Each one builds up their own perception and interacts with the brand accordingly. Branding is absolutely critical to a business because of the overall impact it makes on your company. Branding can change how people perceive your brand, it can drive new business, and increase brand value — but it can also do the opposite if done wrongly or not at all.
The result can be a good or bad reputation. Understanding and using branding only means that you take the reins and try to control what that reputation looks like. This is why it is recommended to consider branding from the very beginning of your business. Branding involves a consistent mix of different competencies and activities, so its cost can wildly differ from case to case.
High-level consultants and flawless implementation will, of course, be more expensive than anything below it. Likewise, branding an international, multi-product business will be much more challenging and resource-heavy than a local business, for example.
There is no one-size-fits-all approach. This makes it a more appealing investment opportunity because of its firmly established place in the marketplace. The result of the branding process is the brand, which incorporates the reputation and value that comes with it. A strong reputation means a strong brand which, in turn, translates into value. That value can mean influence, price premium, or mindshare.
A good brand will have no trouble drumming up referral business. Strong branding generally means there is a positive impression of the company amongst consumers, and they are likely to do business with you because of the familiarity and assumed dependability of using a name they can trust. Just like with the reputation of a person, the reputation of a brand precedes it.
Once a certain perception of the brand has been established in the market, an uncontrollable chain of propagation begins. Word of mouth will pass the perception on and further reinforce or tarnish the reputation of that brand. If the reputation is positive, potential new customers may come into contact with the brand, having an already-positive association in their mind that makes them more likely to make a purchase from this brand than from the competition.
When an employee works for a strongly branded company and truly stands behind the brand, they will be more satisfied with their job and have a higher degree of pride in the work that they do. Working for a brand that is reputable and held in high regard amongst the public makes working for that company more enjoyable and fulfilling.
As we have mentioned before, the stakeholders of a brand are not just clients, but also employees. We must be aware of the fact that human interaction is the basis of commerce, and employees are the first line of communication for any brand — the first ambassadors.
Sign in with your library card Please enter your library card number. The triumph of branding 2. The history of branding 4. How branding works 5. The branding business 6. Branding projects 7. The ethics of branding 8. A future for branding? End Matter References Further reading Index. References Further reading Index.
How branding works p. How branding works. Dedication Thank you List of illustrations Introduction 1. All rights reserved. What is a Brand? A brand is a name, term, sign, symbol, design, or some combination of these elements, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors 4. During medieval period in Europe, craftsmen used to put trademarks on their guilds to protect themselves and their customers against inferior quality 5.
In the fine arts, branding began with artists signing their works 6. How does Branding work? The Role of Brands Brands identify the source or maker of a product and allow consumers to assign responsibility for its performance to a particular manufacturer or distributor 8. The Scope of Branding Marketers can apply branding virtually anywhere a consumer has a choice.
It is possible to brand a physical good, a service, a store, a person, a place, an organisation, or an idea The key to branding is that consumers perceive differences among brands in a product category Total views 3, On Slideshare 0. From embeds 0. Number of embeds Downloads Shares 0. Comments 0. Likes 2. You just clipped your first slide! Clipping is a handy way to collect important slides you want to go back to later. Now customize the name of a clipboard to store your clips.
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