What is a Brand?
The brand name is a word, that identifies not only a product but also its producers or manufacturers. For e.g. Apple, Sony, Lenovo, Blackberry. A brand is a name, term, design, mark, logo or a combination of the same that differentiates one seller’s product from another. A brand name is mainly used for business, marketing, and advertising. Legal protection given to a brand name is called a trademark. These days, brand suggests the values and promises that a consumer may perceive and buy into.
What is Branding?
Branding is a collection of marketing and communication methods that help to distinguish an organisation from competitors in the market and create a long-lasting impression in the minds of consumers. The main elements that form a brand’s toolbox include a identity, brand logos and trademarks, brand awareness, brand loyalty and various brand management strategies.
In a growing market where traditional models of business are being replaced by more complete interconnected models, brand equity is one marketing technique that remains strongly rooted in prosperity. To reach such an invaluable brand prestige requires a commitment to a single and effective way of doing business. A corporation which shows such a strong brand culture is dedicated to producing reputable service outputs such as customer satisfaction, reduced price elasticity and customer loyalty. A brand is a promise to its customers that they can expect long-term security, a competitive frame of reference and consistent delivery of products, functional as well as emotional advantages. When a customer is familiar with a brand name or favours it, this is where an organisation has reached a high level of brand equity.
Elements of Branding
The elements of branding are as follows:
- The brand identity-The brand is an easily recognisable name that immediately tells people about the organisation that manufactures certain products or services. Brand identity is the way people recognise the brand. It may be through the logo or other visible marks.
- Brand image-Brand image is the idea that a brand conveys to people. It also indicates what the people expect from the organisation. It’s difficult and sometimes impossible to change the brand image, so it’s best to know what your objectives are before you invest the money.
- Brand Positioning-Brand positioning is people’s perception in a growing market. It basically represents the segments of the market which the brand targets.
- Brand personality-Brand personality is the certain emotional or personal qualities that we associate with a particular brand. Every element of the brand including the logo design and logo colour in the brand name adds to the personality.
- Brand equity-Brand equity is the value of a brand. It may include the tangible, financial value such as market shares and revenue as well as intangible aspects such as strategic benefits of the brand. It is not only the sales but the image that takes the equity to different levels.
- Creating a brand experience-This is a combination of everything that a customer goes through while purchasing a product or using that brand.
- Differentiating the brand-This suggests how a brand stands out in the crowd by having new techniques and ideas and thereby, implementing these techniques in a right way.
- Brand Communication-It is the technique the brand delivers through various sources like advertisements, brochures, and punchlines. If the brand wants to grow in this tough competition the brand should be able to clearly communicate to its customers.
- Brand gap-This is the difference between what a brand promises to deliver and what it actually does. The gap should not be very high in order to stay in the market. A brand should deliver what it promises.
- Brand extension-This is the idea of going beyond ones origin and exploring new fields. A brand should always think out of the box in order to attract the public and gain confidence.
The brand name has many functions such as:
- Identifying and recognising the brand
- Guaranteeing the brand
- Giving the brand durability
- Differentiating and personalising the brand
Analysing Brands Potential
In examining the identity of a brand, which must lead up to any trustworthy repositioning of a brand, we find that the facets of its identity are not all equally legal. Some indeed are at the top of our minds, while others are at the end, kept out of sight. Popular brands, which have multiple sources of identity, do not necessarily choose to have them all. Typically the dormant brand capital can be used if the company decides to make it an asset.
Legal and Dormant Brand Capital
Legal and dormant brand capital alike can be either positive, i.e. an asset or negative, i.e. a liability. The combination of these two dimensions serves to represent the brands potential. Reenergising a brand consists of revealing what is currently dormant yet positive and concealing what is currently legal yet negative. It also involves searching the brands dormant potential for those identity sources that will best revive its messages and actions. Identity is the essence of a brand. It is the major basis for positioning a new brand or renovate an old one.
Importance of Brand Name for Startups
Building a brand name takes years of brainstorming, planning, and money. Brand recall is an ultimate compliment for any organisation, indicating a personal connection between the startup and the consumer. For a new business startup, a nifty logo and a catchy name around its product become equally important to create an impact and give rise to strong passion among consumers in the long run.
In this era of growing competition, a startup is required to build a brand name that is consistent, memorable and differentiated to attract consumers and eventually capture market share. There is no instruction manual for building a brand name for a startup. Brand position and reputation are built slowly and earned over a period of time, and this process can take up to years. At the same time, it is the good strategy to trademark your brand name. All that time and, effort and resources spent on creating healthy brand image may be brought to naught if it’s not well protected. Thus filing a trademark for your brand is good business sense. Emerging startups can look to a few key aspects to ensure a great brand recall, opportunity, and reputation over the years.
The next most important step is to acquire a domain name. It is generally easier to acquire domain names. Selecting a brand name requires a certain amount of creativity and word-play. Thus it must be unique, but not equivocal and easily communicates what the brand is all about.
The name, and logo, must together tell a story that your investors can believe and trust in to provide you with the resources to groom your brand name. It will not only create a sense of belonging and pride among the employees associated with it, they will further act as live brand ambassadors for the company.
A carefully crafted branding strategy can go a long way in creating a solid identity for a new enterprise and make it a success. Whether it is a brand name, symbol, or logo each and every element has the prospective to create an attractive brand personality that public not only remembers but also take pride in being associated with.
From Entrepreneurs to Wannapreneurs, Technopreneurs, and Socialpreneurs every one is attending Xelerate India 2017 Register Here to attend the event.