Debayan Ganguly (Dev Ayan) is an MBA with 2 years of experience in B2B sales. He likes to share his learnings through blogs and videos.
What is a Brand?
A Brand is essentially an Identity.
There you go. I explained it in one word. But if it's that simple, why then is it such a big thing among marketers?
Let me explain. A brand is an Identity. That's true. But to build that Identity, establish that identity, and make that Identity welcomed by the Target Market becomes a long-term task involving money, market research, analysis, supply chain, customer feedback, everything.
Anything can become a Brand - A soap, a city, a personality, an event, a company, anything.
How to Build a Brand?
Building a Brand is a slow and steady process. Even the ones who rise to fame overnight have been working hard to do so for a long time. So all the established brands that you see had begun from zero. So if you have a start-up or a new product, or are working to develop your personal brand, remember that all these brands were there where you are now. But whether you will be there where they are now depends on how much work you are willing to put in.
Building a Brand is not an easy task, which is why many brands fail. There are the steps you can follow to ensure that your brand is established in the long run:
1. Provide Value First -
People will come to you not by looking at you but to receive the value you have to offer. To provide value, you need to find a niche, understand their pain points, and create products to solve them. Now merely giving them a product will commodities your product. You need to add some brand elements to the product that you offer. These elements could be a logo, the way you deliver, shape, packaging, name etc.
2. Differentiate -
After you have made the product, you need to stand apart from the crowd. To do this, you need to provide something your competitors aren't providing. You must Differentiate your products.
Differentiation will then help in building Brand Awareness, Recognition, and Recall.
3. Deliver What You Promise and Build Trust
To build brand trust, you need to provide what your brand promised. Do this consistently and continuously. Do not think of profits just at this moment. Build loyal customers who trust your products. To gain this trust is the one thing that will take you the maximum time.
4. Expand Customer Base -
Once you have a set of loyal customers who trust your brand, expand your reach to other similar segments and geographies. (By Expanding, I don't mean Brand Expansion, I mean Expanding your customer base) It is time for you to have a large number of customers now. Remember that when you scale up, you need to keep up with your Brand Promises.
5. Feedback and Improve -
Consumer Behaviour is dynamic. You need to have an ear out in the market for the changes in demand and preferences. You need to be aware of new entrants and their value proposition.
Continuous feedback and improving your offering to best suit the customer needs and wants will help you stay relevant and continue your brand image.
After you have established You Brand, you can then charge premium tapping on your company's competitive advantage and earn money worth your hard work that you have been doing over the course of the years.
Why Is Branding Important?
Let's go deeper into our human behaviour. Why do we pay more for a haircut from Habib's than what we would have paid to a local Barber?
The reason is - BRAND.
Habib is a brand that promises to deliver quality service, safety, and trust. Because it ensures these things, we as customers are willing to pay more. They have built a strong brand over the course of the years and are now reaping the benefits of having a strong brand.
In another example, we saw how Apple came out with their Smart Phone with a differentiated offering. Apple offered quality, privacy, and exclusivity through their phones. Whenever I talk to iPhone users, they talk about quality and that they will remain loyal to the brand because they received the benefits of using the product.
Let's take one more example. When it comes to celebrity advertisements, we see that famous, successful, and relevant artists charge high for endorsing the products than other celebrities without any recent success or a huge fan following. Why is it so? And Why wouldn't the companies go for not so expensive artists?
The answer to both the questions is - BRAND. It is their brand that allows the celebrities to charge higher and ask for the value of their brand, and it is their brand that the company want to use to push their products, which is why they don't settle for any other available celebrity.
So creating a Brand is essential because:
1. Brand makes Money
2. Brand ensures Loyalty.
3. Brand proves Trust.
Watch my video on the same topic
- What is a BRAND? | How to Build a Brand? | What is the Importance of Branding? | MBA TALKS - YouTube
Time Stamps:00:00 Start00:36 What is a Brand?01:30 How to Build a Brand?02:09 Step 102:47 Step 203:23 Step 304:09 Step 404:31 Step 505:13 Step 605:37 Why is ...
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2021 Debayan Ganguly