A brand is a distinctive name, term, symbol, design, logo or any characteristic that individually identifies one product or service as distinctly different from those of others. A particular brand can be distinguished by the quality it delivers and the perception in the market concerning it. Branding has become the most important economic factor in determining the survival and profitability of any enterprise. In a competitive world, brand equity is one of the most powerful concepts that governs the competitive differentiation of an enterprise. The essence of brand equity lies in the association between a particular firm and a particular brand and, therefore, a distinctive logo, color, design, slogans and so on play a pivotal role in the success of any product or services.
Branding in simple terms is the identification of a certain entity (brand) with a particular name and logo. A few decades back, this concept was conceived as a result of Thomas Edison’s exposure to brand name early in his career. He began to develop his distinctive brand image that was later adopted by his many clients. Over time, the brand name association became firmly established and is known to most of us even without knowing its origin. A brand name represents the individual character of the company and is a key element of its successful development.
Brand name creation has become an essential part of business practice. Its definition is a very complex process as it includes multiple elements like the identification of a strong and desirable consumer group, the making of a unique proposition that will stand out among the competition, and the promotion of the brand in a way that will increase its acceptance and loyalty. This article attempts to define this complex process in simple terms.
Branding Management The first step towards creating a brand identity is defining a definition or set of standards for a brand. The definition should be consistent with the business objective. It is often used to align product features and ideas with each other. The next step involves defining a set of assets and liabilities. These assets and liabilities often become known as attributes or qualities of the brand. These assets include but are not limited to trademarks, patents, goodwill, and licenses.
Branding through Social Media One of the most powerful methods of branding is by creating a social space that is associated with the brand. Examples of social spaces commonly used in branding are Facebook, Twitter, YouTube, LinkedIn, and Yelp. Examples of assets or liabilities in social media branding include the brand logo, color scheme, themes, images, and vocabulary. Finally, the process of building a brand name in a visible and influential way is called branding.
Branding Management Companies (BMS) help manage brand identities, identify customers, promote new products and services, and track and analyze customer loyalty. BMS providers also help organizations to develop and maintain their strategic branding plan, build new client lists, and perform periodic monitoring of brand performance. BMS providers also help organizations to create and manage their own digital and online marketing campaigns and provide analytics and research services related to brand performance. However, while a BMS provider will provide you with a comprehensive brand management service, you need to remember that your brand comes first and your reputation comes second. Your brand and your reputation must be above reproach, so that you can ensure long-term sustainability.