In this era where technological advancement and all the global situations have made it hard for any business from top to bottom, marketers should be quick in adapting to the ever-changing business landscape. While digital marketing has been increasingly important, there is but one marketing field that has been going strong since the advent of traditional marketing. Until today, ‘Branding’ is a crucial part of the business plan that should be thought out thoroughly. So, what is branding anyway?
Some of you might still be unfamiliar with the concept of branding. Today, Sphere gathered 10 Branding Terms that we think business owners and marketers should know about to grasp the idea behind it all. Let’s get right into it!
Let’s talk about what ‘brand’ is first. A brand is a set of symbolic elements that represent a company to distinguish from the rest in the market. Mostly when we talk about a brand, we usually think of taglines, logos, mood and tone, etc. These components explicit the identity of a product or a company. Sometimes, it is about the experience that consumers have when interacting with the brand as customers, social media followers, or even bystanders in the malls.
Now, for our main topic. Branding is the practice of creating symbolic elements that can be easily identifiable as belonging to the company to make it stand out from other products and services. The process of branding is somewhat abstract, as it is manipulating the target consumer’s thoughts and behaviour. Branding is crucial to help a brand withstand the test of time in the business world.
3. Brand Identity
A brand identity is no different from a person’s personality. It is about physical appearance and behavioural nature that define the company or product. Brand identity often includes the values, tones of communication, and also the feeling that we want the customers to go home with after interacting with the brand.
Positioning is figuring out where the company stands on the spectrum compared to its many peers in the market. Try asking this: “Where does our brand stand compared to others in the same category?”, or “What is the unique selling point that sets us apart?”. Simply put, positioning is finding that one thing that no other brand can parallel, to stand tall in its own way.
When doing business, one of the first questions that need to be answered is “who to sell this product to?”. You have to constantly seek out the group that’s going to be willing to buy the product, and know exactly who they look like. You have to dive deep into their daily journey, consuming behaviour, thoughts and feeling, and their actual demands. The more precise you can distinguish these people, the easier it will be to make the branding that can communicate with them.
Sometimes also referred to as a slogan, but they are actually a tiny bit different. A tagline is a line of words that concisely captures the unique essence of the brand. A good tagline, when communicated to the target, should be catchy and memorable. It should be identifiable as a part of the brand without even mentioning the name, and also conveys ranges of emotions that are initially intended when they hear the tagline on advertising media.
7. Brand Awareness
Brand awareness is how familiar the general consumers are towards the brand. Creating brand awareness is a key step in promoting a new product or reviving an older brand. Ideally, awareness of the brand may include the qualities that distinguish the product from its competition. It is essential for any brand, actually, as consumers cannot choose your product unless they know it exists first. Good branding makes the brand known.
8. Brand Recognition
Brand recognition is when consumers recognise the brand without mentioning the name, rather with the help of visual or sonic aids. The best scenario is when they know what brand it is even by seeing just a fraction of the whole logo, a part of the tagline, or the sound of the jingle. This concept is usually related to ‘brand recall’, which is when consumers can recall the brand right in their heads without any external aid, neither sight nor sound. Good branding puts the brand on top-of-mind as the first name that comes up when they think about businesses in the same category.
9. Brand Extension
Brand extension is when a business extends its brand out from its original category. Let’s say one day if Sphere shifts to home appliances or real estate market, that’s the brand extension at play. This concept helps the company build awareness and drive revenue in the former business even further.
10. Brand Valuation
Brand valuation is defining how much a brand worth as referred to consumer’s awareness, reputation, and trustworthiness towards the brand. This concept is often related to brand equity, a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. Strong branding helps increase the brand’s value in the future.
To conclude, branding is the process of creating, designing, and defining the personality of the product or company to communicate with consumers. Branding marketing is more and more prevalent in this digital marketing era and becoming more crucial in making the company stand out from any other competitors.
Frequently Asked Questions
What are the 3 types of brands?
- A corporation or company brand.
- A product brand.
- A personal brand.
Can a person be a brand?
Even if there's no office full of employees or official letterhead to back it up, anyone can become a brand. You don't need to be famous to do personal branding. It's important to define an image for one individual in order to brand himself or herself.
Why should you brand yourself?
If you do not brand yourself, someone else will. Your personal branding creates a lasting impression on potential and existing clients and keeps you current in your field.
What is the purpose of rebranding?
A company's brand is a promise it makes to its consumers. Establishing trust and creating loyalty are the purposes of rebranding in marketing. Your brand gives your buyers a way to remember you, but it also creates an identity for your business and sets you apart from competitors.
When should you rebrand?
If you're going through a merger or acquisition, it's time to change your identity. Most mergers and acquisitions involve some level of rebranding. The acquired brand should fit into the brand architecture of the acquiring entity.
What needs to change when rebranding?
Here are some things you should focus on first: New trademarks for brand names, new taglines, and/or new product names should be first. You need to get new URLs for the websites. Then you should plan how to communicate the changes.
Need Help With Planning Powerful, Recognizable Branding Strategy?
If your company needs a memorable branding strategy, our team of experts at Sphere Agency is here to help you refine your branding into something much more than you can ever imagine. We guarantee with years of experience in branding and rebranding for various big names in the industry. Still wondering how far can our branding services take you? Contact us and see for yourself!