Developing a Business Brand
In business, branding is crucial since it helps businesses stand out to customers and clients and helps them know what to anticipate from businesses. It is a means to set a company apart from its rivals and make clear what it provides that makes it the better option (Tien et al., 2019). A company’s brand is created to accurately reflect its identity and how it wants to be viewed. Therefore, this essay explores what a brand is and the value of developing a ‘brand.’
A “brand” is a commercial and marketing concept that helps customers identify a certain business, object, or individual. You can’t see or touch brands because they are immaterial. As a result, they affect how people perceive organizations, their products, or specific individuals (Tien et al., 2019). To establish their identities in the marketplace, brands commonly use distinguishing characteristics. They provide the company or individual with a sizable advantage over rivals in the same industry. Many businesses file trademarks to legally protect their brands (Tien et al., 2019).
Additionally, according to Vredenburg et al. (2020), a brand aids customers and clients in identifying a specific company and product. Companies use it to set themselves apart from others who provide similar items and products on the market. The most common brands include service, product, personal, and corporate brands. These brands are used depending on the particular entity and business using them. To create a brand, a company or a business must first identify or create its brand identity: how the company wants to be viewed (Vredenburg et al., 2020). The business often consults a design team, company, or logo design software to produce concepts for a brand’s visual elements, such as a logo or a symbol. A successful brand successfully communicates the idea or emotion that the company wants to get through. A company’s products and existence are acknowledged through brand awareness (Tien et al., 2019). On the other hand, better communication frequently leads to a strong brand. Therefore, what is the value in developing a ‘brand?’
Branding is important since it tells customers and clients what to expect from the organization in addition to making a lasting impact on them. It is a technique for differentiating yourself from the competition and highlighting the features of what the business provides that make it the superior choice (Tien et al., 2019). Branding is vital to firms in terms of productivity and employee retention. In fact, a business wants its staff members to enjoy their time there and feel like important contributors to the team. It will be simpler for an organization with a positive reputation to persuade staff members that their employment is more than just labor (Vredenburg et al., 2020). In addition, building a brand and a positive corporate image—which go beyond a recognizable logo—increases the value of the business, gives staff inspiration and direction, and makes it possible to attract new clients and potential customers.
In conclusion, establishing relationships with a target audience through branding paves the road for them to stick around as loyal customers. A company can surpass competitors by creating a brand that people truly care about, as opposed to other businesses that must use brand development.
Tien, N. H., Vu, N. T., & Tien, N. V. (2019). The role of brand and brand management in creating business value case of Coca-Cola Vietnam. International Journal of Research in Marketing Management and Sales, 1(2), 57-62.
Vredenburg, J., Kapitan, S., Spry, A., & Kemper, J. A. (2020). Brands taking a stand: Authentic brand activism or woke washing?. Journal of public policy & marketing, 39(4), 444-460.