Whenever we hear the word brand, one of the the very first things that we associate with it is a judgement on quality. People will often be willing to pay a larger amount for a brand they recognise, as opposed to an ‘ordinary’ product. Branding is an important part of any business, no matter how small or big a business it is. Developing your branding simply means to manage/work on a particular product or a service in such a way that it becomes a brand. According to Philip Kotler:
“A seller’s promise to deliver a specific set of features, benefits and services consistent to the buyers…”
According to this definition a product or a service that is being branded becomes a promise and a matter of trust between the buyer and the seller on which the entire business in depending.
Importance of branding
Branding has great importance in the world of business and it is somehow correlated to the success of the business. Stronger the branding is stronger is the business. Why branding is important?
- It gives reorganisation to your product/service making it a famous product in the market.
- Strong branding means better brand equity that means that the worth of the brand increases with the strength of the branding.
- Branding helps in making the sales much more easier as once your product is a brand you don’t need to run all the time for marketing and advertising, but marketing cannot be ignored.
- Branding differentiates a particular product/service in the market among the competitors.
- Branding helps a business in getting loyal customers, who are willing to pay a high amount of money.
Elements of branding
There are some basic elements of branding that plays a very important role and no branding can be completed without any of these.
- Brand name: Brand name is the first and the most important brand element as this is the very first thing noticed by people. A brand name must be unique but simple so that people can easily remember it and also it should be easy to pronounce.
- Brand logo: another important element of branding is the brand logo that visually represents the brand. The brand logo must be so attractive and memorable that people could easily recognise it without the brand name written. For example the logos of McDonalds and Apple can easily be recognised without their brand names.
- Character: character is another element of branding that visually represents the brand. A character could be anything; it could be an animated character, an animal, bird, any moving object etc. like the clown of the McDonalds is one of the examples of brand character.
- Slogan: Slogan is a small single line sentence that describes a particular product. Slogan should always be simple and relevant to the brand. For example the slogan of McDonalds is “I’m lovin it” which is short and simple.
- Jingle: jingle is another brand element that represents a brand in audio form means any song or a music representing the brand.
- Packaging: packaging is also an important element that must be unique and out of the box and must follow the colour key so that one can easily recognise the brand without even looking at the brand name and logo.
This was all about the importance of the branding and all the important elements of branding. None of these elements can be neglected if one is desiring for a strong brand as each and every element plays a vital role making a brand stronger. Knowing the importance must have also helped you as now you know how much important the branding is in the world of business.