Branding: the myths and the realities
Branding is easier said than done. Advertising gurus around the world are still pondering what exactly defines the brand. Why does one brand score over others, and why isn't customer trust generated even though everything supposedly went well?
Is it the logo?
It is the color?
Is it the design of your advertisements, your brochures, the packaging of your products / services, the look of your corporate office, etc.?
Or is it the promise that a particular product or service conveys - the promise of quality, authenticity, and credibility?
Hmm ...... it's actually a combination of all of this. But mainly, it is the fourth point that matters most: the promise! Why are some products or companies able to generate high brand recall and brand loyalty in the minds of your customers?
While for some others, no amount of big-budget advertising and marketing spending can help register your product as a brand that people can keep coming back to.
Quality + Marketing = Winner
It really depends on two vital things: one, the quality of your product / service and two, the combination of promotion and marketing that you develop to reach your customers.
First of all, if you have a good quality product with great performance, along with the guarantees and the right value for money, you have the weapons to win the war. That is the first step.
Now for the ammunition, that is the promotional mix that will position it as a brand that ensures reliability. It is not enough to have a fancy logo, a trendy color scheme, visually appealing packaging, and a few trendy advertisements on all TV channels, newspapers and the internet to win over the customer.
You first need to know what exactly it takes to build brand equity for your product. As one internet guru explains, a brand is like the cherry on top of an ice cream cake where it conveys the promise of the brand. In fact, the way you brand your corporate identity goes a long way in establishing your product / service in the customer's consciousness.
While scoops of ice cream represent your products and services, apples represent your corporate environment, and the crust of the pie is actually your systems and how effectively they function and respond to customers.
How does a brand convey its promise?
It's actually quite an interesting way of looking at the brand. This brand promise is conveyed through several factors:
• the reputation of the product (the company's own reputation also helps a lot here),
• your experience (especially if the product has been on the market for some time, a perfect material for viral marketing),
• the name of the product: an attractive and easy to remember name helps
• your logo: although harmless in appearance, a logo is a stamp of authority
• its positioning in the market and consequently its price
• news and reviews about it: the world of web 2.0 is about sharing notes, information and experiences through social networking sites and what you write has become vitally important
• publicity: a good slogan or slogan can enter the public memory
• marketing guarantee: depends on your product / service and the media that suit you best, such as brochures, sales letters, direct mail, etc.
The development of a promotional combination depends on the character or characteristics of the product / service. For example, for some products / services, you may only need a direct marketing campaign and not TVC or print ads such as home based businesses.
Or some, such as debt management services, may rely on well-done corporate video production to build a brand presence at trade shows.
Stay tuned for my next post where I discuss the vital ingredients needed to build an effective media mix, especially in the context of interactive advertising.
