Branding can be the name, logo, concept, etc., which differentiate the product or service from the other competitors in the market.
Branding is aimed at promoting your own product. Let us now see why branding a product is essential.
It makes the promotion process easy.
It increases the rate of success in advertising.
It creates an image of the product in customers’ minds, which he/she can relate to.
Brand signifies the organization.
Brand creates product loyalty and stabilizes sales.
It differentiates the product from other competitors in market.
It makes the introduction of a new product easier.
Branding creates a difference from other products, which helps to tackle price competition.
Branding of a product has many upsides; by creating a brand, the product can be stabilized in the market for a longer duration.
Branding strategy can be divided into the following two types −
The following need to be considered for producer strategies −
Marketing under producer’s brand
Developing a market preference for branded parts or materials
Marketing the product under a renowned middleman brand
This strategy is used by the companies or manufacturers to build a brand.
In this strategy, the manufacturer uses a known distributor brand to advertise the product.
It is the middlemen or distributor brand policy.
It is used by companies without adequate finance for advertisement and promotion.
This can be an advantage to the producer in market.
Positioning a brand means occupying a unique place in the minds of the consumers. The following are the various ways for positioning a brand −
Taking benefit from a trending situation
Connecting various uses
Positioning according to consumer lifestyle
Advertising the benefits
Accruing a competitive position
Benefits offered by the product
Positioning a brand creates an image in the customers’ minds, which one can relate to. It increases the sales of the product.