Let’s start by answering a few common questions. What is branding? What is advertising? Are branding and advertising two completely different terms, or are they two faces of the same coin? Now one last question. Did the previous question make your head spin to a 180 degree? Don’t be surprised! These are some common confusions that two-thirds of the corporate world faces. The other one-third who know the answer to these questions are the ones who are ruling the industry like kings. But don’t be despaired because having doubt doesn’t make you a loser, but not clearing it makes you one.
With so many rumors circulating the society about branding, it is not uncommon to find yourself in a dilemma of what to believe in and what not to! It is very easy to get swayed away with all the wrong tips and tricks. The term branding is often misunderstood. Apple, Microsoft, Xerox, and Target are all major companies that rule the whole because they have followed the right path toward branding their products strategically. We present to you the four most common myths that most people believe about branding.
Creating a logo for the company means branding it
If you created a logo for your company, and you believe that you are done with the branding of the product, then you are mistaken. You have taken the first step towards branding your business, but you are not there yet. Branding is a whole package that involves the identification of your products. It is not only the name and logo of your brand, but it also consists of the packaging, design of product or service, the intellectual property.
Take, for instance, the example of McDonald’s. The brand identity of the company is not only the ‘M’ logo we see on its outlets. Neither is it the name of the company alone. Branding involves everything starting from the title, and the logo to the packaging, the hamburgers’ recipe, and the signature clown statue that stands in all the outlets. It is a whole series of strategies executed by a company to make sure that there is a unique identification of their product, which sets them apart from similar available alternatives.
It is only applicable to products
Services can be branded too. Your company’s output need not be a physical or a tangible one to pass the threshold for branding. In the decade that we live in, everything, starting from a product to a cat, can be branded.
Anything and everything, starting from a person, or a place to a service can be branded. All the famous pop singers like Justin Bieber, Adele, and Kanye West have branded themselves. Similarly, places can be branded too. London, Paris, New York, and Mumbai are all major brands.
Before branding a product, you should conduct a market analysis to understand the target group’s consumer preferences so that your brand feeds the kind of consumer values that the public craves. This will ensure consumer loyalty and help your company increase its customers.
It is only for a big company
Today branding is a necessity, whether it is a small company or a big company. It applies to all the companies that want to remain in the market in the long run. Branding helps build goodwill. Goodwill is an intangible asset whose values keep on increasing with time and the reputation the company earns. People choose Pepsodent or Colgate over other toothpaste brands simply because of the goodwill the company has earned over the years. Hence, branding is the first step towards making a small or ordinary company into the industry’s tycoon.
Branding costs a fortune
Branding is a long-term investment with a high return on investment. It is crucial not only for identifying the brand but also for the planning of long-term strategies such as advertisements. Therefore, in the long run, not branding a business costs more than branding it. Branding also affects the way your employee feel about your company and helps to boost their morale.
Moreover, branding need not cost a lot if done mindfully. There are dozens of logo makers available online, which help you create the best possible logo at the right price. Click here to get a list of the top online logo makers. Once the logo is made, you just have to make sure that it is printed correctly on all the packaging and marketed in the best way possible. You should also gain copyrights over intellectual property like the design of your product or your business strategy to avoid fraudulent practices by a third party.