Branding - decode of adding value to the product

1. Branding- decode of adding value to the product

2. Contents What is a brand? Brand elements Brand equity Brand strategy Brand storyteller Brand recall Brand loyalty Building strong brands Conclusion

3. What is a brand? Brand is a unique identification symbol, logo, or name of a product and service which motivates customers to buy the product. It becomes a perception of added value to the product, for which the customer will pay the premium price.

4. Brand elements Brand name: logo, name, tagline Brand personality: What would you like your brand to be known as innovative, serious, magical, fun, etc. Brand promise: The most important thing which your brand promises to deliver every time. Brand associations: Images, colors, taglines, fonts, equipment, etc.

5. What is brand equity? Brand equity is the additional value which a product receives after becoming an established brand or bringing a good level of brand awareness. It brings a competitive advantage resulting in higher sales and revenue.

6. Importance of brand equity in marketing Brand equity means a company has differentiated itself from the competitors in some or the other way. It can be high product quality, effective marketing campaign, or excellent customer service. Brand equity is important in marketing as it garners required recognition and respect from the consumers by motivating them to spend more on their product than other similar product.

7. Brand identity Apple Inc. tops the surveys of the most beloved brands as it has made the impression that its products are sleek, top-of-the-line, innovative, and helpful at the same time. Brand identity is visible elements of the brand such as design, color, and the logo that identifies and distinguishes the brand in the consumer’s minds. It has the power to attract new customers while also making the existing customers comfortable. Brand identity is the way to communicate with the world, differentiating itself from the competition and creating a brand experience that encourages people in engaging with you.

8. The above graph shows how Apple made a strong brand identity and reached $1 trillion market capital over the years.

9. Brand strategy Brand strategy in marketing specifically focuses on the emotions of potential customers. With the example of Apple, the starting point is how the Apple product experience makes one feel. It’s brand personality is about liberty, lifestyle, imagination, aspiration, innovation, and power to people via technology. In this brand strategy diagram, Apple’s mainly focusses on the uniqueness of their products.

10. Every Brand can be a storyteller Every brand can be a great storyteller, which can act as a catalyst for the business. Real stories connect with the people and build a strong foundation of trust. It reinforces the brand’s values by building an emotional bond with the potential customer. A higher engagement level and strong connection with the potential customer is fruitful in the longer run. Apple has been a great storyteller as they first address the question “why” should anyone purchase their product? As rightly said by the motivational speaker Simon Sinek “People don’t buy what you do, they buy why you do it”

11. Brand recall: Brand recall is the extent to which a person can distinct a specific brand from the other. There are two categories of brand recall, which are: Aided recall: It is the recall when a person remembers the brand when the brand name is bought into the discussion. When the brand name is mentioned, it enhances the memory in the customer’s mind. Unaided recall: Here, without the mention of the brand, the customer can remember the brand. This shows that the brand has made a strong impact on the customer’s mind. For example, if you think of high brand shoes, then “Adidas,” “Nike” comes to your mind. Think of premium cars, then “Audi,” “BMW,” “Mercedes” will be recalled.

12. Brand loyalty Brand loyalty is the repeat purchase for a specific product even though the consumer has multiple options. The marketing campaigns are designed here to nurture brand loyalty. The brand loyalty campaign is highly successful when it addresses the attributes which are crucial to its segment of the market. Brand loyalty is desired by the majority of the businesses as acquiring a new customer is difficult than retaining the existing ones. Apple has a strong and loyal customer base due to its effective brand strategy, which allows customers to have a passion for its products. The company guarantees that the product delivered is of high quality, and they continuously innovate to satisfy the consumer’s aspirations. Brand loyalty leads to the fulfillment of emotional and physical needs that are evoked during the purchase process.

13. Building strong brands

14. Advantages of having strong brands Huge margins Improved perceptions of a product Increased marketing communication effectiveness Greater loyalty Possible licensing opportunities Lesser vulnerability to crisis

15. Conclusion: A good branding is all about trust, respect, and relationships. Sometimes your new customers would be happy to see your old customers and what they have to say about the brand. Adding some of the testimonials in your company’s work also can add credibility to your brand. sales@infoclutch.com | www.infoclutch.com | +1-888-998-0077