One of the most important issue in todays rapid growing market is brand! What is brand? What is its importance? How to manage it?
Let’s begin with branding, decades ago branding was referred as name, slogan,packaging, symbols, designs, style etc. But with the changing world and growing awareness of the market, this term changed its reference and then it came up with a concept of branding that is something that creates a unique identity of a product in its competition. Now brand is the perception of consumer about your company, and your product.
Why is managing your brand important?
A simple frequently asked question in today’s world, how to manage your brand? What is the importance of managing your brand? Can it create or strengthen the previously created customer relationship?
Well, when we talk about the importance of branding, it starts from the customer, today the customer is perceiving the value of your organization, according to your brand personality.
Provides you competitive edge
Irrespective of the nature of business, a properly done branding gives you a competitive edge among your rivals, this helps you in creating a mirror image of your organization. With your brand in mind, your customer can easily identify the strategies of your organisation, they can create an image of value that they will get from your organisation.
Brands are everlasting
The history of marketing witnessed severe clashes and downfalls of companies, sometimes their product faces a failure, and sometimes just because they are unable to meet the customer, they are locked down, but the element that is Immortal is brand. Once a brand image is created and accepted by the customers it becomes everlasting. We have a perfect example of Nokia, company itself had faced a severe downfall, even today that brand name is giving the results.
Goodwill and economic value
It is brand that gives you a goodwill and economic value, sometimes your brand personality is enough to identify the performance of your company, this edge is often used by the marketers because they know that whatever their company will, the customer will accept it easily just because of the name of brand. Coca cola, Google, Pepsi, Microsoft, Apple, IBM, these companies created their brand image so strongly, that their companies are valued based on that image.
Expectations are not built intentionally they are always built un intentionally, you don’t welcome expectations, they are built with the passage of time and the previous experience which you had. We live in a world where all of us expect the most from our desired person, product etc. We pay against value and if it doesn’t meet our expectations, we stop it right there. A good brand image helps in building a set of expectations which further leads towards brand loyalty.
Companies like audit nationwide have been working for the past 25 years with the mission of helping organisations to design and develop a brand, which speaks about themselves. They believe that brand is a back bone of any business organization, and they help in building the best brand image of an organiastion, by training their employees with standard programs.