Chapter 2. What is branding: Terms and Their Benefits!
Branding is not something that would mean a single point when building it. Instead, several things go into building a brand, like creating likability, image, and branding reputation. In addition, you must remember to ensure your brand identities remain consistent on platforms when doing branding.
At the same time, you must associate the right feelings and emotions with your brand. Make sure you appear to be and stay honest, qualitative, strong, and dependable with the content you create for branding. Next, we will read about branding and terms that matter significantly for this subject.
What is Brand Equity?
Brand equity is the premium value you get from a product, a metric that tells about your results with branding.
Your equity makes a significant impact on the prices you can apply for your products. The more positive your image is for your audience, the better equity you can have, as you can keep your prices higher than others. It is one of the basics of branding results you need to have for your products and services.
There are three basic elements of brand equity:
- Your consumers’ perception
- Negative or positive effects
- The sentiment of your brand consumers and audience
There are three basic effects of brand equity on your products. Number one, that their sales volume increases. Number two, you can have higher prices than your competitors, and number 3, your customer retention gets better. Customer retention is a big effect that can completely change how your products are sold.
For instance, your brand may have more than one product, so every time you retain your customer, it means you also sell other products. Moreover, they will always come to you when you launch a new product and buy it paying higher than your competitors.
Your audience’s positive associations with your brand can also help you launch a new product with success. When you launch a new product with the same brand, people will be attracted to buy it as they have positive associations with your brand.
There are some components of brand equity you must know:
- Brand loyalty
- Your brand’s perceived quality
- Brand associations
- Name Awareness
- Other brand assets like trademarks and patents
Value You Deliver
The value your brand delivers to your audience can directly affect your brand image. At the same time, people will be more satisfied with your products when they positively associate with your brand. Moreover, their purchase decisions will be affected by it.
At the same time, your brand equity can improve your customers’ sentiments considering their purchase decision. Moreover, your brand’s name is your biggest asset in the marketing and business space. If you do not have a great brand name, people will be least interested in buying from you. Next, you can read about brand architecture.
What Is Brand Architecture?
Brand architecture is one of the most important components of any brand as it tells about the mother brand and its subsidiaries. So if you have a mother brand and there are separate child brands, you should have a complete architecture for them. Some benefits that you get with the brand architecture are:
- Your brand architecture helps ensure the audience understands your master brand.
- At the same time, your audience is more likely to be aware of your brand.
- Moreover, you can tell your investors about your corporate brand hierarchy this way.
So if you have good brand equity, you can launch new friends that can add to the existing ones. This means your audience will be more interested in your extension when you have a strong master brand, as they will know the master brand is reliable. Corporate branding is the purest type of business branding you can find in the business world.
What Is Brand Marketing?
Marketing is creating relationships with your audience by promoting your brand. You can use several marketing methods, like digital platforms and offline methods. However, when it comes to brand attributes, they are an important part of your marketing. They give your audience an understanding of your product colors, taglines, and other marketing elements.
Remember that your brand and your relationship with your consumers should be strong and positive.
What Is a Brand Plan?
The most important factors of your brand plan will always be your vision, mission goals, tactics, and strategies. Your brand needs to have all of these to thrive, and you must make sure that people also have an opinion of your brand. So try to write down all these things and how you plan to use them.
In this plan, you should understand your target audience and how to reach them. You should have a clear message that you can implement about your brand to let your audience know about it. These things significantly impact the promotions and advertisements you do for any platform.
When planning, ensure you know what makes your brand work well and what problems you are facing. Once you find out about these problems, you should define the key problems to ensure you remove them as soon as possible.
What Is Brand Extension?
Brand extension also improves your brand’s ability to sell and make a better money flow. So, If you have any existing project, you can launch your products that logically go with the master brand. This way, you can use your brand reputation and loyalty to make your new products more successful.
Not only that, brand extension costs you less; you can have great success if your extension meets the master brand. So, you should ensure it does that clearly so your audience can understand it.
What Is Brand Management?
Brand management is the process that helps your brand have a perceived value with its products. This is important if you have luxury items to sell. In this section, you will read research methods for branding.
Chapter 3. Research Your Audience
How To Do Research To Find Out About Your Audience Research Their Pain Points You Must Know Your Audiences’ Biggest Pain Points And Use Them For Your Promotion And Marketing....Read more