A brand name adds a unique value proposition to a company offering differentiated products across a wide spectrum. It is an important component of a firm’s corporate identity. The logo that represents a brand is just not a symbol but is a source of commitment to the customers. It implies the benefits or added values that the company offers to satisfy its customers. Logos are a way to reach your customers in the initial stages when your company is in the offing. After a certain period of time, it becomes an icon that represents your company’s efficacy and achievement in terms of quality, price, customer service etc.
Nowadays there is a pressing need for corporate firms to target both domestic and international markets. They have to create and establish local as well as global brand identity. A brand name tells the customer what to expect and it personifies your organization. Why in the first place a company needs a brand identity? See, it proves to be the most vital part of your marketing plan. How do you expect to reach your customers and convince them that you are there in the market to offer a superior product range than that of your rivals? You have to keep in constant touch with your customers and this is where a brand name comes in as a source of strength, as a promotional tool to speak for your product’s credibility and quality.
You have to ask yourself the following questions while planning to develop a branding strategy:
Does your brand create a feeling of trust in the minds of the customers?
Does your brand deliver the benefits that it has promised to?
Does your brand connect with the customers well at an emotional level?
Is everybody including your competitors are aware of your brand?
There are various strategic equations to build your business plan successfully. You need to revitalize your think tank by including strategies that will hit the target bang on.
One way is to relaunch your existing products under new brand name to give a fresh lease of life to the products as well as attract new customers
Another way is to introduce new product range,where the existing brand may not be suitable for the new product line
Making the products more attractive and appealing by making small modifications in packing
Also your brand can include a new range of similar products to be offered from your end.
The brand strategy gives momentum to your business and aligns the activities of your organization towards successfully accomplishing the corporate objectives. It should be always remembered that branding is the only way to develop loyal customers.