Every business has a trading name, but not every business has a brand name or a product brand. I am going to explain further how having a product brand will help your company become more successful.
The most effective type of branding is the use of a logo, symbol or even the use of a collection of colours. A brand is a name or symbol that is used to identify a company or its products and sticks out from competitors.
A brand is used by companies to make their products stick out and become a product that people want to buy. Typically brands have become successful through good quality design and excellent marketing. Successful branding means that even people who have never bought the brand will still know the company or product when they see it.
The idea of branding is to keep your image or product in the mind of a customer.
Successful branding can make even the smallest companies stick out which in turn can make people start to associate your product with bigger brands out there. Customers, or people in general, can start to associate successful branding with the quality of a product by believing that if a company can spend more money on advertising and promotion, means that they are also more likely to spend money to produce quality products.
While branding can help your company, it can also bring it down.
It has been proven that if you take two identical products one with a brand and the other without, the consumer will nearly always choose the product with a brand on it. This is because they are associating the brand with quality.
However, having a brand will not make up for poor quality. If you do start to get bad press or reviews, then your product, and the brand will more than likely fail.
If your branding is successful, it gives you the opportunity to come up with new ideas and brand them with the same brand logo or name. This will encourage people who recognise your brand to purchase your item over another product.
This is the way that companies such as Apple can become so successful with a number of different devices. People trust the brand and are therefore more likely to purchase their items over another companies.