Creating A Powerful Brand

What is a ‘Brand’?

In simpler terms, a ‘Brand’ is an identity of a company and its services. A ‘brand’ is more of a business concept that connects people to the company through its products and services. A ‘brand’ is not a logo or slogan. A ‘brand’ shapes people’s perception of the company, its products, or individuals. Every brand has a different identity which creates a competitive edge over others who are in the same industry and offer similar products or services. It sets a company apart in the field. 

Marketing tools such as logos, slogans, campaigns, etc combined with products and services create a ‘brand identity that decides a company’s place in people’s minds. A ‘Corporate Brand’ is when the whole company market itself, make an important decision on pricing or policies, etc.; ‘Personal Brand’ is when people create a brand out of themselves on social media; ‘Product Brand’ is also known as merchandise branding and involves the marketing of one product and involves marketing research, for example, coca-cola; ‘Service Brand’ which requires branding of services offered by the company and needs high creativity to be presented before target audience, example- Urban clap, which provides multiple services such as installation, repair, maintenance, etc at home. 

Difference Between Brand and Branding

A brand is capable of making a great change. It is what makes you stand out and make an impact on consumers. A ‘Brand’ is an identity, a perception people have about your company whereas ‘Branding’ involves the steps which cultivate that brand.

How to Build a Brand?

A brand is a company’s position. It takes years to build a brand and trust among people. For example, Nestle is one of the most popular brands and is in a position with a great share price in a market where it cannot be replaced so easily by other brands. It helps you stand out from the competition and achieve recognition.
You must be consistent with your products and experience and establish a connection with your audience. Your customers should feel the same level of service for the 100th time as they felt for the first time. 

1. Define Your Business

Building a Brand Identity is the first step. Differentiate your product from other individuals present in the same business. Consumers must be able to create a special place for your product in mind and distinguish you from others. The goal is to make the brand memorable and appealing. Logos, slogans, designs, etc are what contribute towards building a brand identity.

2. Monitoring

Constantly review your previous steps and strategies. Your initial aim shall be to build ‘brand awareness. Recognition of the brand signifies the existence of the brand and what it offers or sells. Your products and services should be consistent and not at any cost compromise with quality, they should offer the same message, feel and service even after years. 

Look for new and innovative ways to market, there is always room for improvement, enhance the changes according to time and trends and ensure a friendly company culture. Constantly monitor your ‘Brand Equity’, the value a company gains through its name.

3. Competition

There is no business without competition. Competitions provide an edge and opportunity to stand different from others in the field. Check your competitors, their policies, and services and look for what they are up to. 
Monitor their place in the market, brand value, and public opinion about their services. Track your progress on a regular basis.

4. Time

It takes time to develop a brand. You’ll need to spend time and money on effective branding. ‘No brand ever became Nike from Nothing overnight’. You must approach strategically with deep thinking, you must have a strong and responsible team and have strong communication with them. They all must have a very intimate understanding of the brand and their roles in taking it higher. 
If done correctly, this will lead to brand loyalty among the public and so the public will choose you over other options available and even pay an extra price to stay connected with you. Your growing position in the market will even attract many industries to work with you. 

Best Practices Followed Globally?

Let us look at two examples to understand better.

I. Coca Cola
We are aware of its position in the market. However, Coca Cola adopted many strategies to reach such place; such as it started with a unique market-tested formula where local people were made to taste different flavored drinks; they made retailers responsible for high standards as they told them no drink should be served above 40 degrees; its consumer price was fixed for 70 years, etc.

II. Starbucks
It is one of the most popular coffee brands which derives its identity from offering its customers a most relaxing and enjoyable experience. Starbucks focuses the customers’ attention on the quality of the experience, the enjoyable memories that can be woven together in its stores, and not on the pricing of its products. 
The company operates a website called ideas.starbucks.com, where customers can leave ideas for the company to expand and improve its products and customer experience. The brand invests heavily and embraces digital innovation by developing and rolling out a Starbucks app for paying for products, tipping baristas, earning and redeeming rewards, etc.
Expanding plant-based options on its menu, shifting from single-use to reusable packaging, developing more eco-friendly stores, operations, manufacturing, and delivery are few points that constitute the brand’s philosophy.

Checklist

. Vision
. Knowing the product
. Research
. Formalize your brand positioning
. Name your company and design a creative logo
. Make your online presence
. Write your brand story and articulate your brand voice.

It takes a lot of effort to create a brand, in the end, it is the people who make a brand out of the product or service offered to them. The companies calculate the effect that the product or service is having on the customer and then take a step ahead. In-depth analysis, experience, market position, brand equity, public faith, etc are what make a product or service a ‘brand’.