Branding is the process involved in creating a distinctive name and image for a product in the mind of the consumers, mainly done through advertising campaigns using a consistent theme. Branding targets itself to establish a significant presence in the market, different to competitors so that it attracts consumers and retains loyal customers.
Who does it Affect?
Consumers- Brands provide consumers with a decision to make when feeling indecisive about the same product from a different company.
Employees/shareholders- Apart from helping consumers distinguish similar products, success branding will add to the company’s reputation. This reputation then affects a range of different people from investors and distributors. If a company is seen as a good brand to work with, then it will be most likely be chosen over its competitors.
How can it be done?
There several ways to get your brand out there. Here is a list of a few ways branding can be achieved.
- advertising and communications
- sponsoring and partnerships
- the image of the brand
- product and packaging design
A product can be easily copied by others inside of the market, however the brand always be unique. An example of this is Pepsi and Coca-Cola. These products taste similar; however people will feel almost obligated to only drinking one, as they have a connection with that brand.
We have a tool on the website called Brand Values, which measures and identifies the way in which both the customers need but the key drivers of value inside their market. Click here to see more.
Example of branding
Water is a resource that is free and every human needs in their life. However you can go into a shop and see that companies have commercialized it, turning it into a product and having different brands going down different avenues. The branding is what makes the product successful. By creating a better brand to your competitors gives you the edge, because consumers will remember and come back to your product, your brand.
Examples of this are you could go into a shop and see a supermarket branded 500ml water for 50p. There could be a bottle right next to it branded by Voss, which can cost over £2 for 330ml. A product so similar to each other, but branded differently and receives different expectations from the brand.