Branding, Brand value & Brand Equity
- 1. BRANDING
- 2. Definition Branding, by definition, is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company. This helps to identify a product and distinguish it from other products and services.
- 3. Definition-That is Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived.
- 4. Definition-That is There are many areas that are used to develop a brand including advertising, customer service, promotional merchandise, reputation, and logo. All of these elements work together to create one unique and (hopefully) attention-grabbing professional profile.
- 5. Concepts Effective branding can result in higher sales of not only one product, but of other products associated with that brand. If a customer loves Pillsbury biscuits and trusts the brand, he or she is more likely to try other products offered by the company – such as chocolate-chip cookies.
- 6. Concepts: Brand Names & Trademarks A brand name is the part of a brand that can be spoken or written and identifies a product, service or company and sets it apart from other comparable products within a category. A brand name may include words, phrases, signs, symbols, designs, or any combination of these elements.
- 7. Concepts: Brand Names & Trademarks A trademark which refers to the brand name or part of a brand that is legally protected. For example, Coca-Cola not only protects the brand name, Coca-Cola, but also protects the distinctive Spenserian script and the contoured shape of the bottle.
- 8. Concepts: Corporate brand identity The brand identity is a set of individual components, such as a name, a design, a set of images, a slogan, a vision, a design, writing style, a particular font or a symbol etc. which sets the brand aside from others. For a company to exude a strong sense of brand identity, it must have an in-depth understanding of its target market, competitors and the surrounding business environment.
- 9. Concepts: Corporate brand identity Brand identity includes both the core identity and the extended identity. The core identity reflects consistent long-term associations with the brand; whereas the extended identity involves the intricate details of the brand that help generate a constant motif. According to Kotler et al. (2009), a brand's identity may deliver four levels of meaning: i. Attributes ii. Benefits iii. Values iv. personality
- 10. Concepts: Brand Personality It refers to “the set of human personality traits that are both applicable to and relevant for brands.” Aaker conceptualised brand personality as consisting of five broad dimensions, namely: 1. Sincerity (down-to-earth, honest, wholesome, and cheerful) 2. Excitement (daring, spirited, imaginative, and up to date) 3. Competence (reliable, intelligent, and successful), sophistication (glamorous, upper class, charming) 4. Ruggedness (outdoorsy and tough)
- 11. Concepts: Brand Awareness Brand awareness involves a customers' ability to recall and/or recognize brands, logos and branded advertising. Brands helps customers to understand which brands or products belong to which product or service category. Types of awareness 1. Top-of-Mind 2. Brand recall 3. Brand Recognition 4. Strategic awareness
- 12. Concepts: Brand Awareness Most companies aim for "Top-of-Mind" which occurs when a brand pops into a consumer's mind when asked to name brands in a product category. Brand recall (also known as unaided brand awareness or spontaneous awareness) refers to the brand or set of brands that a consumer can elicit from memory when prompted with a product category Brand recognition (also known as aided brand awareness) occurs when consumers see or read a list of brands, and express familiarity with a particular brand only after they hear or see it as a type of memory aide. Strategic awareness occurs when a brand is not only top-of-mind to consumers, but also has distinctive qualities which consumers perceive as making it better than other brands in the particular market. The distinction(s) that set a product apart from the competition is/are also known as the unique selling point or USP.
- 13. Brand elements Name: the word or words used to identify a company, product, service, or concept Logo: the visual trademark that identifies a brand Tagline or catchphrase: "The Quicker Picker Upper" is associated with Bounty paper towels Graphics: the "dynamic ribbon" is a trademarked part of Coca-Cola's brand Shapes: the distinctive shapes of the Coca-Cola bottle and of the Volkswagen Beetle are trademarked elements of those brands
- 14. Brand elements Colors: the instant recognition consumers have when they see Tiffany & Co.’s robin's egg blue (Pantone No. 1837). Tiffany & Co.’s trademarked the color in 1998. Sounds: a unique tune or set of notes can denote a brand. NBC's chimes provide a famous example. Scents: the rose-jasmine-musk scent of Chanel No. 5 is trademarked Tastes: Kentucky Fried Chicken has trademarked its special recipe of eleven herbs and spices for fried chicken Movements: Lamborghini has trademarked the upward motion of its car doors
- 15. Why Is Branding Important? Branding is absolutely critical to a business because of the overall impact it makes on your company. Branding can change how people perceive your brand, it can drive new business and increase brand awareness.
- 16. Why Is Branding Important? 1. Branding Gets Recognition The most important reason branding is important to a business is because it is how a company gets recognition and becomes known to the consumers. The logo is the most important element of branding, especially where this factor is concerned, as it is essentially the face of the company. This is why a professional logo design should be powerful and easily memorable, making an impression on a person at first glance. Printed promotional products are a way of getting this across.
- 17. Why Is Branding Important? 2. Branding Increases Business Value Branding is important when trying to generate future business, and a strongly established brand can increase a business’ value by giving the company more leverage in the industry. This makes it a more appealing investment opportunity because of its firmly established place in the marketplace.
- 18. Why Is Branding Important? 3. Branding Generates New Customers A good brand will have no trouble drumming up referral business. Strong branding generally means there is a positive impression of the company amongst consumers, and they are likely to do business with you because of the familiarity and assumed dependability of using a name they can trust. Once a brand has been well-established, word of mouth will be the company’s best and most effective advertising technique..
- 19. Why Is Branding Important? 4. Improves Employee Pride And Satisfaction A good brand will have no trouble drumming When an employee works for a strongly branded company and truly stands behind the brand, they will be more satisfied with their job and have a higher degree of pride in the work that they do. Working for a brand that is reputable and help in high regard amongst the public makes working for that company more enjoyable and fulfilling. Having a branded office, which can often help employees feel more satisfied and have a sense of belonging to the company, can be achieved through using promotional merchandise for your desktop.
- 20. Why Is Branding Important? 5. Creates Trust Within The Marketplace A professional appearance and well-stratezised branding will help the company build trust with consumers, potential clients and customers. People are more likely to do business with a company that has a polished and professional portrayal. Being properly branded gives the impression of being industry experts and makes the public feel as though they can trust your company, the products and services it offers and the way it handles its business.
- 21. Why Is Branding Important? 6. Branding Supports Advertising Advertising is another component to branding, and advertising strategies will directly reflect the brand and its desired portrayal. Advertising techniques such as the use of promotional products from trusted companies such as Outstanding Branding make it easy to create a cohesive and appealing advertising strategy that plays well into your branding goals.