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A brand is without a shadow of a doubt, the most powerful weapon in marketing today. By definition, it is a design, symbol, or name that distinguishes the goods and services from one business from another business. Brands identify businesses so differently; they may be placed in an entirely new league. Brands rely on more than a slick name like Nike and Reebok to draw attention. Visual elements such as symbols (i.e. the tree symbol for Timberland boots and the kangaroo silhouette for Kangol hats) draw upon people's perceptions and feelings, which ultimately leads to a purchase of the latest "Tim's" to the urban folk.
Branding has a collection of benefits and advantages. For starters, it offers a competitive advantage. Individuals will pay much more attention to the slick design of a logo and unique name than a generic brand. Notice how Ragu tomato sauce dominates the supermarket shelves from the likes of Aunt Millie's, White Rose tomato sauce, and the others? Why not? They have their own television commercial. Another advantage of branding is pricing. Customers are willing to dish out additional dollars to pay for Ipods rather than generic 512 MB players for $79.99. Because a brand name and symbol attracts customers, they figure the product line is superior - which in many cases is true.
Another benefit of branding is familiarity. Since customers are constantly reminded of your brand through savvy marketing and well thought out advertising strategies, they will instantly recognize your new products and services. With a loyal clique of followers, branding can go a long way towards selling products on the first day really quickly. Branding also allows businesses to expand into other business territories. Many car companies have made the switch or have merged with motorcycle companies to create an entirely new market. A brand name will always beat out the generic type.
Finally, there is customer loyalty. Customers feel drawn and compelled towards purchasing products from their favourite brand names. A fancy symbol and catch phrase can tug at the soul of your target audience, forcing their emotions to control their buying decisions. Branding brings intangibles generic, carbon copy businesses can never bring and that is what helps the bottom line.
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