Branding
Branding refers to a marketing strategy in which a particular company comes up with a name, design, or symbol that becomes identifiable as belonging to a specific company. The above is vital in distinguishing between the products and services of different companies (Patsalides, 2018). Branding is crucial for the marketability of the company as it creates a powerful impression on the consumers while also providing them with knowledge of what goods and services they can expect from the company.
There are several categories in branding which are;
- A brand extension is the addition of a new dimension to the already existing brand name.
- Flanker branding is an addition of a new brand to the already existing line or brand.
- New product branding is when a company creates new products or goods.
- Product branding, like the name states, refers to the branding of products. Their symbols commonly are known
- Service branding is done when it is a service, and not a product is being branded.
- Personal branding is a category that involves branding an individual’s name.
A critical aspect of brand success is the consumer. Therefore for any brand only works when it understands its consumers. The consumers can be the existing or potential ones. Three steps are taken when coming up with a brand (Kotler & Keller, 2007). Ensuring that it meets the needs in the consumers’ minds, create a brand, and elicit a positive response from the target market.
Branding is of importance to owners bearing the brand name as it builds trust and credibility to the consumers. It also encourages consumer loyalty and gives the company an edge over other competitors (Patsalides, 2018). Profits are bound to come along with a well-known and respected brand.
Branding is a powerful marketing technique in current competitive economies. The consumers or the potential consumers drive the essence of branding, and a well-established brand brings in customers and hikes the profits.