Characteristics and importance of the brand for a company
At the heart of every brand is the product. Its quality and functionality are paramount. Without a product, there is no brand. Because of this, there is a misconception that one can own a brand simply by associating its graphic design attributes with a marketed product and launching an advertising campaign.
The most important characteristic of a brand
The characteristics of the brand intervene in the course of things. Even the prettiest packaging adds value, but not savings.
It is based on competitive analysis
One of the most important characteristics of building a brand is that it starts with consumer awareness. Logos, packaging, and other visual elements are not fundamental and determining factors for success.
Branding begins with an analysis of the competitive environment. If several consumers are dissatisfied with the existing offer structure, this is a question that requires further research to answer the question of whether there is room for new brands.
It is consumer knowledge that provides answers about which niches have not been filled, which brands the market still needs, and what value needs to be created. Through this consideration, an image of what a new brand should look like can be formed. Simply put, a brand is first and foremost a company's response to the existing needs of a consumer audience.
Distribution through marketing
Another key feature is that brand building cannot be done without investing in marketing and digital marketing to send a message to the target audience. When developing your brand goals, you'll notice a lot of work aimed at communicating and explaining the differences to your competitors.
This means that it is impossible to form perceptions in the minds of consumers without a brand message that talks about the benefits and values of the brand.
Even the presence of a sale in a brand's sales channel that isn't supported by advertising doesn't mean the right image is somehow given. It's just that for some reason their offer seems to be more favorable to the customer at a certain point in time.
This once again confirms the above-mentioned, excellent design works in terms of brand image, packaging, etc. are by no means the structure to complete the task of brand building, but only the beginning.
In a highly competitive market with numerous manufacturers, it can be difficult to differentiate yourself by the functional characteristics of a product alone. Even if it succeeds, competitors will quickly replicate successful solutions that consumers value.
So, in many ways, the battle for the customer is shifting to the emotional realm, to the consumer experience that brands bring. There, the possibilities for taking action in the field of the target group are practically limitless.
The world revolves around brands. They become not only the yardstick for marketing campaigns, but the sole link between consumers and businesses. The use of branded technology plays an important role for today's companies to differentiate themselves from the competition and gives them the following market advantages:
• Trademarks provide the basis for preventing counterfeiting and other forms of unfair competition.
• It makes it easier for consumers to navigate between competing offers in the category, saving them the cost of repeat purchases and increasing each consumer's prior reference and loyalty.
• The stronger the brand, the higher the price customers are willing to pay for a product with similar functionality but without a brand. By doing so, brands shift consumers’ attention away from price to relevant emotional attributes and set the stage for priceless competition.
• Demand for branded products recovers faster in times of crisis, as consumers are more likely to buy products that offer a sense of security and stability, don't cheat, and deliver on promises.
• Brands offer a wider variety of partners and establish cooperative relationships with suppliers on more favorable terms.
• It reduces barriers to entry into new distribution channels and into new territories.
• It is a good frame of reference for developing and launching new products in related fields and demonstrating their relevance.
• Regulate the company by incorporating a brand-based management approach. It establishes a business practice that does not allow putting brands at risk and doing what they want.
• The brand itself is capital and has value. Sometimes it's the only valuable asset that gives a company access to credit to fuel its continued growth. It can also be sold on the market if the parent company loses interest in it.
Building strong product partnerships in the minds of consumers is part of a brand-driven marketing strategy. Big companies know the art of branding very well. But that doesn't mean they're the only ones who need these skills to be successful in the marketplace.
It is important that each company manages to make its brand strong despite its uniqueness.
All of this points to the importance of brand technology for modern businesses. Brand management capability is a key asset in solving competitive problems and achieving strategic market goals.