Branding is a valuable concept to marketing and business. It helps people to identify a company, an individual, or a product. Branding includes aspects such as logo, name, slogan, or design that is widely recognized. Branding can be an asset or a liability to a company depending on how much thought and research goes into its creation.
When creating a brand, it’s important to think about things such as the brand’s purpose, the brand’s goals, and who the ideal customer of the brand is. The answers to these questions will help to create a brand with the best images, colors, words, images, and even fonts. While it would be nice to appeal to everyone, a successful brand will understand that having a target market is necessary.
The benefits of branding are many. A well thought out brand will get your company’s message across to your target audience. They will feel seen and understood. If a brand can evoke emotion from people, they are likely to become customers. Once they have customers, they can build trust by living up to what your brand stands for. When a brand has gained the trust of customers, these customers are more likely to remain loyal to the brand and purchase more services or products in the future. These loyal customers can also benefit a brand as people who purchase things they love tend to tell friends and family about them. This word of mouth can lead to new customers.
There are a number of different types of brands, including:
Service brands offer a service. These types of brands consist of services such as airlines, car rental companies, hotels, and travel agents. Examples include Hilton Hotels and Resorts, Delta Airlines, and Enterprise.
Personal brands are ones created by individuals. Social media is an important tool when it comes to personal brands. Someone with a personal brand will posts regularly to offer their thoughts, videos, and images. Many times, someone with a personal brand will be known for their knowledge on a specific topic such as fitness, women’s health, or sports. This isn’t required for a person to become their own brand though.
Product brands focus on one product of a company. These are considered the foundation of its brand world. They are at the lowest point of the heirarchy, but have a large impact. Examples of product brands include Coca-Cola, Amazon, and Dove.
Corporate brands are how a company will set themselves aside from their competition. This will include things such as their pricing, their target market audience, and their overall mission.
Branding is an important tool when it comes to creating a successful company. Clarity about who the brand is and what they stand for helps to create a brand identity. Branding tools such as establishing an online presence, building a reputation and trust, and increasing overall visibility are just a few ways a brand can help a company go farther. Branding tools should always reflect the brand a company wants to put out into the world.