the majority of consumers tends to choose products and services more quickly. Buying, for instance, butter, we strive to find the one that is optimal for the price, the best-tasting, most useful, etc. However, to make a choice, based only on rational characteristics, not being a professional expert in buying butter, it is very difficult. That is why we have brands, which reserve the unique selling proposition and consumer values.