People who work with (and understand) branding principles, would define a brand as a collection of meanings shared by the brand audience. It is the culmination of every element that the public perceives about the company, its products, and/or its services.
Brand is a major factor in public choice. It can also command loyalty, and help a business to soar above its competitors, and ultimately be the deciding factor as to whether a business survives or not during trying times. During such times, a brand specialist needs to research and analyse the right market for the brand, so that it blends with the expectations and perception criteria for that market. He would also need to create long-term brand value, which will in turn build brand loyalty. True brand loyalty exists when customers have a high relative attitude toward the brand which is then exhibited through repurchase behaviour.
It is important to understand sectors within the market which are relevant to the appropriate demographic, and how perception works within these targeted sectors. Getting that right is the foundation of all other related marketing, as it establishes confidence & security
2 major things that need primary consideration when building a brand, are:
1. Clarity about the company position in the market
Positioning is the process by which marketers attempt to create an image or identity in the minds of a target market for a product, brand, or organization. Positioning is the ‘relative competitive comparison’ the service or product occupies in a given market as perceived by the target market.
2. Competitor analysis and profiling
Competitor analysis and profiling in marketing is an essential component of corporate strategy. It is the assessment of the strengths and weaknesses of current and potential competitors. This analysis provides the premise and context through which to identify opportunities and threats.
In the next branding post, I will be looking at developing a brand marketing strategy, and the identification of core elements that elevate a brand above its competitors.