What is a brand, why do you need it and how is it made?
Product and company brands are famous trademarks that create associations in the minds of the consumers. For example Mercedes means expensive and prestigious cars. Because the consumers form certain associations with your brand, branded products have an easier time to increase their market share, and have higher prices than products without a brand.
What kinds of brands are there?
Brands can be regional. For example, products from a local farm have strong associations for people who live in that region. And people living in a neighboring region might not know anything about the brand.
There are also:
National brands that operate country-wide.
International brands are famous across multiple countries.
Global brands famous across the entire globe (Apple, Microsoft)
What's the point of having a brand?
Developing and releasing your brand is a serious investment in steadily growing your company. Let's look at what opportunities a brand provides against your competition:
Easier and cheaper to hold your market share and increase it.
Supporting stable sales for your products.
Spend less money on launching new products under the famous brand, due to customers liking to buy new products from their favorite brands.
Selling your product at a higher price due to customer trust
Increase the value of your company due to brands having an intangible value, if needed you can sell your brand.
When does a trademark become a brand?
If a trademark is famous, it has a lot of repeat customers and certain associations in the minds of the consumers, then you can call your trademark a brand
Before forming a brands it's important to:
Correctly position your product or service
Create a brand identity
Support a certain level of quality in your products
Create the correct associations with your consumers via a carefully made marketing campaign
Who creates brands?
Brands are created when your customers consume your product. However it is important to create proper associations with your potential customers, before their first purchase. That's why creating a brand without advertising is almost impossible.
The development and implementation of new brands is done by marketers and advertising specialists.
Work starts with researching the current market and searching for a niche. This results in finding ways to properly position a product, which will make it in high demand and successful on the market
The next task is to form the right associations in your consumers, this is done with the help of a good brand identity and ads. Here everything is important, from your company colors that will create the correct associations to video ads, locations of billboards and other ads.
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