Basic principles of brand and branding concept
A brand is a unique sign that symbolizes a specific product or service owned by a specific entity – be it an individual or a legal entity.
The heyday of brands occurred in the 50-70s of the 20th century. At this time, businessmen were faced with the problem of an excess of such goods on the market. Competition for consumer attention has forced entrepreneurs to resort to massive efforts to create unique brands, giving products not only basic characteristics, but also emotional, social and status aspects.
The essence and importance of branding in the modern world
Nowadays, there is a generation of brand-dependent people, which emphasizes the relevance of studying and implementing branding in business. The most important objectives of branding are to create a positive image of the brand and strengthen its position in the market.
Branding is a whole range of activities aimed at creating a unique and strong image. This process includes positioning and creating a unique selling proposition, developing graphic and verbal elements (logo, slogan, corporate style), monitoring competitors, selecting brand carriers and promoting in the market.
Branding Strategies and Brand Challenges
Brand promotion may include strategies such as positioning, creating a unique selling proposition, developing graphic and verbal symbols, monitoring competitor markets, and effective promotion. However, brand owners may face various challenges during the course of their work.
- Brand Extension: This strategy is used when creating new products for a brand to reach a wider target audience. For example, a brand initially aimed at men may expand its product range to include products for women and children.
- Brand stretching: This manipulation is aimed at expanding the range by updating old products or services without changing the target audience or purpose of the product. This improves the attractiveness of the product to the consumer.
- Sub-branding: This approach involves creating similar products, often with simpler or better features than an existing brand.
Branding for small businesses: modern reality
If previously it was believed that brands were the prerogative of large corporations, today practice shows the opposite. It is important for even small organizations to pay attention to branding to create a positive image and recognition in the market. Creating a unique selling proposition is the first step in developing a small business branding strategy.
Despite the common misconception, branding is not only about advertising on central channels or expensive billboards. It is rather a set of measures adjusted to the scale of the business. From finding a unique selling proposition to articulating the company’s mission and values, all these steps are aimed at making the brand memorable and positively perceived by consumers.
Key role in shaping the image of the company
In modern business, branding plays a key role in shaping the successful image of the company and products. It helps you stand out from your competitors, create awareness, and establish an emotional connection with consumers. Regardless of the size of the business, branding remains an important tool for achieving competitive advantages and strengthening market positions.
