Creating a good brand requires strategic planning, brainstorming, and money, but once done right, brands provide multiple benefits and value to the firms. Many times, companies ignore branding completely and are left with mere products, akin to a fish in the sea. Not a wise choice!
Let us find out why?
PROTECTION/TRADEMARK
Brands can bestow a product with unique features and provide legal protection via retaining intellectual property rights to the brand owner. Packaging and designs can be protected through copyrights which help in preventing competitors from stealing your designs. While Patents protect manufacturing processes, registered trademarks are the way to protect your brand name. It is advisable to make use of these strategies to prevent any harm to your brand by the competitors and ensuring the safety of the brand.
KEEP COMPETITORS AWAY!
Brands can signal a certain level of quality so that satisfied buyers can easily choose the product again. This brand loyalty provides certainty and safety of demand for the firm and creates difficulty for other firms to enter the market.
CREATE PRODUCT EXPERIENCE
Although mechanical and designing processes could be easily replicated, it is very difficult to create lasting impressions on the minds of consumers. Brands like Levi’s Jeans and McDonald’s have created a powerful branding advantage because consumers have nostalgia associated with these brands. Also, they are worth more than their material value and have created amazing experiences for their customers.
EXTENSION AND REFERRALS
A sign of a great brand is that it generates referrals. Consumers get to know about the brand via various avenues like online social media websites, offline niche markets, mobiles, etc. Even consumers make sure to tell their friends and acquaintances about the brands, creating a grapevine of information leading to an increase in buyers and even loyal consumers.
TRUST
To gain consumer trust, it is mandatory to provide extraordinary services and products. Brands help firms incorporate trust in the consumers which are leveraged by potential investors. Great online communication, customer service, and product experience build trust, leading to more consumers becoming regular clients.
In a nutshell, the value of branding for a company cannot be denied and is crucial in today's age of omnichannel retailing and technology-driven market scenario.
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