A Comprehensive Look at Branding and What Every Business Must Know About It!
As a product manufacturing company, you give most of your attention to the customer requirements and accordingly devise your product’s content and quality. Apart from that you also give significant attention to your market competition and their pricing, and then accordingly you price your product and place it on the market. But one thing that you don’t give much importance whereas it needs to be given the highest degree of importance is establishing your product’s “brand.”
While the Product’s quality matching customer needs and market dominance are also essential, branding is also equally important because it is essentially the identity of your product. By now you must be aware that branding refers to giving a unique name to your product for a distinct identity in the market competition. Thus your product is eventually known by its brand name and that ultimately reflects on its popularity regarding demand and sales. Some globally infamous brands are Harley Davidson, Rolex, Burger King, Lamborghini, Puma, etc.
Following are Different Types Of Branding For Every Business Must Know About It:
Separate Brand Names for Every Product
MNCs dealing in different product lines like HUL, P&G, Cadbury, Nestle, etc. give a unique brand name for every product. For instance, HUF has soaps with separate brands like Lifebuoy, Lyril, Lux, etc.
Brand Names having Founder’s name
A Few companies give the highest importance to their founder and maintain their brand name by their founder’s name. For instance, Henry Ford was the founder of Ford Motors in 1903, Jamsetji Tata was the founder of Tata Group in 1868, William Coalgate found Coalgate Toothpaste brand in 1806, etc. and till today we see these brands named as Ford, Tata, Coalgate, etc.
Single Brand name throughout all the Products
Some MNCs also give a common brand name to all their products to leave a permanent imprint of the main brand on the customers. For instance, Tata Group follows this pattern with products named as Tata Tea, Tata Steel, etc.
Brand Names having Numbers, Colors, etc. aspects for seeking interest
Many Companies name their brands in a combination of names, numbers, colors, etc. to create interest in their product. For instance, Four Square Cigarettes, 7 Up (Aerated Drink), Black Dog liquor brand, etc.
Single Plus Separate Brand Names
Here, a company maintains its main brand name in every product’s name while combines it with a unique name for that product. For instance, Cadbury has products named like Cadbury Eclairs, Cadbury Gems, Cadbury Dairy Milk, etc.
Brand Name Conveying Product Nature
Certain brand names are subtly crafted to give a hint to the customers about the product’s features and utility. For instance, Garnier Men’s “Acno Fight Face Wash,” “Fair & Lovely” beauty cream, etc.
What are the benefits of Branding for A Company?
To mention a few, the following are the benefits of branding:
- An established brand name gives your product a competitive edge in the market.
- Customers always go for a trusted and renowned brand instead of a new one.
- Aggressive branding helps in gaining a wide customer base for your product.
- If your product has a popular brand name, your company’s internal working environment will also be positive and efficient.
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Thus, you might have seen that brand of a company’s product is as important as the product’s quality and price. This is because brand helps your product to secure a positive image among the customers and thereby widens your customer base. It also helps your employees to work efficiently in a positive work environment. Branding can be done in different ways, for instance, you can give different brand names to different products or maintain a single blanket brand name for all your products.