Do you love to have ice cream? Well, everyone loves to have it. If I would ask you to go and buy a chocolate ice cream. You would probably search for an ice cream shop of great brand names like Quality Walls, Amul, or Mother Dairy. But what if I ask you to buy ice cream with no brand name, you would feel hesitant regarding it. Whatever may be the cost of ice cream, you would buy it from a brand name. This is the role of branding in Marketing Management. In the Marketing and Business sector, branding plays a very important role. So, What is Branding in Marketing Management?
The definition of branding changes every minute. Branding is very confusing for many individuals. You may find it difficult to differentiate between Marketing and Branding. Grab a cup of tea and be ready to enjoy this beautiful ride of branding in marketing management. This blog is right there for your help. So, what are you waiting for? To gain a deep knowledge of this topic, I would urge you to read this blog.
What is Branding?
Branding is the practice of defining your business in the market and differentiating it from other brands. It is a tactic that helps to distinguish your business among the public. Branding creates a specific image in the minds of the people regarding any products, services, or goods. Let’s take the example of water, you might enjoy having more mineral water than normal water. Both types of water have the same color and texture. But still, mineral water is preferred over normal water. This is because of branding in marketing. This is a matter of concern that water is the same everywhere. Then how do different brands convince consumers to buy water from their brand?
From the above example, you can infer one thing that you can copy products from each other but can’t copy brands. There is uniqueness in every brand. For example, the taste of both Coca-Cola and Pepsi is the same but still, people find more attachment towards Coca-Cola because Coca-Cola is a brand worth millions. The main motto of a brand is to stay connected with customers and be loyal to them.
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Who is Affected by Branding?
There are certain communities of people who are affected by branding in Marketing management. According to research, if the customers like a product, then there is a 77% chance that they will advise others to try your brand. The two wheels of the market are consumers and employees. (Source )
These are the people who need products from brands. They are the decision-makers of the market. Customers need to decide between brands regarding the products. There are many brands that are marketing the same product, but it depends on the consumers from where to buy those products.
Branding strategies also help companies to encourage their brands. They also add to the company’s reputation. For example, if you feel that a specific brand understands your needs then, you will work for it, and if you can’t feel a connection with the brand, you won’t work for it.
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Ways to Build a Brand?
Normal coffees may cost you a penny but once it is attached to a brand, the same coffee becomes costly. You must be acquainted with the famous brand Starbucks, it is one of the biggest American multinational Companies for Coffees. If a hawker sells the same coffee roadside without the brand name of Starbucks, it might be the case that few people would buy it. To grow your brand, your business needs to meet the following criteria.
Identity of Company:
First, try to understand what should be the motto of your company and what should your company represent. Always keep the aim of the company in your mind. A company without a motto is like a person without a destination.
If you want to popularise your brand, always keep your focus on the target audience. Consider the age, sex, culture, and demands of the audience. To understand what your customers demand, get into the shoes of your customers, and then imagine that being a customer, what would you demand from your brand?
Build your company according to your brand. For example, if a bank promises 24 hours customer service. Then the bank must ensure that they hire well-experienced candidates, who can speak various dialects and are available day and night.
Always be careful with the words you attach to your brand. Those words become an emotion for your customers. Try to attach as many positive words as possible.
Different Types of Brands:
Different types of brands depend on the types of the organization using them. Broadly, it is divided into four parts.
The organizations use these types of brands to market them by taking various important decisions regarding price, motto, market values, etc.
Branding is not just for companies and organizations. Nowadays, with the help of social media, it is easier to create your own personal brand. It includes posts on social media, videos, infographics, and many more.
This is a way that helps to commercialize a particular product or merchandise in the market. To market a product, you need to keep a watch on the target audience and need to do proper market research.
This is a term that is used to market the services. The main component in these types of brands is creativity, as services cant be directly advertised.
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The Importance of Branding in Marketing:
Branding in Marketing requires a huge sum of money. But if the money is utilized properly in branding, it can lead to outstanding results. Many individuals are unsure whether to invest money in a particular brand or not. The decision of the customers fully depends on the company’s image in the market, its value in the global market, and the quality of its products or services.
The brand will help you to establish your business in the marketing industry. It will help you to gain recognition among other competitors who offer the same services or products.
Have a clear-cut idea of what you will offer to the public. For example, if you advertise for a soap product, then speak out your intentions behind that like chemicals free, makes skin softer and smoother. The audience will be impressed by your brand.
Awareness of Company:
With a strong base in the Marketing sector, you will be able to attract a new audience as well as make the old audience revisit your brand.
A strong brand in the market will help you to generate sales, profit, and leads. The marketing shares also increase which leads to the profit of your business.
It helps to expand the overall worth of the company. According to John Stewart, the previous CEO of Quaker, What actually matters is the brand’s equity (Source)
Criteria of a Good Brand in the Market:
A nice brand in the market maintains a healthy relationship with all of its competitors. Looking down upon your rivals could be one of your biggest mistakes. Learn and try to grow with them.
A logo is a must to fall into the criteria of a good brand. Logo helps to distinguish between different brands and also gives an overall idea of the brand. Brands should hire a logo designer which would help them to build their logo and optimize it according to the company’s aim.
A slogan will act as an emotional message to establish a nice bond with your customers as well as your competitors.
Your motto should be your top-most priority. Give a clear idea to the audience regarding the aim of your brand. People will get a clear idea and create a picture in their minds regarding your brand.
In order to be popular in the market, your brand should be advertised. Proper advertisement of your brand, would help you to gain recognition among the customers. They will get to know about your products and services and would also encourage other people to try your brand.
A brand needs to be maintained every day. Because each day, many brands advertise the same products. In order to compete with your rivals, it’s important to keep on updating your brand and maintain it properly.
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The brand is a very vital aspect of marketing. Brand plays an important role by playing with the customer’s mind. To make your brand stand in the top notch position, use the brand as your tool. Creating your brand might take a lot of time, but it’s worth it in the end. To begin your journey in the market, be firm in your decision and take help from others. Build a team and build good coordination with them. The team will be your biggest asset. They will give you an idea and suggestions regarding the market and the trends.
The more you practice branding, the more you will understand its complex nature. Work on your skills, and you will definitely shine with bright colours.