In today’s world brands are acknowledged as a plus point for making your business more valuable. Any “business enterprise”, in the world either it is for-profit, NGO, small, medium-sized, large, even a country or geographical region, can develop a brand image and they can pay very much attention for paying to develop their brand more valuable.
Many business owners don’t yet understand the importance of brand image and its power so they are promoting and marketing goods and services, and those who understand the importance they normally devote more of their assets and resources on other aspects of business. The majority of small and medium enterprises don’t think it is important that they develop their brand.
There are four basic guiding principles for brand development.
The brand is the innermost nexus of communication between a consumer and an enterprise, so the commercial value of a brand cannot be underestimated. So developing a brand image should not be last precedence that is addressed before establishing and running a business smoothly.
Brand image development only requires time, effort and commitment but very little financial resources as per other expenses but not much as might expected especially for small and medium-sized enterprises. There are certain things that should be kept in mind before branding: Experience and knowledge of market for crafting a creative and flexible approach for problem solving, enthusiasm about products or services and most importantly the courage to take risks.
What is a Brand?
In commercial circles the term brand is used frequently in a much wider sense and it refers to or can be a combination of elements, such as trademark, design, logo and trade dress, concept, image, reputation which those elements spread with respect to particular products and/or services.
A brand is composed of sum of different individual parts, but it exists independently of and the value of the brand becomes greater than the mere sum of those parts, so brand thus takes a life of its own.
Components of successful Brand
There are lots of factors which determine that a brand is successful, one of the most important once is a Brands separate power. The brand must have a “something different” as far as consumers are concerned. This point of difference can be:
1. Recognizable (people can recognize it)
2. Attractive (in terms of quality and value)
3. Trustworthy (must be reliable)
4. Correctly communicated (to whom it will target and message formulation)
In today’s extremely competitive global market it is very difficult you to differentiate your product because there are lots of parallels and frequently the same goods and services, if a brand cannot differentiate its self and the goods and services are also the same then it is futile and thereby worthless as well. Inversely, the bond between consumer and owner will be stronger when the differentiation of the power of a brand, the greater its effectiveness. For developing powerful brand you should adopt an effective way to promote it, develop its reputation and thereby attract and maintain consumer loyalty, the crucial motive for justifying the investment of the time, money and efforts in such a way that you can say that you have a successful brand.