Branding Basics

There are multiple products competing at every category in the market. To prevent confusion and make their items stand out, businesses put brands on each of them. This could be a name, a symbol, or any other definitive feature that can distinguish one thing from competitors from the customer's point of view. Everything is branded nowadays and consumers usually have their preferences. There are branded sweets, branded soap, and branded socks. Professionals can consider their name as their own brand.

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History of Branding

This practice started out thousands of years ago when people started settle and build communities. They raised livestock such as cattle which they can then use for food or sell to others. The problem was that cattle raised together by different owners would sometimes get mixed up. There is also the issue of theft which can ruin people's livelihoods. Putting brands on their hide with a hot iron provided a means of identifying ownership. After a while, brands evolved into a more complex personality that is create for a product, individual, or organisation. Each brand comes with a promise and a set of values design to attract consumers.

Components of Branding

Brands will usually have a distinctive name and logo. These will be trademarked so that others will not be able to copy or profit from them. For example, restaurants will have their name in front with bright lights and offices will have their logos on their letterheads. These should come with their own unique identity, almost as if they were people as well, so that consumers can connect their them and form an attachment. Some cars are branded as off-road warriors while others are elegant or sporty. Each of them will attract a different type of audience. Businesses work hard to spread awareness and develop loyalty.

Perks of a Good Brand

The most successful brands enjoy high equity. They are worth a great deal because people trust them and are drawn to them. Nearly everything has their branding enjoy good sales figures, even if it outside their core competencies. For example, Ferrari is a well-known car maker from Italy. Their logo is iconic and their vehicles are highly sought-after. Sometimes they also dabble in fashion and technology, allowing their brand to be used for non-automotive products which loyalists may collect. Popular brands are able to increase their prices because people value their reliability, quality, style, or trendiness. They are a company's most prized intangible asset.

Improving Awareness

New brands need to establish themselves as serious players to get the attention of consumers. However, even old brands can't rest on their laurels. People tend to forget quite easily such that new marketing campaigns have to be launched every year. Advertisements should be placed where their target audience is likely to see them. Nowadays, online advertising is usually part of campaigns especially when targeting millennials. Social networking pages are also maintained to stay in touch with customers, hear their feedback, and mobilise them to spread the word about new products or promos.