Definition of Branding
Branding refers to the marketing and business concept of an individual, product, or company. It includes, but is not limited to, the name, logo, design, or slogan that is recognized by people thanks to marketing. A brand can also be thought of as a promise that you make to your customer. You are telling them what you offer and what they can expect when investing in you. Branding is one of the most valuable assets of your company.
Some of the most common types of brands are:
Personal brands: Personal brands are used by individuals instead of companies. Many people these days use social media to build themselves up as a brand. They will usually post regularly on social media, offering photos, videos, and their thoughts.
Corporate brands: Corporate branding is how companies market themselves to distinguish them from their competition. This can include things such as their target market, mission, and pricing.
Product brands: Product branding is focused on marketing one product. This is also known as merchandise branding.
Service brands: Service branding markets a service offered. This can include things such as travel agents, estate agents, hotels, car rentals, and airlines.
What is the benefit of branding?
Creating a brand has a number of benefits including getting your mission message across to potential customers, to evoke emotions that allow individuals to feel closer to your brand and create relationships with you, build trust, and have a competitive edge. When people are loyal to your brand, they will be more open to new services and products you have to offer down the road. They know they can trust you and your word because of their experience having dealt with your brand.
Good branding can improve word of mouth. When your brand has a positive impact on someone, they are likely to mention it to friends, family members, and even strangers on and offline. Word of mouth is invaluable to a brand. One person mentioning it can cause a ripple effect.
Think about brands that you know very well. Ones that come to mind may include: Coca-Cola, Apple, and Nike. When these brands come out with new products, regardless of price, people who love the brand flock to buy them. These brands have built trust and loyalty. You can do the same.
When creating a brand, these are some important questions to ask yourself:
- What is my brand’s purpose?
- What do I want my brand to achieve?
- What makes my brand unique?
- Who is my ideal customer? This may include things such as gender, age, and lifestyle.
When you have the answers to these, and other questions, you can begin to think about appealing to your target customer with colors, fonts, images, and words you will use to draw them in.
Branding can make or break a company, so you want to do research and plan well before launching yours. With successful branding, you can build a loyal customer base that will last as long as your brand does.
Branding Definition Sources:
Categorized in: Digital Marketing Glossary
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