The term brand refers to a business and marketing concept that helps people identify a particular company, product, or individual. Brands are intangible, which means you can’t actually touch or see them. As such, they help shape people’s perceptions of companies, their products, or individuals. Brands commonly use identifying markers to help create brand identities within the marketplace. They provide enormous value to the company or individual, giving them a competitive edge over others in the same industry. As such, many entities seek legal protection for their brands by obtaining trademarks.
- A brand is an intangible marketing or business concept that helps people identify a company, product, or individual.
- People often confuse brands with things like logos, slogans, or other recognizable marks, which are marketing tools that help promote goods and services.
- Brands are considered to be among a company’s most important and valuable assets.
- Companies can protect their brands by registering trademarks.
- Types of brands include corporate, personal, product, and service brands.
Understanding Brands
As mentioned above, a brand is an intangible asset that helps people identify a specific company and its products. This is especially true when companies need to set themselves apart from others who provide similar products on the market, including generic brands. Advil is a common brand of ibuprofen, which the company uses to distinguish itself from generic forms of the drug available in drugstores. This is referred to as brand equity.
People often confuse logos, slogans, or other recognizable marks owned by companies with their brands. While these terms are often used interchangeably, they are distinct. The former are marketing tools that companies often use to promote and market their products and services. When used together, these tools create a brand identity. Successful marketing can help keep a company’s brand front and center in people’s minds. This can spell the difference between someone choosing your brand over your competitor’s.
brand is considered to be one of the most valuable and important assets for a company. In fact, many companies are often referred to by their brand, which means they are often inseparable, becoming one and the same. Coca-Cola is a great example, where the popular soft drink became synonymous with the company itself. This means it carries a tremendous monetary value, affecting both the bottom line and, for public companies, shareholder value
History of Brands
Brands have long been used to set products apart over the course of history. The idea of branding may go as far back as 2000 B.C., where merchants used it to sell their wares in different markets. At that time, it was commonly used as a technique to denote ownership of a product or a piece of property.2
Branding has been used throughout the ages. In the 13th century, Italians began putting watermarks on their paper as a form of branding. The term brand also refers to the unique marks burned into the hides of cattle to distinguish the animals of one owner from those of another.3
But one of the most popular uses was in rural America. You’ve probably heard of the term branding, which was used by cattle ranchers, who used to brand their livestock as a form of identification. Brands started taking off after companies started packaging their goods in the 19th century to distinguish themselves from other companies.
Online brand
Internet branding (also referred to as Online branding) is a brand management technique that uses the World Wide Web & Social Media Channels as a medium for positioning a brand in the marketplace.[1] Branding is increasingly important with the advancements of the internet. Most businesses are exploring various online channels, which include search engine, social media, online press releases, online marketplace, to establish strong relationships with consumers and to build their brands awareness.
Disadvantages of brand
1. Discourages from Trying other Products
Brand loyalty discourages the consumer from trying out other new brands which possibly be more satisfying.
2. Leads to Monopoly
3. Create Confusion
4. Commands Premium
5. Substandard Goods
6. Imposes Responsibility
7. Some Products Do Not Lend Themselves to Branding
8. Switch to Another Product
9. Expensive
Building up brand recognization and loyalty is very expensive. Particularly, small sized companies cannot afford it.
10. Increase Cost
Branding needs heavy and widespread Advertising, attractive packaging and effective sales and widespread Advertising, attractive packaging, and effective sales promotion.
Characteristics of a Successful Brand
1. Competitiveness
For a brand to truly succeed it needs to be as competitive as possible. This includes having an entire team working behind a brand, from the most basic administrative assistants to those in a higher power position. There is no use in sitting back and hoping for the best; a successful brand goes above and beyond consumer expectations to remain on the cutting edge of its industry.
2. Distinctiveness
To have a memorable brand identity you need to be distinctive. Some of the world’s most popular brands, such as Apple, Starbucks and Domino’s Pizza, have successfully achieved this. For instance, Apple is widely known for its minimalist approach to design and technology as well as its innovative products. Starbucks is known for its high-quality goods and services that are consistent across every store worldwide. Giving your customers a specific reason to use your services will without doubt keep them returning to your brand, time and time again.
3. Passion
Though it’s possible to build a brand on a short-term basis without passion, maintaining the success of that brand over the long term is incredibly difficult without passion. Some of the world’s most successful people, such as Steve Jobs, Roger Federer and Oprah Winfrey, did not or have not succeeded without passion.
