Has branding become everything, and has marketing has become irrelevant?
In recent years, Branding has become a hot topic, among entrepreneurs, as well as consumers. There is a new generation of entrepreneurs that believe that branding has become the end all to having successful product or service, and that marketing is becoming irrelevant. At the same time, there is an entire generation of old school business professionals that believe no product or service can be successful without the good old fashion principles of marketing.
Branding is considered strategic, while Marketing is considered tactical…
Many professionals believe that is an over emphasis on branding in recent years, and the solid business is build with marketing. In reality, branding and marketing go hand and hand. Marketing decisions can affect the perception of a brand; while branding decisions can have an effect on the marketing process. Branding is not the beginning or the end, it’s an on going process. Branding is considered Strategic, while Marketing is considered Tactical; marketing is the push, branding is the pull.
If your employees truly believe in their own brand, then they become just as loyal as the end consumer…
Some financial experts can consider marketing to be a cost center, if a marketing strategy is poorly convinced and executed. Strong sales and brand reinforcement can come from smart marketing. While some experts consider branding a cost center, but if it’s done well, it can deliver dividends in consumer brand loyalty. From a management perspective, smart branding will make the entire team effort more efficient and more meaningful. The job of the sales force becomes easier and more effective. If your employees truly believe in their own brand, then they become just as loyal as the end consumer. They will work hard and stay longer, deriving a real sense of pride in their work.
Marketing says to consumers “buy me,” branding explains “why.”
Branding is the process of creating a unique image of a product or service in the minds of consumers. This is achieved by establishing a specific and differentiated presence in the market place, along with a clear definition of it’s characteristics and attributes, along with a consistent theme, to attract and maintain loyal consumers. While marketing say to consumers “buy me,” branding really address the “why.” more specifically, “this is what I am, and why I exist.”
The quintessential question in branding is “ What makes your product or service stand out among the rest?”
The clearest indication that you where successful in communicating your brand’s overall uniqueness is “consumer interaction” with your brand; sharing and recommending your brand with others, not just the end result being a sale. This builds the all important relationship between the consumer and your brand through association; making it stick in the mind of consumers. One of the quintessential questions in branding is “What makes your product or service stand out among the rest?”
The Four P’s of marketing, Product, Price, Place, and Promotion.
Marketing is the process in which a good or service goes from conception, all the way to the delivery to the end user. The Four P’s of marketing is the foundation on which this process is build from the ground up: Product, Price, Place, and Promotion.
Development phase of a product…
The “Product” phase of marketing, the development of a product is built on the principles of branding. The product’s unique identity will lay the foundation for the other phases of marketing that follow.
The price of a product can change perception in the consumer’s mind…
“Price” is a complex strategy that must be well thought of, if a product is to be competitive in the Market place. Of course, price in the minds of consumer, often assigns a direct value to the product, other than a dollar value. The price of a product can create a certain perception in the consumer’s mind. These specific associations can center on price. The price of a product must be chosen wisely. Understanding the brand’s perceived value is and how changes in price can affect perception is key.
How a product is delivered to consumer can affect the perception of the brand…
“Place” involves the distribution of a product or service. This is how the brand is delivered to the end consumer. This could mean the location of an actual store where the product is sold or where services are rendered, direct mail and catalog solutions, or via e-commerce. The study of marketing also involves the complexity of distribution systems, physical and electronic. Where and how a product or service is delivered to the end consumer can also affect the perception of the brand. Questions like “is your brand widely available to consumers? Is your product more exclusive or harder to find?” become relevant.
If the market is flooded with your Brand; this can lead to market over saturation…
If your brand become too easily accessible, if the market is flooded with your Brand; this can lead to market over saturation. Consumer perception of your brand can also be affected. Your brand could perceived a common or ordinary item in the market place. If your brand is too easily accessible, it might no longer be considered unique. This could affect the perceived non monetary value of your brand in the consumer’s mind. If you have studied economics, the principles of supply and demand definitely affect price.
That brand is hard to find, it never goes on sale, it must be the superior brand…
On the other hand, a product that is not easily available to consumers can also affect the perception of the brand. A brand that is hard to find could change consumer perception. The rarity of an item can make it appear unique or special in the consumer’s mind. The consumer might think “this product is hard to find, it flies right off the shelves; the store can’t keep it in stock. It must be a great product. That other brand fills up the rest of the aisle; it always goes on sale, and eventually winds up in the clearance bin. That hard to find brand never goes on sale and sells out fast; it must be the superior brand.”
Branding has a direct influence on promotion…
“Promotion” is a powerful function of marketing, and branding has a direct influence on promotion. Promotion refers to the means and methods of communication, directly addressing the end consumer, more specifically the target market of brand, which achieved through Advertising. The efforts of product development and branding, methods of distribution, the pricing strategy of your product all come together and can be communicated through promotion. The methods and techniques of promotion and advertising can be the most complex and interesting aspect of marketing. We will discuss this topic in greater detail in future blogs entries.
Entrepreneurs who understand branding and marketing have an advantage in the market place….
On the question of Branding vs Marketing, both are essential, for a successful and competitive product or service. Entrepreneurs who understand the real function and value of both have an advantage in the market place.
Every great Brand begins with a great logo
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