A brand is usually a name, term, logo or symbol that specifically identifies one product or service as distinctly different from those of others. Branding involves the consistent presentation of quality, distinctive features and an overall impression that distinguish it from all others. Branding can be based on physical characteristics, brand names, slogans and even advertising. Branding is the essence of a business. In fact, it is the very core of the brand.
The benefits of branding are endless. First, it creates a sense of awareness among consumers. In return, this awareness creates demand and consumers are willing to pay for the item or service associated with the brand. Therefore, if you can get consumers to purchase more than one item associated with your brand then your investment in branding will yield returns to you. Branding provides a sense of reliability and continuity in customers’ purchases.
Building corporate brands is not just about duplicating what already is out there. There are fundamental differences in the way we value different brands. Some brands have been around for generations, while others have come and gone over the years. Some corporate brands have deep historical roots, whereas others do not. With this in mind, one must be cognizant of the fact that building an equity portfolio for your company should take into consideration both the time and financial resources of your brand.
When creating a brand definition, a crucial factor to consider is the uniqueness of your concept. You should take into account how your concept differs from that of your competitors as well as the way in which you plan to differentiate yourself from them. For example, Apple Computers has been one of the most successful companies in the industry for several decades. However, it also has a reputation for innovation and new products. As part of its strategy of creating unique devices and operating them efficiently, the company has taken the trouble to carefully develop its brand image. The result is a set of corporate values and an identity that are highly recognizable to customers.
Consumer awareness is another important factor to consider when determining whether a brand is worth the investment. In fact, without consumer awareness, no amount of advertising or marketing would ever help to further market a product or service. The term “awareness” has a much larger meaning than simply being aware of a product or service. In this case, it means the level of awareness existing of consumers to the products or services offered by your brand.
Finally, your brand should engage consumers on a fundamental level. For example, did you know that Fiji Water is one of the most recognized brand names in the Fiji Island? Consumers recognize the brand name because of Fiji Water’s distinctive packaging design. Consumers also understand that Fiji Water is produced using natural minerals and that these elements are used in the production of all of the Fiji Water products, including their packaging design.