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Summary - Introduction To Branding

fundamentals of digital marketing 4

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21 views4 pages

Summary - Introduction To Branding

fundamentals of digital marketing 4

Uploaded by

abzz muse
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Branding is the process of creating a unique name and image for a product or service in the consumer’s

mind through various means. Branding aims to establish a significant and unique presence in the
market, which attracts and retains loyal customers and allows companies to charge a premium for their
products or services.

The American Marketing Association defines a brand as ‘a name, term, sign, symbol or design intended
to identify the goods and services of one seller, or group of sellers, and differentiate them from those of
the competition.’ Branding is important for consumers as it can give them the following:

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How to build a brand

Brand building is a two-fold process that is strongly determined by creating a brand image and brand
awareness. While the brand image reflects the depth of a brand in a consumer’s mind, brand
awareness describes the breadth of a brand and its spread in a certain market. Building a strong brand
is a marathon, rather than a sprint. It is a process that takes significant effort and time over multiple
years. The 4P concept can help significantly in structuring a brand-building initiative. For example,
Micromax changed its brand image by first considering its product and then transforming from being
only a cell phone company to a consumer electronics company by introducing TVs, laptops, air
conditioners, etc. To create brand awareness for this transformation, it also changed its communication
from ‘nothing like anything’ to ‘Nuts. Guts. Glory’.

In the concept of Brand Equity, you looked at the qualitative aspect of it, which essentially comprises 5
main elements.

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There are three primary models of branding – the rational model, the emotional model and the cultural
approach. These are the different ways in which you can promote your brand and influence your
customers.

Rational branding: The rational model talks about branding on the basis of product
attributes/functions. Here, you establish the superiority of your product/service over other competitors
by highlighting the difference in product performance and additional features.
Emotional branding: Along with offering good functional benefits to customers, a brand also needs to
connect with its potential customers on an emotional level. This increases brand loyalty amongst
customers. This is called emotional branding.

Cultural branding: This is an approach to branding that relies on building a deep cultural meaning that
provides its customers with an identity.

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