Why Your Company Needs Product Branding
Powerful branding is universal. Anyone can recognize a certain soft drink just from glancing at a banner. That’s the kind of influence that a combination of strategy, creativity, and money can buy. An easily recognizable brand that creates a positive effect on customers’ minds is one of the biggest assets a company can own – regardless of size, industry or domain.
At 1338Tryon, we don’t just create branded products, but we advise you on product marketing as part of your overall strategy. Here’s our guide to leveraging product branding for your business.
Need to get started with product branding? Check out 1338Tryon.
What is Product Branding?
Product branding is the implementation of a creative strategy that leverages a unique set of marketing elements to differentiate a specific product from its marketplace counterparts. Branding consists of a series of activities that define how a product’s image is projected to potential customers.
Branding strategies and policies are established uniformly across an organization to positively promote the product/service through visually appealing images, videos, logos, designs, and colors. It aims to leverage every marketing resource available to place the product at the top of a customer’s mind.
Fortune 500 companies had to invest in strong branding in order to get to where they are today. Management executives know that innovative branding is essential to build consumer loyalty and trust.
Why is Product Branding Important?
Recognition and Familiarity
The most important goal of a good branding campaign is to elevate a product in the public eye. Increasing visibility of a company’s product/service through memorable branding leads to a level of public recognition. The more often people view catchy ads and viral posters, the more likely they’re going to consider buying the product when they’re in the supermarket.
Facets like the company logo, ad jingle, and ad content are common talking points among potential customers. The company logo is essentially the face of the company. A professionally designed logo creates a sense of familiarity in customers by creating a good first impression.
Powerful imagery on everyday objects also brings about desired effects. A lovable mascot with catchy one-liners printed on not-for-sale products like toiletries in a hotel can garner an unexpected laugh – and also place the company’s name in a recognizable and familiar fashion in the customer’s mind.
Trust and Referrals
From recognition and familiarity stems trust. People are more likely to purchase from a polished, reputed company with good branding. The more wide-spread the branding is, the more trust the company’s name carries. Families have to be very careful before choosing a specific child-care program, or a retirement home for a family member. Preexisting positive notions about a certain company will help set it apart from competing brands.
Branding initiatives like product swag, loyalty programs, and referral bonuses not only increase customer trust, it opens a whole new avenue of income generated through referrals. The logic behind this is simple. If a company provides the best possible product that outshines its marketplace competitors, or a service that sets it apart from competing brands, customers are going to refer the company to their family, friends, and social circles. Customers love to tout brands – especially brands that create a strong sense of identity. Companies outside the retail sector can consider investing in brand-establishing wearables or everyday items that people use.
It’s important to retain focus when it comes to branding. Marketing ideas can be found aplenty, and companies tend to wander around from idea to idea without clarity. While the mission is still the same, poorly planned branding strategies can go amiss and fall short of the mark, regardless of how good the intentions were. A consistent brand image across all platforms is crucial.
The goal, as stated before, is to create a lasting impression in customers’ minds. This can’t be achieved through inconsistent branding like separate logos, varying tones of speech, erratic color aesthetics, etc. The reason most people can recognize a luxury car or a famous energy company is that they maintain an unvarying presence across all channels. Logos, taglines, color schemes, and tone all remain the same, which brings a unified and clear message to potential and existing customers, future partnerships and collaborators, and even competitors.
Revenue channels open up in the most unexpected places due to good branding. The business value of a good branding campaign tends to show itself in increased sales and conversions.
When existing customers know exactly what to expect from a brand, they are more likely to spread the word. Increased customer satisfaction leads to a great reputation, which in turn leads to more sales.
Regardless of the size of the company or the product it sells, establishing themselves as the leader of their industry is crucial to dominating market share. A clearly visible positive impact can help drum up new business quite easily. A strong brand presence can also open up new avenues in terms of partnerships, cross-branding, and sponsorship deals.
With 1338Tryon, the possibilities are endless. Check out our collection of branded products.
Promises and Deliverance
Customers are more likely to give repeat business and eliminate considerations of opposing brands once the trust circle has been established. Branding at its core is a public proclamation – a promise to deliver on all claims by providing the best possible product/service available on the marketplace. Just a public communication of available products isn’t memorable or distinct. What people remember is the confident promise of a company to deliver on all its claims in an efficient, pleasing manner.
Outlandish promises should be avoided – as consumers grow more wary of misleading ads. Consumer perception management is key in branding, and a good perception can be brought about by constantly reaching out and delivering. As constant and pervasive branding sets certain expectations in the public’s eye, it’s crucial for a company to live up to these expectations. It’s important to stay relevant to customers’ perspectives by engaging them on all levels. Understand what they expect from the brand by conducting periodic surveys and analyzing sales trends.
Employee Pride and Satisfaction
It’s often repeated by great business leaders that a company’s first and most important customers are its employees.
It’s common for a large organization’s employees to be on different pages when it comes to a clear cut branding strategy. Their company’s foray into brand marketing might be considerably new, owing to their domain of operation. Or a management shakeup has changed perspective. In any case, the presence of a strong brand image serves to unify employees across all departments and disciplines.
It gives employees a clear idea of what they need to accomplish in order to further the company’s brand name. It gives them a goal to work towards, as opposed to just plain work. This increases loyalty to the company and inspires them. When employees understand the mission of their company, they are more likely to take pride in their work. A strong brand logo is akin to a widely recognized sigil/flag troops can rally under.
Branded office supplies, logo-stamped pens, periodic employee recognition through awards and gifts can go a long way in boosting morale. Employees who feel like a contributing part of the brand’s fame are also likely to stay longer and move up the career ladder. A conducive work atmosphere naturally spreads good words about the brand’s considerate practices.
Through the last decade, branding has predominantly been associated with flashy products like clothing apparel, fast food products, and automobiles. Several Fortune 500 companies, health institutions, home security services, etc. are quickly realizing the value of great branding. Branding does not have to be restricted to glamorous products, it works across every industry.
Organizations with significant backing can invest in lengthy branding/advertising campaigns like radios ads, TV ads, banner ads, etc. This isn’t the only scope of branding, however. The beauty of good branding lies in a memorable customer experience above everything else. Companies could blast movie theatre ads all day, or invest in billboards citywide, but if customers aren’t gleaning value from the product they’re not going to buy it again or recommend it.
Physical assets are the constantly moving mechanisms that keep large companies going. However, a brand sets itself apart from a mere company by being more than the sum of all warehouses, factories, and equipment it owns. These assets can be renewed or re-purchased, but the power of a brand is etched on an emotional level – and it’s close to eternal.
Companies that trade on the public stock exchange are typically valued much more than the sum of their assets because of their brand presence. Investors and customers understand that a strong brand ensures future business, regardless of fluctuating assets. Even simple steps like attaching product swag, employee gifts, and branded office supplies can go a long way in creating a healthy, reputable brand name.
Check out 1338Tryon’s wide collection of bags for your brand’s product marketing.