A brand is a unique name, symbol, concept, brand or any attribute that characterizes one product or service as different from those of others. In business, a brand is an indissoluble entity, representing the uniqueness of a product or service and establishing a specific relationship between the seller and customers. The brand tells the consumer what he is buying, who produced it and why. In some cases it even the buyer. The essence of the brand in the business is the quality, reputation, history and position of a particular product.
Brands in Marketing The most important advantage of brands in marketing is their ability to separate the vendor from his competitors. A well established brand has an advantage over newcomers in the market because it establishes loyalty and trust from the outset. It builds brand equity and increases the perceived value of the product. For example, a well established brand such as Visa has proven to be a good source of credit card payment for many customers, whereas a newcomer may struggle to attract the same consumers because he lacks a brand name and lacks sufficient credibility and trust. Brand equity and trust are the basis of customer loyalty and this helps to ensure the loyalty of a customer to a particular vendor over another vendor.
Branding on the Social Media allows the audience to interact with the brand at a closer level. The audience can communicate directly with the brand. Branding on the social media platform helps to build relationships, form a culture, and increase audience trust. Many social media platforms like Facebook allow the audience to “like” or comment on the posts made by the brand. This encourages customers to visit the website or blog more often, as it is visible to them and they can then interact directly with the company.
Branding in Advertising One of the ways of creating brand awareness is through advertising. The brand recognition achieved through social media advertising can easily translate into offline advertising. For example, Coca-cola’s latest commercial featuring their popular orange drink has been seen by millions of people. The spot was aired on television and was even covered by the UK’s news channels. This is one of the advantages of advertising on social media platforms; that it can reach millions of people instantly.
Brand Identity and Personality A brand identity is an important ingredient of any business; it gives a company its unique selling proposition. It gives a brand a consistent and identifiable personality that customers can relate to and identify with. A brand identity can be strengthened through creating the right values and attitude towards life. Coca-cola has displayed a strong brand identity over the years. Their commitment to improving their products, offering value and maintaining the environment has won over a wide spectrum of consumers.
Building Customer Service and Building Brand Personality Social media have enabled small businesses to showcase their personality and value proposition to their customers more effectively than in the past. These platforms have also made it easier for small businesses to build a solid customer base. With this base of loyal customers, businesses are able to create loyal loyalty and engagement with these customers. Engagement helps in brand identity building, generating traffic, generating sales and maintaining brand awareness.
Brand Definition If branding is about one thing, it is about defining your own brand. The brand definition should be consistent and clear, taking into account the target market, purpose and opportunity. The brand definition should make it easy for customers and other stakeholders to understand and relate to your brand. It is also important to define your brand in a way that makes your brand stand out. Sometimes, when a brand gets to a level of familiarity, brand recognition may get lost. Creating new identities and building upon the strengths of your brand’s is one way to ensure its long term viability.
Brand Value and Building Brand Loyalty One of the keys to generating sales and driving your brand loyalty is to build a powerful value proposition. Your value proposition should be anchored around the key elements of your product or service and what you can do for them. As your target market becomes more sophisticated, you must tailor your message towards their needs and their wants. When customers know what they can get from you, they are more likely to be repeat customers and to turn into raving-fan customers.