A brand is the face of a company. It is how people perceive a business or a product. It is not just a logo or a brand name but a lot more than that. A powerful brand can speak for itself and can easily communicate its purpose and benefits to the consumers. A brand is a human gut feeling about a product. It is the interface between what you are and what people think of you. Through a strong brand, you can stay in the memory of people for a longer time and influence their purchase decisions.
In this age of cut-throat competition, you not only need to stand out from the crowd but also need a loyal customer base who identifies with your brand. Branding does just that and even more.
Let us see how branding impacts your business:-
- Develops Business Value – A brand is one of the most valuable intangible assets owned by a company. A strong brand gives you better positioning in the market and increases the value of your business significantly. It also makes up for a better investment opportunity due to its notable hold in the industry.
- Gives Recognition – The most precious thing that branding lends to a business is Recognition. Through logos and taglines, branding tries to make your brand/company more identifiable and trustworthy. An intelligently designed logo has the power to interact with the people and makes your brand stand out from the crowd as well as your competition.
- Attracts New Customers – Reputation is something that comes along with a brand. It is this reputation that differentiates a branded product from a non-branded one. While making a choice, any new consumer would feel attracted to a reputable brand and would decide to buy it even without blinking an eye.
- Elevates The Desire Of Buying – A brand adds value to your business and attaches a sense of pride and status to it. This factor influences people’s decisions and generates a desire to buy it due to the powers and sense of accomplishment attached to it.
- Improves Employee Satisfaction – Working with a branded company is much more satisfying and fulfilling than a non-branded one. A reputable brand enhances employees’ sense of dignity and trust. Also, a branded company has higher chances to attract rich talent as people are more than happy to work with a well-known brand.
- Improves Internal Process – By promoting a cohesive image to the outside world, the internal operations of a company gets streamlined. The organization’s branding initiatives tie up its people and brand together and help instill a sense of professionalism within them.
The well-known brand Paytm is a great example of branding done well. They were successful in reaching a wider audience by keeping the logo simple, and their brand communication completely direct. With an aspiration to create a cashless economy, they stayed true to the needs of the consumer. With promotional taglines like Paytm karo, they showcased the intention of their brand quite clearly which appealed to the masses. Their simple yet intelligent branding strategies resonated with the audience and converted potential customers into loyal users.
With a customer base of over 200 million, Paytm proved that brand satisfaction levels are directly proportional to higher revenue and a larger customer base.
Components of a Brand
- Brand Definition – It is the definition of what you are and what you do. A clear brand definition would help to build the foundation of the brand.
- Brand Values – What your brand stands for is the next important component of the brand. It is the belief you set in the mind of consumers through which they connect with you. With your values in place, you can attract a larger group of audience to your product.
- Brand Identity – A logo, tagline, colors, and typography comprise the visual face of your brand. A cool brand identity helps improve public perception and makes it memorable. Therefore, a professionally designed identity is quite vital for your brand.
- Brand Differentiation – The uniqueness of your brand and how you communicate it to the audience is something that will help you cut through the competition. Anything like a new feature or a unique personality can help grab eyeballs and interest in your brand.
- Brand Messaging – The voice of your business and the way you say is your brand messaging. It includes taglines, brand commitment statements, and marketing copy. This strategy should always be consistent as it helps in brand building.
- Brand Experience – How the user interacts with your brand is called Brand experience. To enhance this experience, your company should always be sure about the quality of products or services as well the interaction with the customers is in tandem with your branding.
Importance of Rebranding
Brands need care and attention. With time they get old and need a revamp. Let’s have a look at some factors that shed more light on the importance of rebranding:
- Improves Market Position – While you might be holding a mighty share in the market, rebranding opens new avenues and attracts new users towards your brand.
- Improves Economic Position – A fresh identity with a better logo, colors, and packaging directly influences the demand for your product in the market. As the demand rises, people are ready to pay for the same product at higher pricing.
- Generates New Enthusiasm In The Audience – A new look and revamped brand personality brings a new wave of excitement in your existing group of users.
Now is the time to understand the different types of branding strategies that can help your business grow by leaps and bounds.
- Product Branding – The most popular branding technique is Product branding. It primarily focusses on making a single product identifiable in the market. It involves designing uniques logos and packaging of the product, which makes it easily distinguishable from the other brands.
- Corporate Branding – It is the way a corporate presents itself to the world and also to its employees. Corporate branding showcases the core values of the business, their vision, and mission. For a start-up business, having a strong corporate identity becomes their first step towards success as it helps in making your business more visible.
- Personal Branding – It means branding a single person rather than a whole business. Personal branding tries to establish the image, personality, and character of a person. Individuals opt for Personal branding to place the best version of themselves in front of the market or their audience.
- Online Branding – The branding that places your product in the digital world is known as online branding. It includes a website, blogs, and social media presence. How a company represents itself online, affects its position in the online marketplace.
- Offline Branding – The branding that takes place off the media platforms is known as offline branding. It involves designing business cards, stationery, brochures, badges, etc. for your business that gives it a consistent look and identity.
- Co-branding – Co-branding happens when 2, or more brands partner with each other, to promote each other’s brand. By partnering with other brands, you open new business prospects and reach a wider audience.
Branding strategies that built the brand Cure fit – A case study
Whether you are a fitness enthusiast or not, you must be knowing about the brand Cure fit. The brand, in a small-time, has created a distinct identity in the market and has achieved quite a fan following. The reach of this brand is such that it has disrupted the fitness segment drastically.
The Branding of Cure fit has been quite a stirrer and adds up to its success. The bold colors that entice the youth and consistent branding techniques for the other brands under their umbrella left quite an impact on people’s minds. Some factors that helped achieve their brand strategy are:
- Right knowledge of the target audience
- Identification of their USP
- Great Online presence
- Good use of Co-branding
To study the complete case-study, you can visit https://www.theproductjourney.com/case-study/cure-fit/.
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