Branding lessons for "early and aspiring entrepreneurs"
Branding in past few decades provided an extensive edge for brands and its products. It created and obvious equation between what it is made and how the value has been derived to obtain mutual and exclusive benefits for the providing and benefiting parties. The only key of the brand differentiation is how consumer perceive about the particular brand in the listed category. The difference can be in attributes or the benefits provided by the product or services to the consumer, these differences are more related to the intangible preposition.
What is branding and what are its advantages?
Branding is all about creating and impactful image for the given set or unit of products or services, it is more about creating and crafting of brands equity. There are few advantages of strong branding; it improves perception about the functionality of the product – a brand means a brand which in turns have greater value and more intangible and beneficial image, branded products and services has the greater loyalty than those which aren’t branded, it has always been seen that branding has less vulnerability to competitive marketing actions and marketing crisis – a stronger brands can survive in all this situation due to its impactful image and greater loyalty.
Branding equity and emphasis
Branding in today’s competitive market means brand marketer need to position a brand in consumer’s memory insightfully and to do that strategizing the concept is prior most important followed by creating the brand knowledge and building the brand equity. Effectively brand marketers understand the difference between the brand equity and customer equity. Brand Equity emphasis on perspective marketing guidelines and growth opportunities whereas customer equity emphasis on bottom-line financial value and customer relationship management.
Perspective of branding in new economy
In today’s world the brand and perspective has changed overall, we could sense the new perspective of brand marketing; the environment today has enforced to embrace new approaches and these includes fragmentation of traditional media to customize and tailored media tactics to reach customers, channel transformation and disintermediation, globalization and growth of developing markets, rapid change in technology which resulted greater information reach and has more customer empowerment.
Communicating brand value
Product and service designing & delivery, strategizing its costs and setting the price are the three components in the right way to create. The value of the brand is communicated in different ways one set of ways should be aligned with the other set of actions which in turn build the brands moral. Then brand marketers may need to engage in marketing communications to help consumers better recognize the value. In some cases, the solution may simply require straightforward communications that expand on the value equation for the brand, such as stressing quality for price. In other cases, it may involve “framing” and convincing consumers to think about their brand and product decisions differently.
General Marketing Communication Guidelines: The“Keller Bs”
One of the best brand marketing communication guidelines ever made is called Kellers Bs and includes the following:-
1. Be analytical: Use frameworks of consumer behavior and managerial decision making to develop well-reasoned communication programs, this will help to know about who your customers are, how you can brand and why they should trust on your branding.
2. Be curious: Better understand customers by using all forms of research, and always be thinking of how you can create added value for consumers.
3. Be single-minded: Focus your message on well-defined target markets (less can be more).
4. Be integrative: Reinforce your message through consistency and cuing across all communication options and media make it relative and engaging.
5. Be creative: State your message in a unique fashion; use alternative promotions and media to create favorable, strong, and unique brand associations for impactful brand communication.
6. Be observant: Keep track of competition, customers, channel members, and employees through monitoring and tracking studies.
7. Be patient: Take a long-term view of communication effectiveness to build and manage brand equity.
8. Be realistic: Understand the complexities involved in marketing communications.
So, these are the lessons in branding for early entrepreneurs and aspiring entrepreneurs, you should know at-least these things before moving onto branding and marketing communication for your products and services.