Small and big businesses alike should be aware that developing a brand name is an important element in the formula for success, but what is branding in business?
Branding is a technique used by marketers to introduce a product or service to consumers through stimulating an association with a particular brand name. Often times, various forms of advertising are used as an introduction, followed by even more advertising to sustain brand recognition. Research suggests that branding has a positive influence on the financial well-being of a company.
A report from the Branding Forward Project shows that over 50% of marketing specialists felt that branding was somewhat less important today in light of the prevalence of social media coupled with a heightened sense that advertisers should be more accountable for their claims. All the same, these new factors do not change the fact that companies need to have unique brand names that the consumer can identify with their products and services.
Brand development process
Branding includes selecting a brand name, creating an advertising plan, then executing that plan. A name that can be recollected simply is the best fit. Brief and sharp names work best. Interestingly, non-English names can generate the strongest brand association and connection to consumers. For instance, consider brand names Google, Expedia, and Flickr.
The design of your logo should be done by a professional, so it will convey a sharp image that will stay ingrained in consumer minds. Your marketing scheme will be based around an effective advertising campaign. Spending money to get an endorsement from a celebrity has worked well for companies like Nike and Reebok.
Obviously not every company has the deep pockets of those companies, so if your effort needs to be more modest, note that you can still use this method by identifying a lesser figure. Contact advertising firms in your region to see who might be available at what price.
Gaining trust of the consumer
Building trust in your brand is a foremost goal for marketers. Starting with the Macintosh line, Apple advanced a reputation for developing new ideas. They reinforced this over the years with the launch of the iPod, iPhone, iPad and their other product lines. By constantly reinforcing the innovation approach, they have engendered a strong connection with customers who love this approach. Their imaginative product designs have created a customer base that is zealously devoted to their brand. Indeed, you might say that they have induced more brand loyalty than any other technology brand.
Uniqueness factor
An extra element involved in why a brand name becomes successful is its uniqueness. In the competitive markets of today, it is paramount that a business makes its products appear innovative and special. An outstandingly different logo and branding can make consumers sit up and take notice of your product line. Standing out in a cluttered marketplace is the goal and clever branding can help this happen.
Nike customers notice the trademark swoosh on a pair of sneakers and view it as a stamp of approval. The company?s trademark slogan ?just do it? reinforces their brand and, with what is perhaps the ultimate call to action phrase, it also encourages customers to purchase the product.
Critical to your marketing strategy
So when asking: ?What is branding in business?? note that the question is not whether or not you should pay attention to this important marketing concept. Instead, think of it as a crucial part of your marketing strategy.
Get the branding right, and you will enjoy a powerful ascent in your product or service?s market. Get it wrong and you simply will not stand out from the crowd. Generating that magnetic, sticky appeal with your customer is your goal and you may have to perform some research to determine if your planned campaign achieves that.
For more no-cost, up-to-date articles on what is branding in business, marketing and other topics of interest to entrepreneurs and those starting new businesses, visit us at http://openthebusiness.com now. James Duncan is Chief Editor at the site, where you can also access no-cost resources , reports and special discounts on top brand business products and services.
Source: http://articlesbeloved.com/business/branding/branding-in-business-and-how-to-brand-your-business
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