How to develop a corporate identity and name. How important is branding and why should you do it? Your brand is your corporate identity. And to understand branding, it is important to know what brands are.
We see them everywhere all the time. Brand names are in our wardrobes, our garage, our fridge, and on our desks. Why did we buy those brands, and how can you make people buy into your brand?
Consumers connect with the idea or image of a specific product or service by identifying the name, logo, slogan, or design of the company that owns the idea or image.
Branding is when that idea or image is marketed so that it is recognizable by more and more people, and identified with a certain service or product when there are many other companies offering the same service or product.
Branding helps build brand recognition and a good reputation - a set of standards the company should strive to maintain.
CUSTOMER TRUST
In recent decades, branding has become an important part of Internet commerce, as it allows companies to build their reputations as well as expand beyond the original product and service.
Branding helps drive marketing successes, even for companies who have no reputation. Big brands are always built around strategies that focus on customer trust and loyalty. Some of the biggest mistakes are made when companies, for various reasons, chip away at products, hoping customers won't notice. Customers always find out, and they don't like it.
"Be honest and true to what your product really does. You may trick people into buying your product by creating amazing expectations but you will never get repurchased and get terrible word-of-mouth," said Simone Caprodossi, consumer insight senior manager at Procter and Gamble.
Many marketers fail to appreciate the economics of losing a customer. Surveys show that it typically costs five times, or more, to replace sales of a lost customer. It costs up to 15 times more to replace profits of a lost customer.
Most leadership teams choose "trustworthy" as the most important attribute when positioning their brands. Why? People need to trust the brands they use. They want to know what to expect. They don't want any surprises, at least not bad ones.
BE SIMPLE
But before they buy your brand, people need to be talking about it. With tens of thousands of inventions conceived each year, turning an innovative new product into a consumer staple isn't easy. It requires creativity, ingenuity, and persistence to break into a market and convince consumers they need something that never existed before.
In order to make a new product something consumers can't live without, it needs to serve a purpose in your customer's life. Defining that purpose depends on your individual product's functionality.
Finding the perfect words to describe an innovative product through video or more traditional forms of branding can be time consuming. Make sure to allocate enough time before a product launch to allow for a thorough thought process, remembering that you have to build consumer understanding from nothing.
Branding, at its best, transforms organizations, so that they are capable of creating and sustaining mutually profitable relationships with people.
© Zawya BusinessPulse QATAR 2014
We see them everywhere all the time. Brand names are in our wardrobes, our garage, our fridge, and on our desks. Why did we buy those brands, and how can you make people buy into your brand?
Consumers connect with the idea or image of a specific product or service by identifying the name, logo, slogan, or design of the company that owns the idea or image.
Branding is when that idea or image is marketed so that it is recognizable by more and more people, and identified with a certain service or product when there are many other companies offering the same service or product.
Branding helps build brand recognition and a good reputation - a set of standards the company should strive to maintain.
CUSTOMER TRUST
In recent decades, branding has become an important part of Internet commerce, as it allows companies to build their reputations as well as expand beyond the original product and service.
Branding helps drive marketing successes, even for companies who have no reputation. Big brands are always built around strategies that focus on customer trust and loyalty. Some of the biggest mistakes are made when companies, for various reasons, chip away at products, hoping customers won't notice. Customers always find out, and they don't like it.
"Be honest and true to what your product really does. You may trick people into buying your product by creating amazing expectations but you will never get repurchased and get terrible word-of-mouth," said Simone Caprodossi, consumer insight senior manager at Procter and Gamble.
Many marketers fail to appreciate the economics of losing a customer. Surveys show that it typically costs five times, or more, to replace sales of a lost customer. It costs up to 15 times more to replace profits of a lost customer.
Most leadership teams choose "trustworthy" as the most important attribute when positioning their brands. Why? People need to trust the brands they use. They want to know what to expect. They don't want any surprises, at least not bad ones.
BE SIMPLE
But before they buy your brand, people need to be talking about it. With tens of thousands of inventions conceived each year, turning an innovative new product into a consumer staple isn't easy. It requires creativity, ingenuity, and persistence to break into a market and convince consumers they need something that never existed before.
In order to make a new product something consumers can't live without, it needs to serve a purpose in your customer's life. Defining that purpose depends on your individual product's functionality.
Finding the perfect words to describe an innovative product through video or more traditional forms of branding can be time consuming. Make sure to allocate enough time before a product launch to allow for a thorough thought process, remembering that you have to build consumer understanding from nothing.
Branding, at its best, transforms organizations, so that they are capable of creating and sustaining mutually profitable relationships with people.
© Zawya BusinessPulse QATAR 2014
