Why do we need
branding? Brand is a critical element of any business; it is a way to inform
you potential target market about what you sell (either products or services);
and this is the purpose of every business. On Fatabbit Creative website, the
experts mentioned that a brand is not only a name or a picture or logo
associated with a product; it represents the emotional level of a product; what
people think, feel while interacting with a specific product.
While talking
about the power of a brand, we need to see the impact of this power on the
buyers and on the sellers.A study on designcouncil.org listed these following
advantages as the power a brand has on buyers:
- Helps buyers identify the product and decide whether they like it or dislike it.
- Evaluate the quality of the products. The past experiences a consumer had had with a product make the consumer decide on his/ her own perception of the product quality (not everyone has the same perception of a product quality)
- Once the consumer has defined the product as a quality product, it helps the consumer reduce the needed time for a purchase; the consumer has a certain trust in the brand so decide that he/her does not need to go through reading the nutrition facts for example.
- Buyers respond to branding by making repeat purchases because they identified the products.
On the other hand, it helps the
sellers:
- Differentiate products from the competition. The main purpose of a brand is “stand out the crowd”. A brand brings a highlight to products or services. It clearly specifies how the product is different from others and gives promises to the clientele.
- Add value to the products. Customers rather pay a little bit more money for a product they already know or they are familiar with than for an unbranded product.
- Reduce and facilitate promotional efforts. A successful brand tends to have less promotion and spend less money in publicity. Let’s take the example of Mercedes Benz; everybody is already aware of the reliable features of the cars they make “quality speaks for itself”.
Work cited
STEWART, HENRY STEWART. "The Marketing Advantages of Strong Brands." BRAND MANAGEMENT. 10. (2003): 421-445. Print.
Felicia, I like this post because it points out the obvious...Branding Sells! If there are 2 products side by side, say for example Kelloggs Frosted Mini Wheats and the store brand version of the same cereal, but there is no indication on which one is which, the customer is less likely to recognize a difference. But if the customer is aware, his psychological perceptions kick in. The brand name will win in his mind.
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