In our day-to-day life, we touch several brands, right from brushing our teeth early in the morning till we retire to bed at night. Be it tooth paste, morning tea, or the mattress we sleep on, we get into contact with brands. Although we have a wide choice of goods and services, we are willing to pay that extra for a particular manufacturer. With the economy growing, disposable incomes with people have also increased and people have become choosier in the selection of goods and services. Brand building becomes critical for success of any product or service.
The history of Branding is many centuries old. It is said that in olden days, when vast trail of herds of cattle were driven to market branding was done by hot iron. It was then done primarily for identification. However, modern branding evolved with changing market. With the advent of marketing era, modern branding started taking roots.
Branding is a differentiating identity. It is an important reason for the employees, customers and investors to associate themselves with an organisation or a company. It assures reliability and quality. It is nothing but a perception. It lives in a person’s mind. Therefore, it needs to be managed continuously for gaining the mind share. It is different from a product. A product can be copied by a competitor but a brand cannot be copied. It is unique. A product can become outdated quickly but a successful brand is timeless.
Components of a Brand.
a. Identifiers:
The name, logo, colour, shape – these are clues that lead the customers to believe in what the brands stand for,. These identifiers are simple thoughts that live in the minds of customers or others.
b. Attributes:
Whatever the customer thinks of when he/she thinks of a brand.
c. Associations:
Powerful brands have strong association with a few key attributes-ideally the main drivers of customer behavior.
Brand Management
In a crowded market, brand needs to be positioned properly and provided with superior delivery of desired results. Organizations must innovate to bring newness which has relevance to the brand. They must establish credibility and create appropriate brand personality and imagery. Above all, to build a strong brand, organizations must communicate with a consistent voice at one point of time and over time. The golden rule is never confuse the customer.
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