As we all know, branding is a powerful tool to create demand for a product or service. Branding creates a feeling of special preference and brand loyalty in a consumer. It is a powerful demand-creation tool, and it has become a popular choice in the marketplace. Loyal customers act as walking advertisements, insisting that they buy their favorite brand. Brand loyalty is built on a clear message of service, appreciation, responsiveness and value in the brand name.
While it is true that branding is a powerful communication tool, it does more than create a memorable image for a product. It helps build a positive brand equity for a product by personifying its logo and slogan. When done correctly, branding can create an enormously positive impact on a company’s bottom line. Branding is one of the most important elements of a company’s marketing strategy, because it can improve sales and increase customer loyalty.
Branding is a top-level marketing strategy that attempts to establish a unique image in the minds of consumers. It combines the identity of the company with the personality of the consumer to create a consistent and distinctive identity. It seeks to build a relationship between the consumer and a firm that he can trust. By creating a brand, a consumer becomes more loyal to a company, which helps the firm maintain a strong market position.
The word ‘brand’ comes from the Latin root ‘brande’, which means “to burn”. Greek and Roman cultures used branding as a method to identify offerings to their gods. It was also a popular practice among farmers to identify livestock, and distillers used heat embossing on wooden casks to distinguish genuine brand from a fake. In England, slaves were often marked with heat-embossed symbols on their cheeks.
In addition to reducing the time to purchase a product, branding allows a manufacturer to establish his own price and eliminate price competition. It is an effective sales promotion tool that enables the manufacturer to create a bright image of its product around the brand. Years of quality products, excellent services and marketing efforts build a brand image. Branded products have separate individuality and are more likely to be loyal to the manufacturer than to competitors. The marketing strategy for a branded product is very effective, as demand is created by its brand image.
Another way to create a brand’s meaning is to think outside the box. For example, a company’s logo is a symbol of inspiration. The TATA logo means “Tree of knowledge.” The TATA group includes companies in several different industries, including airlines, education, luxury wear, and electricity. Trust is the foundation on which TATA has grown and its brand conveys that trust in its brand image. Ultimately, brand loyalty creates trust.
