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Branding is more than just a business buzzword. It has become the crux of selling in the new economy. If the old marketing mantra was," Nothing happens until somebody sells something," the new philosophy could be" Nothing happens until somebody brands something." In its simplest form, a brand is a noun. It is the name attached to a product or service. However, upon close inspection, a brand represents many more intangible aspects of a product or service: a collection of feelings and perceptions about quality, image, lifestyle and status. It creates in the mind of customers and prospects the perception that there is no product or service on the market that is quite like yours. In short, a brand offers the customer a guarantee and then delivers on it. You might infer, then, that if you build a powerful brand, you will in turn be able to create a powerful marketing program. However, if you can't convince customers that your product is worthy of purchasing, no amount of advertising dollars, fancy packaging or public relations will help you achieve your sales goals. Therefore, successful branding programs begin with superior products and services, backed by excellent customer service that permeates an entire organization.
Branding is a very important asset of a bsuiness. But before go for branding please be sure about the standards / quality of your product / service. Banding is a asset do it as much as you can.
Branding provides the following benefits to the producers and the consumers:
I. Advantages to Producers
(i) Brand name helps in advertising in an easier way.
(ii) Brand name establishes the permanent identity of the product.
(iii) Brand name promotes repurchasing.
(iv) Competition becomes easier with the help of brand loyalty.
II. Advantages to Consumers
(i) Shopping consumes lesser time as branded products can be easily identified.
(ii) The quality of branded product undoubtedly is better.
(iii) Prices of branded products are fixed by the companies themselves and there are no frequent changes.
(iv) The branded products own the responsibility for its usefulness.
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