What is a brand?
Brand is a name, term, design, symbol, feature that identifies one seller’s good or distinct from those of other sellers’.
What is Branding?
Its is a set of marketing and communication methods that helps to distinguish company or product/services from competitors, aiming to create a lasting impression in the minds of customers.
What is Brand Management?
It is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the target market is an essential for brand management.
What is Brand altitude?
This refers to the buyers’ overall evaluation of a brand with respect to its perceived ability to meet currently relevant motivation.
What is Brand Awareness?
This is the extent to which customers can identify a brand under various conditions.
Role of Branding in a Business
- Branding improves recognition; A major component of a brand is a logo. A good and professional logo design should be simple enough to be memorable and at the same time powerful enough to give the desired impression of your business.
- Branding creates trust; A professional appearance builds credibility and trust, this is because people are more likely to purchase from a business that appears polished and legitimate.
- Branding supports advertising; Advertising being another component of a brand, the group targeted for advertising and the medium chosen builds a brand.
- Branding builds financial value; The greater a company’s devotion to builds its brand value, the better the financial return. This is because a strong brand usually guarantees future business.
- Branding inspires employees; Many employees need more than just work, they need something to work towards. When employees understand your mission and reason for being, they are more likely to feel the same pride and work in the same direction to achieve the goals you have set.
- Branding generates new customers; Branding enables a company to get referral business. A positive word of mouth is only possible in a situation where a company has delivered a memorable experience with your customer.
Attractive Branding Strategies (Brand Building)
- Define your brand; This step is critical as it ultimately determines what your company’s brand truly stands for. Also, the brand values are determined. The values should show that the firm is contributing to environmentally, social and well being of customers.
- Differentiate and position your brand; to differentiate the company’s brand, so that it can attract attention and at the same time stands out from competitors. Also, to differentiate your brand the company have to create a unique advantage in the minds of consumers not merely getting attention by brand building colors or logos or other superficial elements.
- Build and expose your brand; to build a brand, you have to keep on reinforcing your brand’s values and skills by taking up new roles and assignments that will give your company more exposure. Also, the company/firm can use promotional channels, blogs forums and social media to expose the company’s brand.
- Personalize your brand; if a company want its brand to be successful, then the company have to personalize its brand. It’s a way of giving a company an identity, so as to allow the consumers to see and experience the personality of the company brand.
- Review your brand; since a company brand is not static, it needs to go through a range of motions in its lifetime. Depending on strategies, the company brand will either grow in strength or remain dormant. Hence this calls for enhancing the value of the company brand or re-establishing it.
Key Areas and Considerations in Branding
- Brand name selection; A good name can add greatly to the product/service success. Finding an appropriate brand name for a product/service begins with a careful review of the product/service and its benefits, target market, and proposed marketing strategies. The brand name should have the following characteristics;
- It should suggest something about the product/service benefits and qualities.
- It should be easy to pronounce and remember.
- The brand name should be distinctive.
- The name should translate easily into foreign languages. Some names may not be desirable when translated in to other languages.
- It should be capable of registration and legal protection.
- Brand sponsorship; Brand sponsorship options includes;
- Manufacturer’s brand; The product/service bears the name of the manufacturer e.g coca-cola, Mercedes Benz.
- Private brand; A brand created and owned by a reseller of product/service, for example where supermarkets repack and brand sugar, rice, flour.
- Licensing; the manufacturer licenses others to use their labels.
- Co-branding; the use of brand name of two or more different companies on the same product/service.
- Brand management; Brand management is aimed to achieve the following objectives;
- Brand focus for sustenance and growth.
- Competitive culture among sales and marketing team of a company.
- To build market share and consumer brand loyalty.
- As a profit centre.
About the Author
Thank you for reading this article. The author, James Ndambiri is an avid Business Advisor and Consultant: A Tax Surgeon, Proficient Accountant, Skilled Auditor, a Guru in Financial and Investment management, Expert in Business Strategy Formulation, Business Transformation Wizard, Family Business Advisor, Lecturer, Business Coach and a Family Man.
James is the Founder, Team Leader, CEO & Managing Partner of MNC Consulting Group. MNC Consulting Group is your most trusted and respected professional business consulting firm recognised by our clients for delivering excellent business advisory and consulting services that create value to their ventures. With our focus set on value addition, we offer our clients the highest quality professional services in Accounting, Audit and assurance, Tax, Business Transformation, Investments and Financial Advisory, Family Business Advisory, Company Secretarial Services and Property Management that addresses their business needs through attracting, recruiting and retaining knowledgeable and passionate professionals who enable us to deliver superior results while contributing positively to the community in which we live and work.
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