Branding is one of the most important issues for any business if it wants to succeed in this field of fierce competition. Branding is a very basic part of the whole marketing strategy of any business.What is a Brand?
A brand can be defined as just a set of associations that are linked to a particular company or an organization or a business group. A brand can definitely mark the corporate identity of any business. It signifies the values of the organization and its leaders. It tells about the quality of the services that are offered by the company to its customers. It tells how the company or the group differs from its competitors. Hence building a good brand image means achieving success in the business.
Fundamentals of Branding:
The branding process starts from the logo design of the organization. Logo, company name and its tag line combines to form a logo design. It is with this combination people identify your business. Hence good amount of money and time should be spent in deciding this combination. This combination should signify the mission, vision, growth plan and the values of the company. It should say how well you are going to serve your customers with your products and services. Good professionals should be used in getting some ideas on this combination. However, the top level management should take the final decision as they know the business better than any body else.
Most of the companies start branding process even before the company starts and this process continues until the company survives in the market place. Normally all the branding campaigns will be decided by the advertising and management departments with a bit of top level management involvement. You should use the budget that has been allocated to the branding campaigns in a very intelligent manner. Never start with a huge budget campaigns unless yours is already a big brand. Spend amount sparingly in all the available advertising mediums and analyze the results from all the different mediums carefully. Have an in depth marketing mix analysis. This will show you what advertising mediums are giving you a better brand image. Then try to spend more amount on those mediums and try to analyze the possible steps you can take to better the brand visibility from the weaker mediums.
Never stop the branding process. It should go on until your business exists in the market place. If not there is a great chance of another company taking over your market share. If you follow these basic steps, it is definite that the brand image of your business will be quite healthy and it in turn brings in the required business for your company’s success.
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