Branding is an important arena in marketing. With brand, comes loyalty. A brand name gives recognition to a particular product or company. It defines a company for what it stands for, it’s mission, vision and values. Based on the intentions of a particular organization, a brand strategy is devised. The concept of branding is essential for any organization to make themselves known among the consumers.
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It’s a niche area that is earned by a company over a period of time. The audience would get attracted to a product in a much better way only if a brand image is created. A brand is created when a product/service is appreciated and accepted by the target audience. With this comes the challenge of getting customer approval.
This involves getting a positive impression in customer minds at the very first attempt itself. This would require massive campaigning that would include advertising, hoarding and banners containing punch lines as well as other forms of Public Relations tools to make your label known far and wide.
The main aspect of any marketing project as well as branding is the right usage of Segmentation, Targeting and Positioning (STP).
Segmentation is important for selecting the geographic region as well as the people dwelling in that region based upon which you can strategise your branding campaign. After segmenting, you need to select your customers or the target audience from that specific geographical location. Now, based upon the above two components, your product or service should be introduced in such a manner that it captures the attention of the audience.
This is because a brand communication strategy varies to a large extent on the geographic, economic and cultural factors. Based on the social norms of a community/country/region where a product or a brand is being introduced, the strategy for branding is devised. For instance, the people in the Gulf countries have a totally different mind set from those living in the west. Hence, fashion would have a different meaning for both these regions. The west would have a greater scope of promoting and branding a fashion house as compared to the Gulf in the east.
Branding has many other components which include a brand logo, communication strategy, a tag line that defines the company etc. This gives a specific identification with which the consumers can relate to. Usually, it takes decades to create a brand out of a product. This is because the market is highly consumer driven and any product exists in the market only if it is approved by a consumer or the target audience.
Today, Internet being more of a utility than an innovation, branding taken a new turn altogether. Online branding has become a niche area in marketing. With many people hooked to the net, branding on the net is equally important along with the offline campaigning. Online branding would include viral marketing, e – mail marketing and the list goes. The options are numerous to choose from. Hence, based on your product, select a few that would enhance your marketing campaign.
All in all, branding is a niche aspect in marketing without which it would be difficult for any organization to compete and survive in the market.