Branding
“What brand of shirt is that?”, someone might ask you.
Whether your shirt is from Fruit of the Loom, Tommy Hilfiger, or Prada, you’re likely to reply with a clear, objective answer – the name of the company associated with the product.
While this is a fine example of how the term ‘Brand’ is used in layman’s terms, this simple word encompasses much more when referenced in the realm of Marketing.
Let’s cut to the chase and clear up what the term ‘Brand’ means in its entirety:
Brand entails distinctive images that include names, terms, logos and/or signs to help a company distinguish itself from others in the market. The brand can be commercial or not-for-profit, but the function of all brands is to create a recognizable entity in the market that, in the mind of consumers, adds value to the product. Thus, for consumers, brands are the perceptions, benefits and experiences that they associate with a good or a service. From the point of view of the company, the main purpose of a brand is to increase cash flow through price premiums, lower costs, increased volume, or greater repeat purchase loyalty.0
…consider a brand as the idea or image people have in mind when thinking about specific products, services, and activities of a company, both in a practical and emotional way.0
A brand is a person’s gut feeling about a service, product, or organization.0
So, while it is not wrong to casually call Nike a brand, for example, it is important to recognize that a brand is not the company itself. The brand is each individual’s perception of a company and everything that it does. The brand is what you think about when you hear the word “Nike”.
What is Branding?
So, what does it actually mean to do Branding then? Well, it certainly doesn’t involve a hot iron and cowhide, and it is much more than just slapping your logo on a product and calling it a day.
Branding is the process of giving a meaning to specific organizations, companies, products or services by creating and shaping a brand in consumers’ minds.0
Imagine all the things people do to improve or change their reputation in the minds of others – wearing specific clothes, partaking in certain activities while abstaining from others, volunteering their time to help the less fortunate, using slang vs. deliberately speaking very clearly and directly, and so on.
Brands act on the same principles of wanting to be viewed in certain ways, and they simply use methods and resources that are relevant to them.
The process of Branding is essentially the process of answering two deceptively simple questions.
- How do you want your Brand to be perceived?
- What do you do to have it be perceived that way?
Keep in mind:
- Marketing is the process of identifying, predicting, and satisfying the needs of others in a way that maximizes value for all parties involved.
- Within Marketing, a Brand is a person’s gut feeling about a service, product, or organization AKA the solution and its provider.
- To build an effective brand, Branding is the process of shaping people’s perception of your brand.
Therefore, it should be no surprise that Branding, just like Marketing in its entirety, starts by understanding your audience and their needs.
With such stark competition in the vast majority of markets, simply having a solution to an audience’s need is no longer sufficient. Now, effective Branding is required to establish yourself in the minds of consumers as a desirable option.
So, what are the actual elements of Branding that a Brand can use to influence public perception. There are many, but an introduction to the fundamentals is the most important.
Core Components of Branding
- Brand Positioning
- Audience
- Market
- Goals
- Brand Core
- Purpose
- Values
- Vision
- Mission
- Brand Persona
- Messaging – Tone/ Voice
- Story
- Logo
- Font
- Colors