Wars were fought back in the days for land, just to prove dominance. Business nowadays is also like a war, and the goal is to reach as many people as possible, maximize the profit margin, improve the quality, and on the whole just prove to the rest of the dominance. Marketing plays a crucial role in this quest and branding is an important part of the marketing strategy.
A product or service is better recognized by a name, a symbol. This is the basic ideology behind the branding. There are certain psychological aspects that play a crucial role when a customer selects a particular product or service based on its branding. Marketing strategy capitalizes on this fact for better sales and ultimately better profits.
Brandings has been seen from the time of Pompeii, but the marketing strategy was brought out in the 19th century after the industrialization was seen and packed products were available. Trade and commerce had increased and this gave the scope for the branding of the products as a mark of distinction from other products for the same purpose.
Psychological aspects associated with brands:
- A brand image is constructed in the minds of the customers when they choose a particular product or service.
- They tend to search for uniqueness in the products or service based on the uniqueness of the brand which would mark the distinction of their personal uniqueness.
- Brand recognition and brand franchise come in the later part ones the brand thoughts are strongly incorporated in the customer and this is the right parameter that has to be capitalized.
Now, brands more or less get associated with the life-style of the customer. It has become a part and parcel on everyone’s life. It has evolved in a kind of status symbol for people in their corresponding societies. Hence, there is more than ever need for branding for the products or services, basically to survive and dominate in the present competition.
Traits and personalities form the core of branding:
It is clearly observed that to reach a certain age segment of the customers, some extra efforts are needed from the manufactures domain. They have to bring out a person to portray the product or service whom that particular targeted age segment consider as an icon. This person associated with the brand becomes the brand personality or brand ambassador.
Sometimes, it becomes necessary to capitalize on the traits of the targeted segment of customers as in the case of the manufacturer portraying youthfulness, fun, luxury, etc associated with that particular product or service. The brand gets associated to such traits and this is a very important parameter to be monitored during brand management and marketing.
Today’s world presents the toughest competitions to everyone. Many new methods, techniques, technologies, etc are created every minute and the existing ones become obsolete even before this. There is one thing which remains same with everything changing around, representing the past, present and future of the company and that’s the branding that company has done.