The most important brand terms you should know
In the world of business and marketing, branding is critical for keeping your company relevant. That’s why it helps to know and understand critical brand terminologies and why they are important.Without a doubt, everyone seeks to create a cool well-known and highly reputable brand. In this article, we will be looking at a few brand terminologies from A-Z, these are terms that every business must familiarize themselves with. These terms will help you to understand how business owners develop brands and how they, as a company can best market themselves to their target audience.
Anyone employed to represent or be the ‘face of your company’ is your brand ambassador. This person can be an employee within the company or may be an executive, social media influencer, customer representative or a salesperson.
There are many understandings about the term ‘brand’ but simply put, a brand can be explained as the combination of visible and intangible features to influence a specific group or create value for said audience. Companies use branding attributes such as logos, marks, names or phrases to make their products or services stand out from all others existing in the market.
With foreknowledge of what a brand is, branding could be said to be the process where the image of a business is unearthed and communicated to its target audience.
The image imprinted on the minds of people invested in a company is known as the brand experience. There are two primary forms of experiences created in the mind of stakeholders: the uncontrolled and the controlled. The uncontrolled environment comprises of comments from the media and verbal communication from one customer to another. Some controlled experiences exist on websites, through advertising, from the use of products/services and the retail environment.
Products or services also make up a brand; thus, all brands are recognized by their consumers for a particular product or service. Brand extension occurs when a company uses an already existing brand to launch a new product, either in a new category or a new subcategory. Many companies utilize brand extensions because it provides their new products with an immediate audience, naturally created through the leveraging of existing customer bases. Also, brand extension ensures that any new product or service introduced by a company has increased exposure right away through the use of brand loyalty.
The brand identity of a business is the perception which they want the world to have about their company. It must be noted that the character of a brand isn’t only through its logo. Brand identity is made up of several components; a general aesthetic, logo, tone etc. and is developed with a focus on who the company wishes to appeal to, as well as the core message they want to communicate to them.
The image of a brand is a set of beliefs held about a specific brand. After a company sets the identity of its brand, consumers are entitled to their perception about the products or services offered. The opinions of consumers often tend to signify what a company’s brand stands for presently.
The services or products offered by a company have a specific value proposition, and this is termed as brand messaging. Companies use these messages to inform existing and potential consumers on what makes them different from their competitors, as well as what the brand stands for.
How, when, what and who is your company planning to inform about a service or product? These questions provide businesses with objectives. These objectives are met using a set brand strategy. A strong brand is one that meets their goals using clear and concise branding strategies. The result of an excellent branding strategy is brand equity, which translates to your consumers’ perceptions about your product and how much they’ll be willing to spend on it.
According to Forbes, Co-branding is the marketing relationship existing between different brands of products or services. With co-branding, you can partner with the brands offering goods and services that greatly complement the most active elements of your products.
These are all the materials a company uses for marketing, and they may comprise of email templates, data sheets, brochures, business cards, case studies, email signatures and so much more.
Every company is different. Thus, every company’s culture is different and must be adequately understood by all its stakeholders as it is an integral part of communicating the brand to outsiders. The culture of any company or business venture is made up of their working standards, thinking models and their set of beliefs.
Good customer service can take your business far. Without good reviews and feedback from your customers, your brand’s credibility can suffer. This can then affect revenue, profits and more importantly how the business is perceived by potential customers. It is essential for all company stakeholders to create exceptional experiences for every customer.
A logo is one of the many components that represent a brand. Logos are symbols designed to be easily recognized, and they may be created with images, text or the combination of both. Logos are shorthand clues that encompass the values and entire nature of a company; thus, they must be readily memorable.
To create more awareness about your company or brand, you must ‘make noise about it’. Brand marketing can be done via the development and introduction of products or services, as these give your brand exposure to many potential consumers.
As an organization grows, they may see the need to change some aspects of their brand. The changes made could be subtle or striking, like a change in their tagline or an entirely new logo and name. Nonetheless, rebranding is often done to improve how a company communicates with their audience.
Taglines usually accompany a company’s logo. It’s meant to be a condensed version of the company’s slogan that still captures the essence and relevance of the brand.
The discussion surrounding branding can be confusing for one who isn’t a seasoned marketing professional and yet, having an understanding of these terms is vital for digital strategy creation or the re-branding of your business. It will also provide you with a clear insight of the terms I will be using in my business blogs going forward so that we are all on the same page !