What’s In A Name? The Huge Value Of Branding
Have you ever wondered how global brands like Coca-Cola and IBM make it to the top list of global brands? Well, aside from years of guaranteed quality service, one of the major factors is having a reputable trademark or in layman’s term, a brand.
Top Global Brands
In October 2011, Interbrand, the most prominent brand consultancy in the business sphere, launched its top 100 global brands. Among the top 5 were Coca-Cola, which has topped the list many times in a row; IBM; Microsoft; Google and General Electric (GE).
These five have been reigning in the list for years now, serving the public with quality products from beverages to computer software, electronics and other services. But how? Stop wondering anymore because it’s all about branding or how they have established their name to the consumer public.
What is branding?
You may have asked yourself what it is and what it does. Is it different from advertising and public relations (PR), or is it basically part of them?
Before you do PR and advertising, you first have to conceptualize and establish your brand.
- Branding is the first stage that a company must undergo to establish its name and build its reputation.
- It is a way to fulfill a company’s long-term goal of being known widely in the market.
- It is your brand that you introduce, reinforce and use in your other marketing campaigns, serving as the product or service’s identity.
In the American Marketing Association dictionary, branding is a strategy “to develop a strong brand reputation” that can result in positive recognition and feedbacks.
In order to be successful in branding, it is obviously important to have a brand or a trademark, in legal terms, that will stand out among the competitors and that will make a mark in the minds of your consumers.
More than just the brand name and logo
Branding is not only about establishing a unique yet intellectually-thought brand name, designing a memorable logo, creating the most fancy yet remarkable slogan and advertisement, and organizing events to increase recognition; it is also about how a company carries itself in a pool of competing industries.
Branding: Face and Reputation
Also for branding purposes, it is important that your company’s credibility is not marred by unhealthy issues that can turn consumers off. In this way, you will be able to build your reputation and open more opportunities for your company.
- Having good and flawless reputation can open more connections not only to fellow businessmen in the industry but also to your consumers.
- Connection and communication between you and your consumer is very important, and a well-crafted branding strategy can help you win their hearts.
For example, Coca-Cola has been there for hundreds of years and is still being trusted by consumers. The reason behind it is the way the company reaches out to its target market—a healthy company-consumer relationship.
Reaching out to consumers: Building the bridge
Branding is important in establishing a connection between consumers and the business or company. As you establish your name or trademark, it is necessary to not only know the products or services you offer, but also your target market. In this way, you will know how to reach out to them to motivate consumer loyalty.
Getting consumer loyalty in a very competitive industry is no walk in the park, but it is achievable even through simple means. For one, you can start by being open to your consumers for their questions, complaints, feedback and other concerns.
- Consumer feedback is important since you will know how consumers view your product and how to improve it based on such information.
- It can also help establish your brand among competitors and introduce your product to consumers who are unfamiliar with your brand.
Taking the edge against competitors
Rising above your competitors banks largely on two things: credibility and consumer loyalty. These essentials are linked, as branding will not be successful if one of these goals were not achieved. Credibility breeds consumer loyalty, and consumer loyalty is hugely anchored on credibility.
Even individuals can take advantage of the benefits of branding, establishing a reputation for themselves and being able to sell themselves better.
- For job hunters, presenting themselves with a particular “brand” or identity allows them to make a mark in prospective employers’ minds, making them more memorable and more likely to get hired compared with other applicants.
- Even in the corporate setting, branding is deemed important not only for the company, but also to its employees. If branding per se can make a company stand out from others, personal branding can also make one shine among other office personalities.
When you brand yourself and your work well, you will gain expert status in which people will come to you for expert advice and opinions. These will make you a household name or an authority figure for journalists and for the industry.
Personal branding is also an edge for you because you will be trusted not only by your employer or by other business people, but also by the consumers. Consumers will put their trust in you because they think that you know much better. This way, you can gain more confidence that you can do more to provide quality service for other people. And as a personal brand, it is also important to take care and increase your market value because yes, business is still business.
Establishing your brand
It is not only worthy to know how important this marketing essential is; it is also important to know establish it. Know, communicate and innovate. Know what you are and what you can do. Communicate your “edge” and build good and strong connections with your target market. Innovate to bring novelty, sustain and strengthen consumer interest, and consistently provide quality and ever improving products and services.
How do you brand? let us know in the comments below!