Vivek Bindra
Vivek Bindra Master of Business Administration – MBA from Amity University. He is the Founder and CEO of companies like Bada Business Pvt. Ltd. with aim to Empower Indian Entrepreneur and help them in transforming their small businesses into big businesses.
Branding is an informational, promotional & representation-based process that also consists of visually appealing through images, symbols & identity structures (logos).
TYPES OF BRANDING
PRODUCT BRANDING
Product branding is the type of branding that gets the consumer to choose one product over another based on the brand alone. This style of branding also helps in the identification & differentiation of the same product from various other brands. It is often observed that logos & color combinations used on an item define its uniqueness & properties.EXAMPLES: Nestle, Amul, Cadbury
PERSONAL BRANDING
This style of branding is popular among politicians, celebrities & athletes. Personal branding helps such people in building a good & positive image. Personal branding generally refers to an INDIVIDUAL PERSON, as opposed to branding a whole business as it benefits the individual in their career to be endorsed. Social media plays a great role and also works as a powerful tool in this form of branding. As it gives you the ability to reach wide audiences while ‘speaking’ from a personal platform. Personal branding is also considered the future of the branding community. Digital marketers are also great examples of this type of branding.
EXAMPLES: Neil Patel, Digital Pratik
CORPORATE BRANDING
Corporate branding is about making a cultivated name for an entire corporation. The public will associate the organization’s name with a promise that, they stand behind the services they offer, & that they have a verifiable positive performance record. A good corporate brand has a long-term effect, as these companies can rely on name-brand recognition; customers tend to automatically trust new products when they are associated with a brand they already recognize. Corporate branding has a direct connection with logo designing, website designing, vision, brochures, credibility, marketing quality & strategies.
EXAMPLES: Audi, loreal, McDonalds, Gillet.
GEOGRAPHICAL BRANDING
As the name itself explains to us that it is used in specified geographic areas like the Tourism Industry. Geographical branding focuses on the unique trails of a specific area or region as the selling point of a particular place & why you should visit. Geographical branding is also based on the use of a product by that region. Expert and Business Coach Dr. Vivek Bindra elaborates on this type with an example. Companies like Adidas and Nike have captured the Indian sports market by studying consumer behavior. In India, the north & the west are fans of cricket and the south & the east have a craze for football. Hence, both companies have produced goods according to the need of the region.
RETAIL BRANDING
Retail branding is a strategy based on the brand concept which transfers it to a retail company. Retail branding is mostly used by industry giants to increase the interest of consumers & make product sales outpace the competition. A lot of money is spent to develop unique brand images that convince consumers to select their brand instead of others. However, retail branding does require a lot of planning.
EXAMPLE: Big Bazaar, Star Bazaar, Walmart.
CO-BRANDING
Co-branding is the type that associates the brands of two or more companies with a specific product or service. There can also be a marketing partnership between two or more brands such the success of one brand rubs off the other. The process of co-branding is an effective way in building business, increasing awareness & breaking into new markets.
EXAMPLE: Nike & Apple in 2016 and Cadbury and Oreo
PRINCIPLES OF BRANDING
BRAND IDENTITY:
Brand Identity works like an I-card in the Business world. It is the most important aspect of a brand. Creating a strong brand identity is a necessary step in the building of a strong brand. A good brand is a synonym with its product. Hence, every creative & strategic decision is made by studying the consumer’s taste. Brand Identity is also said to be brand characterization.
BRAND MEANING:
After the first meeting through brand identity, the consumer comes across the meaning or message that the brand is giving. Its design lay outing, typography or color combinations scream product with a meaning & understandable visual representation are a straight road to the consumer’s heart. Brand Meaning connects you directly to the consumer’s emotions.
BRAND COMMITMENT:
A consumer of the product will only stay if the brand keeps its promise that they had committed of delivering. A brand has to fulfil the expectations of its target audience. There is always a higher possibility for a brand success if it is loyal & honest to its consumers.
BRAND CREDIBILITY:
Why should a consumer believe a brand? What proof of results do you have that your product does something for your ideal target audience? Do you have connections with famous people of that stream? Having connections does matter as a fact of psychology, we humans need a proof that a person promoting a brand knows about it or no. And an expert with the promoter of the product would seem credible. Also, if you have an impeccable design know what your doing is called implied credibility. This way the target audience naturally tends to trust you.
BRAND RELATIONSHIP:
Brand Relationship is the result of brand identity, meaning, response and credibility. All the aforementioned principles must come together and combine with the produce to give consumers a reason to keep going. Brand Relation is the stage where the consumer is engaged with a brand & has an emotional connection with it. Feedback is another element of the relationship. Loyal feedback responses and corrections by the company make the bond & succession rate of brand higher.