May 16, 2018
Branding is the process of 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.
Consumers- Brands provide consumers with a decision to make when feeling indecisive about the same product from a different company.
Employees/shareholders- Besides helping consumers distinguish similar products, successful branding will add to the company’s reputation. This reputation then affects various people, from investors and distributors. If a company is seen as a good brand to work with, then it will most likely be chosen over its competitors.
There are several ways to get your brand out there. Here is a list of a few ways branding can be achieved.
A product can be easily copied by others inside 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 only to drink one, as they have a connection with that brand. Click here to see more.
Water is a free resource that 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. Branding is what makes the product successful. Creating a better brand than your competitors gives you the edge because consumers will remember and return 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 beside 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.
There are other glossary terms in the Market Research Society’s Glossary, or more information about Vision One’s branding and best brand research services here.
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Understanding where your brand sits in the mind of the customer is essential for brand owners looking to develop/improve their brand strategy. Vision One’s BrandVision provides the most meaningful brand health and brand equity measurement tool (ever!). BrandVision is a measurement tool that allows brands to fully understand how customers see brands within a market […]