Business branding or brand management is a process that helps to control how a company’s brand affects the consumer. The science of brand management helps to manage the perception and image of the brand in the market. The key goal of brand management is to create brand value. Brand management handles important strategic assets, brands, which can often cost many times more than the net assets of an entire company.
What is Branding?
The image of the company is half its success. The way customers evaluate a particular product most affects their consumer behavior. Often, customers do not trust companies, but their big name, which has already earned a good reputation. The creation of such a name, as well as the opinions and ideas of the client about the product, the search for its unique qualities, and, of course, their competent presentation to consumers, is called corporate branding. Brand development is an important marketing task, aimed at distinguishing your company from competitors.
The market appreciates an original approach and does not encourage secondary products. Trust is an important component in the development of any brand. It creates the foundation for customer-producer relationships. Having secured trust once, you will attract the client again almost effortlessly, because his choice in your favor is already pre-determined. In simple terms, a brand is what people think of you. Maintaining your image and reputation is very important, but not easy.
Why is Branding important?
In today’s world, we are faced with brands every day. Many intuitively understand what it is and why it is needed. In particular, this applies to ordinary consumers making up the target audience.
In general, product branding and services are necessary for:
- Increasing awareness and breadth of audience reach.
- Strengthening differences from competitors with identical goods and offers.
- Increasing loyalty and expanding the base of regular customers.
- Increasing the price of goods and services due to additional value: positive associations, emotions, confidence in the special quality of the product, its status, or other image advantages.
Even though the brand itself is not a material product, but rather an intellectual one, its impact on the surrounding reality is quite noticeable. This makes branding different from a trademark or corporate identity. A trademark is more a formal side of the issue. The registered trademark is used in documents, labels, and advertising, protected by copyright.
Corporate identity is used to individualize the product in the visual aspect; these are the graphic solutions that make it recognizable. All this has to do with the brand, which is expressed through these aspects, but the brand itself is rather an emotionally associative concept and even philosophy. This is what the consumer feels when mentioning the brand, models when seeing its identity. To some extent, the brand represents the opinion, perception, and trust of customers.
About the elements of branding
The branding design includes several components:
- concept (main idea);
- company style;
- slogan and logo;
- corporate font;
- color spectrum;
- brand character or person representing the company.
When developing each of the components, the specialist takes into account the target audience of the customer, the market niche of the company, as well as the brands of competitors. A comprehensive analysis allows the marketer to find the optimal strategy for branding development. Below we will analyze each element of the brand more thoroughly.
Regarding development of the design of a trademark, this is the foundation of any brand. The concept contains a message addressed to the audience. This is the main idea that you bring to the world: your goals, mission, values, and advantages. Usually, the concept is written in the brand book.
Corporate identity allows you to distinguish a company from similar products. This means that looking at the logo, color combination, and specific font, the client will immediately recognize your brand. Identity emphasizes the unity of the entire product line and corporate complex: from huge advertising banners to corporate pencils. The harmony of style helps the brand to gain a foothold in the minds of consumers increasing their loyalty to it.
The slogan and logo
The slogan and logo is your business branding card. With their help, the customer identifies your product, easily distinguishing it from a competitor’s. The logo is a unique graphic emblem that contains the name of the company or other identifying features (font, colors, special symbols).
Depending on the general style of your company (strict or free, bright or restrained), you need to choose the appropriate font that fits into the concept seamlessly. Also, the font helps customers identify your trademark even without reading the text. If your target audience is prone to impulsive purchases, display this in a corporate font.
Choosing a specific color scheme for your brand will help express its idea and create a harmonious image as a whole.Atrium Business Solutions
In general, colors are a very powerful means of influencing the buyer, since each of them causes specific feelings and associations.
Some companies want to stand out among competitors as much as possible or increase their credibility. To realize these objectives, personal branding or the development of a corporate hero, as well as the invitation of a media person as an ambassador of your product on the market, is suitable. That person will appear in advertising or on the packaging. A company character must have positive qualities that somehow resonate with the properties of your product. Each of the characters has unique features. They will be remembered by the consumer, and will also be associated with the brand in the future.
What you need for successful branding?
Branding consists of several successive steps. This process requires a deep immersion in the needs of target customers and market conditions. First, it is necessary to research brands that already exist on the market, logos, and slogans that have already been created. In addition, trends in the selected market should be studied. Developers of branding services need to understand what distinguishes the customer company from competitors, what disadvantages and advantages it has over them, and what aspects of the products will be relevant in this business environment.
Moreover, special attention should be given to the naming. The task of naming is to create a sonorous and memorable name that maximally reflects the image of the company. The name should reflect the characteristic features of the product and involve the consumer in the purchase of the product. When developing the name, specialists take into account the characteristics of psycholinguistics, phonics, and sound recording. Marketers also consider the possibility of realizing a name in advertising: for example, design it visually or say it out loud.
Developing a brand from scratch is really a difficult task, but not for professionals. Marketers know exactly how to create an effective and cool brand that will benefit both you and your customers.