Branding is a crucial aspect of the marketing process of any product or service. In today’s market, every product has several rivals made by other companies. The fight for consumers is fierce and the competition cut throat. The American Marketing Association (AMA) defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers”.
How Brands Evolve
At the core of branding is the identification of a target market. Research and study are the next logical steps to gain a sociological understanding of the target customer and what he wants from a product or service. The development of a brand revolves around this basic understanding of customer psychology.
You pitch your product as the only possible answer to the customer’s want. The question that arises here is, how developing a brand is different from advertising. The answer is – they aren’t distinct activities but are mutually interdependent. But where advertising stops at making a product more desirable than its rivals, branding goes a step further to try and establish the product as the first name that comes to customers’ mind when they think of that product group.
Many companies, realizing the importance of this marketing tool, hire professionals like Yahel Demeter of Demetrend, who specialize in creating brands. They work to:
* Establish credibility for the product
* Key in to customer psychology and connect to them emotionally
* Create a loyal customer base
In other words, branding is the process of creating such an identity for a product or service that encompasses customer experience and expectation. It is a bonding with the target market and a promise to fulfil their need, better than all others.