Branding is the process of giving a name, sign or symbol to a brand so as to identify it and differentiate it from rival products.
Benefits of Branding
- Branding helps to distinguish its product from its competitors and this helps the company to have control of the market for its product.
- Advertisement and promotion helps in displaying efforts, repeatedly seeing ads ensures sale of the product. For example when you open your social networking account you always see ads of the product and it influences us a lot, sometimes we purchase it too.
- Customers who like a brand and become habitual of it are willing to pay a higher for it and this helps the company to change the price of the product.
- Addition to new product can be done easily in the market by using an existing and popular brand name. For example: Patanjali has introduced many products.
- Branding benefits customers in identifying the product as it avoids the time wasting in inspection and enquiry of the product and as a result repeatedly purchasing are made.
- Level of quality is ensured in branding this in turn build customers confidence and satisfaction.
- Some brands become status symbols due to their better quality. The customers of such brand feel proud using them.
How to build a good brand name?
Let’s discuss:
- Brand names should be short, easy to pronounce spells and remember. For example: Tata, Lux, Ponds, Lays etc.
- Brand name should suggest the qualities in benefits of the product. For example : Frooti, Parle, Rasna etc.
- Brand name should be different, so that easy to remember. For example: American Tourister, Pears etc.
- In Branding packaging and labelling should be adaptable.
- Versatility in branding is necessary as to adopt new products in the product line. Example: Tata, Godrej.
- Brand name should be registered and legally protected.
Therefore Branding should be such that it can be recognised and make you different from others.
