KEY THINGS YOU NEED TO KNOW ABOUT BRAND MARKETING
The word “Brand” is one of the terms commonly used without really understanding its scope.
What is a Brand?
A brand is an intangible marketing or business concept that helps people identify a company, product, or individual. You can consider a brand as the idea or image people have in mind when thinking about specific products, services, and activities of a company. It is therefore not just the physical features that create a brand but also the feelings that consumers develop towards the company or its product. This combination of physical and emotional cues is triggered when exposed to the name, the logo, the visual identity, service delivery or even the messaging.
What is Branding?
Branding is the process of creating a strong, positive perception of a company, its products or services in the customer’s mind by combining such elements as logo, design, mission statement, and a consistent theme throughout all marketing communications. Effective branding helps companies differentiate themselves from their competitors and build a loyal customer base.
What is Marketing?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and the society at large.
What are the basic concepts of Branding?
The basic branding concept are as follows:
- Brand Name : The brand name is often used interchangeably with “brand”, although it is more correctly used to specifically denote written or spoken linguistic elements of a brand. In this context a “brand name” constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration.
- Brand identity : Brand identity is fundamental to consumer recognition and symbolises the brand’s differentiation from competitors. Brand identity may be defined as simply the outward expression of the brand, such as name and visual appearance.
- Brand personality : It’s the attribution of human personality traits to a brand as a way to achieve differentiation. Such brand personality traits may include seriousness, warmth or imagination. Brand personality is usually built through long-term marketing, as well as packaging and graphics.
- Brand Equity/Value: It measures the total value of the brand to the brand owner and reflects the extent of brand franchise. Brand value, especially in the case of consumer product brands, may arise out of customer loyalty. Brand value may also arise in terms of staff retention benefits (e.g., the ability of the company to attract and retain skilled and/or talented employees offering competitive salaries.)
- Brand Architecture: Brand architecture defines the role of each brand and acts as a guideline for the interrelationship between the brands in your organization. When thinking about adding a new brand or product, it is crucial to understand where it will sit within your organization. In other words, you will have to define what type of brand architecture you will choose for your portfolio of brands.
What is brand Marketing?
Brand marketing is a way to promote your product or service by promoting your brand as a whole. Essentially, it tells your service’s or product’s story by emphasising your whole brand.
What’s the difference between Branding and Marketing?
It’s important to understand the difference between branding and marketing so you can efficiently use them together. In essence, marketing is how you build awareness of your brand and its products and generate sales, and branding is how you express who your business is for and what it’s all about.
Steps to Brand Marketing
Brand marketing isn’t reserved for industry giants like Apple, Dangote, Indomie. Any brand can pull it off by nailing these five steps.
1. Understand your brand purpose: Understanding why your brand exists is core to your brand marketing strategy. Ask yourself these questions to help you nail your brand purpose.
i. Who is your target audience?
ii. Why should they trust your brand?
iii. What does your brand make them feel?
iv. What challenge does your brand solve?
v. Who are your competitors?
2. Research your target market
3. Define and sell your story
4.Get to know your competitors
5. Create brand guidelines
Avoid these while developing a brand market strategy
1. Checking out your competitors: Imagine creating a brand marketing strategy and rolling out your messaging in the form of marketing materials, only to realize that your competitor has already done a very similar thing.
2. Having inconsistent creative: Having different creative executions each time you go to market with a different piece of communication might seem fun, but it’s actually confusing for your audience and damaging to your brand.
3. Not having a long term vision: Without goals and a brand mission, your brand marketing strategy will not be focused and may lack direction. It’s important to know what you want to achieve in the long-term, rather than just having short-term goals.
To have a top-notch brand, don’t just dip a toe in. Commit to it with all you’ve got and live your brand, and that will make other people want a piece.