Why are people brand loyal? Why branding is so important in business? What makes the brand successful? Finding answers to these questions leads to successful business which depends on repeat purchasing. It goes well beyond a logo or “look and feel” and encompasses the whole product concept – the promise of delivery, quality, and predictability. It goes beyond just letters, words, symbols, or a combination of these.
Brand increases consumer satisfaction, loyalty and product attachments. Branding seeks to distinguish your company, product or service from the competition and create a lasting impression in your prospect’s mind.
Brand Management is one of the applications of marketing techniques used for marketing a product or product line. It increases the product perceived value to the customer and thereby increase brand franchise and brand equity. Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product.
Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. Brand Management often viewed in organizations as a border and more strategic role than marketing.
Today branding is more important due to increasing advertisement culture, media fragmentation, product differentiation etc. Branding creates emotional attachment to product and companies. Branding efforts create a feeling of involvement, tangible and intangible qualities and symbol.
Branding efforts creates strategic awareness, where people easily recognise brand and their distinct qualities. A strong brand influences on buying decision and shapes ownership experience. Branding helps customer while making purchasing decisions. Brand attracts firm’s identity upon potential customers.