What is a Brand?
A brand is basically a name, design, symbol or any other feature that differentiates an organization or its product from that of the others. Brands are used in business, marketing, and advertising. But, there are many people who use the word ‘brand’ and ‘company’ interchangeably. A brand is something that is very specific and particular. Branding is a set of marketing and communication methods that help in distinguishing a company or the products from the other competitors in the market.
Why is Brand Strategy important?
It is not possible that a brand was launched yesterday and today it is a big success. Instead, there are strong long term strategies that the company uses and makes it a success by understanding the needs of the customers. Creating strong brand strategies plays a major role in making decisions, as in the case of the customers. Every product is available in the market of various brands. Choosing the brand of your choice is the wish of the customers. The B2B companies are benefited by strong brand strategies in the following ways:
- It acts as a cost-effective means of addressing the concerns of the customers.
- This allows B2B marketers to increase margins and build loyalty with their own customer base and saves them from the competition.
Thus, it is very important to have a strong and solid brand strategy. Following are the key elements to be considered in a brand strategy:
- Brand Position
The brand position is the part that describes what your business does, what are your unique values, what differentiates you from the other businesses. The position of the brand refers to the place that you have in the mind of the customers. Once, your brand achieves a strong position in the market, the next step is to make it known to the world. One of the most powerful concepts of marketing is brand positioning.
- Brand Promise
Another important thing that the organization promises to deliver is a brand promise. In order to come up with the brand promise, you need to take care of the expectations of your employees, customers, and partners in every activity.
- Brand Personality
The features of the brand will describe what the brand must be known for within and outside the organization. you need to make sure about the particular characteristics that you want your employees, prospects, and clients to use while describing your business. There must be at least four to seven traits that your brand should describe you.
- Brand Values
The brand values are very important for every business organization. With the help of these values, a company is able to take clear and transparent decisions for the company. These are the core values that are represented by your brand.
- Brand Image
Brand image is the way the customers and others recognize a brand. Knowing the image of your brand helps you to make corrective decisions for your company that stand with your branding strategy.
- Target Audience
In the B2C market, the target audience is most likely to buy your product. In the case of B2B, the other businesses who want to buy your product are the target audience. It is very important for every business to target the right kind of audience that is the ones who are willing to buy their products or services. Thus, the audience is a major part of the business organization.
By having a good brand name, you are able to stand strong in the market. If you have a bold vision, you will be able to face challenges and will further help in the growth of the business.