Importance of Brand Building
Brand building can be initiated with a well thought brand identity which can help create a strong brand image which goes a long way in consolidating the brand.
Branding comprises of creating value to consumers that how consumers feel, think and know about your brand. There are three popular brands known-
- Product brand:A physical product or items or goods are a product brand. Brand building is ensuring a good quality product is given to the customer along with good brand visibility, packaging, warranty etc. All these cumulatively help in brand building. Example of product brands are Adidas, Rolex etc
- Service Brand:A non-tangible offering is a service brand like telecom service, ecommerce etc. In this case, brand building is most dependent on the experience that a customer gets. Example of service brands are McDonald’s, Starbucks etc
- Retail Brand: Retail brands are a combination of service & product i.e. products are sold through a service offering. Hence brand building has to ensure good customer experience as well as high quality products. Example of retail brands are Tesco, Walmart etc.
The process of building a brand
Building a brand requires innovation, creativity, correct value proposition, constant monitoring & ensuring good customer experience.
Strategies for building a brand should be adopted accordingly which helps in creating and differentiating brand value and developing right impression for the company for which it truly stands. Depending on your brand building exercises, your brand may grow, remain stagnant or recede with time. So, in brand cycle there is continuous need of bringing new strategies, events and activities that maintain the brand promise. Consumers are co-creators of brand, so their preferences and demands should be meet and strategies should be designed by keeping consumers in mind. To create a unique and powerful brand there is need of time and consistency. So, Building a brand is an integral part of business development and involves various strategies and tactics over time.