Branding

Introduction:

Every new or old business comes with many challenges but wise, calculated and fast decisions could help emerge a business unit into a big market. Logo Design & Branding can play a major role in boosting the business growth. What makes people wait outside the Apple Store in long queues before the launch day, is the loyalty of the customers to the company and the trust they have in it.Components of branding: For efficient branding a firm requires Logo, widely acknowledged and accepted image for advertising, an efficient and well connected platform, suitable market strategies and sometimes, some sponsors who already enjoy a huge customer base. All these requirements when properly tailored have huge potential for a firm to establish itself as a strong competitor for other firms.
People can merely recognise Michael Jackson without his hat which shows the importance of LOGO in a business. Every business unit whether startup or established one has a Logo through which people recognises that brand. KFC, McDonald, Lacoste all are depicted through their Logo. So, Branding begins with a Logo which makes a business easily recognisable by everyone from a child to a man.

Cost

Branding and popularity of a business are inter-related. Although it requires huge investment in the initial stages to build a base, branding when done efficiently proves to be fruitful in the long run. To increase the popularity, a widely known image is imminent. Brand value can make or break the foundation of an enterprise.Market strategies with proper financial layout designed by a team of marketing professionals well suited to the time and needs, can broaden and enlarge the sphere of the population to be impacted and influenced.It would be detrimental to ignore its importance and it's must for every business to invest in their branding because it offers various advantages in the long run.Advantages:Some benefits associated with it includes:

1. Creates distinct perception of the product: Branding helps to create distinct, definite and durable perception of the product in the minds of potential customers. People are influenced by the way the product is presented to them. Thus, efficient marketing strategies are crucial to create a strong positive impact on the psyche of the potential customers who may at first find it difficult to switch to a new product.

2. Customer Recognition: New products when launched by celebrities whom they adore and admire encourages people to give it a shot as a relationship full of trust and confidence has already been established between them and the celebrities. It builds trust among the customers regarding the product as the product have been tried, tested and approved by their icons.

3. Edge over other competitors: A well reputed brand endorsement has an edge over other firms who may not have invested in branding or do not have an attractive young celebrity image to make endorsements.It makes selling of product easy and fast. The information regarding the new launches can be easily disseminated via various mediums, reaching out to plethora of masses.

4. Ease of introduction of new products: When a well reputed firm with a loyal customer base launches a new product, it becomes easy to cope with the challenging and competitive markets and good returns can be expected from the sale of the product. The trust and relationship that the firm has already build over the years encourages people to accept everything associated with that particular firm.

5. Building strong customer base: Brands which share the same values as that of consumers are more likely to be accepted by the public and it can help to build a strong customer base loyal to the product who won't hesitate to buy the product even if the prices are comparatively higher than other available brands.People start associating themselves with the product sharing common values.

6. Reducing risks: A business firm can reduce the risks associated with the launching of its products with a well defined and goal oriented advertisement strategy developed solely for the purpose.Conclusion:Business unit aiming to create differentiated and significant presence of the product to attract and retain a loyal customer base should invest on the branding prudently and by adapting to the market conditions over a period of time, it can surely see a hike in the profits and can establish itself as a trusted and reputed name.

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