Knowing what your customers want most and knowing what your company does best is essential to building a successful brand. Strong brands are built on the basis of sound business practices and a great user experience. When solid fundamentals are accompanied by a clear, compelling marketing proposition and a strong sense of momentum, a brand is likely to increase both sales and shareholder value.
“Marketing is the art of meaningful differentiation” – John Lederer
The Brand Value
Transforming a product into a brand does not happen overnight. It takes a lot of effort to build a brand that customers will find credible and can associate with their values. It is truly remarkable when a brand makes a stand for what it believes in. Moreover, it is very important for employees of an organization to understand what the entire activity stands for because employees are first line of word-of-mouth advertising.
Building a good image of one’s business or product in the minds of customers, investors and employees is what constitutes brand identity. Organizations need to build and maintain an identity which facilitates the achievement of specific business objectives.
The corporate and brand identity of any organization encompasses the company’s logo, tagline, advertising, public relations along with the core values that are deep-rooted into their business strategy. A successful brand is one which is valued by both the internal as well as external customers and one which maximizes shareholder value. A salient factor responsible for making a brand successful is the promise of consistent quality. In this world of endless choices, customers want to make sure they choose the right product or service. A brand enjoys high esteem if the experience it delivers is the experience that was promised.
To build a successful brand, it is critical for organizations to offer products or services that are different. In the age of intense competition, differentiation is the key to creating a sustainable one. Organizations need to have absolute clarity of what their brand identity stands for; it should be unique and should be able to create a distinct impression.
Organizations also have to understand and fulfill needs and aspirations of prospective customers in order to build an image of the product which is relevant. In addition, brands need to be coherent; no matter how deep the loyalty is, when a product does not perform, consumers will make a new choice. The ethics on which brands are built need to be ingrained in the business if the proposition is credible to consumers.
It is fundamental for organizations to establish a superior visual identity that expresses their values and goals to the stakeholders. Visual identity provides an organization with good visibility and also contributes to its image and reputation. However, a logo alone cannot be the solution to defining a brand in a consumer’s mind.
Corporate identity design also has to represent the values,belief systems and personality of the organization.Product name which enjoys a positive sentiment in the minds of people is said to have achieved brand recognition.