In the present scenario the world market is governed by brands. The sales of the products largely depend on its branding status as people have a psychological bent towards name and market position. What is a brand? Talking in terms of business, a brand is the market image of a product. If a product is labeled as branded then automatically its sales hike.
If you are running a business no matter small or big self branding is required. Here we will let you know how you can emerge into a brand and thus take your business to a greater level. The brands are classified as primary, secondary and tertiary depending upon the demands of the business.
Misconceptions about branding:
Entrepreneurs believe that a brand is merely an advertisement, logo, company name, etc. but it's actually not. Having a brand name brings along with it customer expectations that if not met leads to a businesses' downfall.
Branding becomes easier when:
The product you offer is rare or unique.
There are no negative comments about your products in a market.
The 'name' factor:
The brand 'name' is the most imperative part. The name must be in accordance with the products or services you offer. The name should be simple, easy to read, pronounce and remember. While choosing a brand name it should be ensured that it has no wrong meaning in any other language.
What all constitute a brand identity?
Pricing
Awareness
Reputation
Quality
Distribution
Preference
Commitment to customer
All these have to be taken care of while building a brand. A proper marketing campaign is prepared containing all these.
There are three integral steps of branding:
Consistency
Persistence
Restraints
Why branding?
Gives you a competitive edge in the market.
Your products as well as your company receives recognition
Creates a lasting value called brand value
A brand name cannot be stolen ( it remains intact).
Results can be easily tracked down or measured.
Thus by now you must have formed a clear idea of what branding is all about and how important is to brand your products. So, go and build your company as a brand in the market.
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