How to develop your brand
June 8, 2016
Brand is a name or a logo that identifies a particular type of goods or services produced by a particular company. Brand distinguishes its holder from other competing products or companies locally and globally. It contains special promises from the manufacturer to the final consumer. Further, it is traded as a financial asset by companies.
The successful brand must be RMD: Recognizable, Memorable, and Distinctive.
Here are some examples of brands types:
It is used to distinguish between different products at points of sale, such as trademarks of chocolate manufacturers, soft drinks and cars. This type of branding requires distributors support. In order to develop this type of Brands, manufacturers need to communicate with end-users in order to motivate them to ask for their brand.
Own brands – distributors’ brands
The ownership of the trademarks here belongs to the distributor, who might be wholesaler distributor or retailer. This offers many of the advantages for the manufacturer such as utilizing the excess capacity of output.
Steps of Brand development – strategy
- Determine the general objectives of the brand.
- Conduct a marketing research.
- Find your competitors and analyze their strengths and weaknesses.
- Conduct SWOT analysis. It is concerned with studying the internal weaknesses and strengths of the company, in addition to detecting external opportunities and threats.
- Understand your strengths and use them, find opportunities and exploit them.
- Develop the public perception of the brand and integrate it with the company’s vision.
- Create a competitive advantage for the brand.
- Enhance brand positioning through occupying a distinctive place in consumer mind
To sum up, brand development of any company or institution requires following the previous steps in order to place your brand in consumers memory. This will help them reach out to you when they realize a need that is satisfied by your product or service.