A brand differentiates sellers from their competitors.
A brand serves as the sellers reputation.
The word ‘brand’ originated from the norwegian word ‘brand’ which means to burn. Products are what companies make, but customers buy brands. Marketer uses branding to build long-term relationship with their customers. A consumer might strongly favor a brand with no prior purchasing experience. A registered trademark and a name ensure individuality and uniqueness of a particular product or family of products. When a business who owns an already famous brand wants to launch a new brand in the market, they can use the pre-earned goodwill and reputation for the new launch. Schemes such as free gifts and discounts often boost the sales as the brand is an important icon of the market. Branding a particular product helps the advertisers to provide catchy logos and advertisements.
Creating brands would be more easily understandable if we go through the following
process. 1. Discover the purpose behind your brand. 2. Research competitor brands within your industry. 3. Determine your brand’s target audience. 4. Establish a brand mission statement. 5. Outline the key qualities & benefits your brand offers. 6. Form your unique brand voice. 7. Let your brand personality shine. 8. Build a brand story and messaging. 9. Create a brand logo & tagline. 10. Integrate your brand into every aspect of your business. 11. Stay true to your brand building.