Brands are the identification that differentiates one business from another (through name, symbol etc.). However, today brands can also be defined as the personality they reflect to people in relation to status, emotional characteristics and subjective quality.
They give the consumers a perceived knowledge of the product, its quality and uniqueness before they buy it.
Brands Ensure delivery of service as promised by them. For example, Pizza Company A claims to deliver pizza within a certain time and Pizza company B claims to deliver most delicious Pizzas. It makes easy for the consumers to identify what they want and which brand to choose for it. It is important for a brand to accomplish the claim advertised to retain Brand Image.
Advertising is one of the key elements in building a brand, which is equally important to the marketer and consumers. Brand personality acts as a potent brand differentiation and offers sustainable competitive advantage.
Advertising by creating or reinforcing brand's personality enhances brand value or equity which in turn can be leveraged through brand extension. Brand personality also helps brands to gain market share, command price premium and insulates from discounting Brands.
Building a strong brand name is key factor for business success. In the competitive business environment of today, consumer sophistication has altered business practices. Organizations are forced to anticipate customers' needs and convey clear messages to consumers by establishing strong brand names and focusing on brand building.
A brand's practical attributes and symbolic values are inherent elements that help the brand appeal on consumers' minds and emotion. When consumers relate brands with symbols, it becomes easier for an organization to raise consumer interest. For instance, Lexus is known for luxury, or Apple is known for innovation. Therefore, in consumers' minds, a brand is more than just a recognizable name: it is a promise that needs to be met on a regular basis.
Advertising is important for building brand awareness. By raising consumer interest and making consumers awareness of their products and services, firms not only expand their customer base, but they also keep their loyal customers and increase their market share. In other words, the more aware consumers are of a brand, the more likely they are to buy from a particular business.
Approaches in Brand building
To make brand distinctive: brand building can be done through repetitive advertising. Also by highlighting unique selling proposition one can distinguish brand from one another.
1. Constant innovation: Consumers need continuous innovation and new products. It is not always a new product even an improvement on the existing product is acceptable to the consumers. Through intensive advertising such brands are build which is time consuming.
2. Domination of brand: brand building largely depends on the domination is creates on the competitors. Domination can take place either in national market or in niche market.
3. Prompt availability: Prompt delivery of the product is one of the factors that ensure brand building. This is possible if there is proper coordination between the finance, production, and marketing department.
4. Integration of new and old media: Consumers have ever changing demand. Due to availability of various media option the seller can push the product in the market by blend multiple media option. Thus advertising message are flashed to consumers through media mix.
