The American Marketing Association describes a brand as a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” This definition of a brand reflects the various components that are involved in branding. With the right approach, a business or company can take a plunge into the branding of their business to help develop a relationship with their customers. This relationship is possible only if the business and products have their own identity. With so many products and services being offered by various businesses, one must stand out and make themselves visible to the customers. This visibility is possible with branding as there are too many companies in the market that are offering the same products and services. One thing to remember is: a product can be copied by other companies, but a brand will always stay unique.
“Branding is endowing products and services with the power of a brand,” stated Kotler & Keller, 2015. Branding is a concept that helps to give shape to a brand in the eyes of the consumers. Branding can be done with a few strategies that can help the consumers to identify your brand and choose your brand over your competitors. With the help of branding, brands can attract new customers and as well as retain their loyal customers. Moreover, branding is not just done for consumers; it is also done for employees, shareholders, and third parties, who might be interested in your business. If they feel they connect with your branding, they would want to work with you or for you.
Brands and branding go hand in hand and with the right strategies and approach, branding can have a huge impact on the success of your business. This article talks about the various core components of branding that can help you to achieve a higher ROI (Return On Investment).
THE 8 CORE COMPONENTS OF BRANDING
The concept of branding can be split into the following components:
1. Brand definition
A brand definition defines who your business caters to, the products and services you offer, and more importantly, who you are. This should be stated straightforwardly to allow the message to be conveyed clearly.
2. Brand values
Your brand’s values are the representation of your ideals and beliefs that you would like your customers to believe in. These could be providing good quality products, reasonable prices, sustainable practices, etc.
3. Brand promise
This is the guarantee you give to your customers when they purchase your goods and services. Brand promises usually reflect your brand’s values.
4. Brand identity
This can be defined as the first look or impression of your brand that is visual. This involves your brand’s logo, graphics, colors, fonts, etc. Therefore, your brand’s logo should be designed professionally and it should reflect upon your brand values. A strong brand identity leaves a stronger impact on the consumers.
5. Brand differentiation
This helps your brand to stand out from the lot as it would be your unique selling point. This helps the consumer to understand why they should choose your brand over your competitor. So any exclusive feature or benefit you have, you should use it to communicate clearly to your consumers.
6. Market position
As the name suggests, this is the position held by your brand in the market, based on the quality and price of the products you sell.
7. Brand messaging
Brands convey their messages through taglines, brand promises, key messages, and marketing strategies. Brands do not just create a physical impact on their consumers, they create an emotional one too. These messages will help to create that emotional bond with your consumers. Since these messages cannot be too wordy, you have to choose your words very carefully.
8. Brand experience
The total brand experience encompasses how your customers interact and react with the products and services you offer, including customer service. A good brand experience for one customer means they would contribute to your word of mouth marketing, helping you in getting more customers.
Branding can be a daunting task for some brands as it might have a negative impact on your brand if not done the right way. Therefore, you must not shy away from hiring professional marketers to help you in the branding process. Professional marketers, such as DigAptics, are known for their unique and outstanding marketing strategies. Contact them today to discuss how you can conduct the branding process.