Branding helps your product to stand out from the rest then converting it from a "me too" product into a "must have" product. This plays a major role in increasing sales and profits.
Although, branding has the above benefits, you can not enjoy the benefits if you do not properly develop your branding strategy. The good side is that there are a number of steps that you can follow for you to properly develop the strategy:
Survey the competition
Before you get into any market you should first survey it and take a look at the related products in the market. You should not if your product is narrowly defined, your category may not be in existence; therefore, you will be required to create a new category in your strategy.
Determine what you stand for
Here you need to determine what you want to be known for. For example, when you hear the word "virgin" you probably think of an airline, a record store, or a credit card company, right? You need to think of what you want to be associated with.
Think about the name of your company
The name of your company is of great importance. When choosing the name you should consider a number of factors such as: ease of remembering the name and prospects of business expansion.
As rule of thumb you should go with a name that is easy to remember. The name should also not relate directly to your product or service. This is to allow you to easily add more services or products that might not be in line with the name.
Determine your product level
In the market, your product can sit at the commodity or premium level. Products and services at the commodity level are those that are required everyday such bread and milk. It's good to note that people buying these products do not go for the brand; they are interested in a product that will meet their needs.
Products on the premium level such as beer and cigarettes are brand oriented. This means that many people buy the brand.
By knowing where your product sits in the market you will know how to strategize.
Set your pricing
After knowing the position of your product, you should now price it. You should remember that pricing should be made at the perspective of the customer. You should avoid pricing your product or service too low as it will appear to be of poor quality.