Passion is the force that drives us even through the most challenging of moments, propelling us to work harder than everyone else to continually deliver greatness. If you possess a genuine passion for your brand, that passion will rub off on your customers who will feel just as enthusiastic and excited about your products or services as you are.
4. Consistency
With all of the above being said, it is still important to be consistent in everything you do as a brand. Consistency is the blood that runs through your brand, differentiating it from the competition and enabling it to remain in the memories of your consumers for longer. It also brings familiarity to your brand, which automatically leads to loyalty. Provided you consistently deliver high-quality goods and services, you can expect your customers to return back to your business in future.
5. Leadership
The world’s greatest brands are supported by influential leaders who continually aspire for greatness. Whether that involves a sports team, a large corporation or a small business, the most successful of these will have an influential leader backing them. When you think of Apple you immediately think of Steve Jobs, who was an extraordinary leader who taught us all many valuable lessons about strength and leadership.
As a business owner, you need to live and breathe your brand in order to inspire both your workforce and your clientele to possess the same enthusiasm and passion for your brand. This in turn will lead everyone associated with your brand to feel deeply affiliated with it as your passion for what you do truly shines through.
6. Exposure
Another important characteristic of a successful brand is exposure. Well-known sports brand, Puma, combines numerous marketing channels to reach out to its target audience, including video, social media and experiential marketing to truly immerse its customers into the brand.
Although you may not have a budget as vast as Puma’s, thanks to the internet it has never been easier to increase exposure of your business. By developing a presence on social media sites such as Instagram, Facebook and Twitter and reaching out to customers through multiple channels, you have a better chance than ever to reach consumers and establish your brand on a global scale.
Top 7 Characteristics of a Successful Brand
1. Competitiveness
For a brand to truly succeed it needs to be as competitive as possible. This includes having an entire team working behind a brand, from the most basic administrative assistants to those in a higher power position. There is no use in sitting back and hoping for the best; a successful brand goes above and beyond consumer expectations to remain on the cutting edge of its industry.
2. Distinctiveness
To have a memorable brand identity you need to be distinctive. Some of the world’s most popular brands, such as Apple, Starbucks and Domino’s Pizza, have successfully achieved this. For instance, Apple is widely known for its minimalist approach to design and technology as well as its innovative products. Starbucks is known for its high-quality goods and services that are consistent across every store worldwide. Giving your customers a specific reason to use your services will without doubt keep them returning to your brand, time and time again.
3. Passion
Though it’s possible to build a brand on a short-term basis without passion, maintaining the success of that brand over the long term is incredibly difficult without passion. Some of the world’s most successful people, such as Steve Jobs, Roger Federer and Oprah Winfrey, did not or have not succeeded without passion.
Passion is the force that drives us even through the most challenging of moments, propelling us to work harder than everyone else to continually deliver greatness. If you possess a genuine passion for your brand, that passion will rub off on your customers who will feel just as enthusiastic and excited about your products or services as you are.
4. Consistency
With all of the above being said, it is still important to be consistent in everything you do as a brand. Consistency is the blood that runs through your brand, differentiating it from the competition and enabling it to remain in the memories of your consumers for longer. It also brings familiarity to your brand, which automatically leads to loyalty. Provided you consistently deliver high-quality goods and services, you can expect your customers to return back to your business in future.
5. Leadership
The world’s greatest brands are supported by influential leaders who continually aspire for greatness. Whether that involves a sports team, a large corporation or a small business, the most successful of these will have an influential leader backing them. When you think of Apple you immediately think of Steve Jobs, who was an extraordinary leader who taught us all many valuable lessons about strength and leadership.
As a business owner, you need to live and breathe your brand in order to inspire both your workforce and your clientele to possess the same enthusiasm and passion for your brand. This in turn will lead everyone associated with your brand to feel deeply affiliated with it as your passion for what you do truly shines through.
6. Exposure
Another important characteristic of a successful brand is exposure. Well-known sports brand, Puma, combines numerous marketing channels to reach out to its target audience, including video, social media and experiential marketing to truly immerse its customers into the brand.
Although you may not have a budget as vast as Puma’s, thanks to the internet it has never been easier to increase exposure of your business. By developing a presence on social media sites such as Instagram, Facebook and Twitter and reaching out to customers through multiple channels, you have a better chance than ever to reach consumers and establish your brand on a global scale.
7. Audience knowledge
Last but not least, you cannot achieve any of the above without having a thorough knowledge of your target audience. You can easily do this by performing in-depth research about the demographics of your target audience.
This not only improves the quality of your content but also helps you to communicate with your audience in a way that directly appeals to them, which in turn encourages you to create a strong, human connection between your business and your target audience.