Branding

• Brand - refers to the identity of the company, product, service, or an entrepreneur himself/herself.
• A brand is a symbol of promise or assurance from the entrepreneur that what it purports to the customers will happen.
• Brand sets the image of the business to the public.
• Entire message of Brand Management

  • craft
  • market
  • deliver
• Brand Management - is the supervision of the tangible and intangible elements of the brand.
• Tangible Elements - product, packaging, price, location
• Intangible Elements - perception and relationship of the customers with the brand.
• Branding - is the process of integrating the strategies formed from the marketing mix to give an identity to the product or service.
• Goals of Branding

  • Establishing to target customers that the business is reliable and trustworthy
  • Differentiating with competitors
  • Driving customer loyalty and retention
• With strong branding, customers will feel that they are safer using the products or availing of the service, and that the risks are minimal or low. If two products will be offered, the customer will likely choose the one from a reputable brand.
• Social Media - one of the emerging but cheaper ways to promote a brand because these are platforms where conversations take place.
• Competitor's Brands - observe competitor's brands and analyze their best practices and flaws.
• The brand should be clear, simple, catchy and consistent, so that the target market will have little or no efforts in retaining the business brand to their minds.
• As an important element of a brand, the brand name is a major differentiator of the entrepreneur against the competitors.
• To be different and catchy, a brand name must possess the following characteristics:

  • Unique
  • Extendable
  • Easy to Remember
  • Can describe the benefits of the product or service
  • Can be converted to other dialects or languages
  • Can describe a product category
  • Can describe concrete qualities
  • Positive and inspiring