What is a brand and why is branding important?

admin1a — Sat, 08 Oct 2022 14:06:56 +0000

A story dates back to 1985 when Coke consumers protested against Coca-Cola for changing its Coke formula. This was the year that marked the birth of branding. It was the discovery moment when a brand was redefined as more than just a logo, a name, or color.

Donald R. Keough, the then COO of Coca Cola company, stated that the protests came as a shock to the company, as they had failed to consider the public’s attachment to the idea of Coke’s old formula presented.

So, what’s a brand?

A brand has no clear definition. However, a successful brand can be termed as one that is most in-demand, most respected, highly recommended, and of course, one that commands a huge following.

…and how is branding important? Branding is what enhances the brand. It is what will make people choose to partner with you wherever you go or in whatever you do. It is about setting yourself apart from others.

Many may discern branding as a difficult task and opt to differentiate themselves through pricing and quality, but the irony is that people do not care which product is best. All that matters to them is which brand is best marketed and most recognized. Explains why Coke fans were over the roof with Coca Cola’s move.

With this in mind, it is important to understand that a business can be a brand, but not all businesses are successful brands. So, how can you make yourself a successful brand?

What COVID-19 Has Taught Us About Evolving As Marketers

admin1a — Sat, 08 Oct 2022 14:03:50 +0000

When the Coronavirus crisis hit, businesses and firms around the globe were forced to completely overhaul their marketing strategies. The Marketing industry was one of the earliest affected, with numerous marketing practitioners made redundant or furloughed. In times of crisis, a client’s interaction with a firm has a significant and lasting impression on their attitude and behavior towards the firm during the crisis and beyond. Everyone has felt the effects of COVID-19 in one way or another; therefore, firms cannot market to their audiences the way they did before. It doesn’t work and won’t have an impact. Marketing today needs to address the new challenges respective audiences are facing and try to help them in any way possible. It’s been a tough year and a bit trying to figure out how to do marketing in such a changed (and constantly changing) environment, but some interesting lessons have been learned along the way.

1. Marketing Strategies Need to be Flexible:

The quote “By failing to prepare, you are preparing to fail” is the credo of any decent marketer. However, in current times it’s impossible to know what to prepare for. In the arbitrary state of affairs comes the lesson of flexibility. Clientele’s needs and challenges are changing faster than any marketing strategy can keep up with, so marketers and firms must leave leeway in their plans to effectively react promptly to what’s happening. Strategies can benefit from being reactionary; it is still important to plan ahead but if a firm plans too far in advance, there’s a big chance the plans will get abandoned as the volatile environment changes daily rendering ideas outdated within a short period of time. Currently, marketing needs to be relevant and leeway in strategy gives provision and time for firms to adapt to what’s going on and adjust to maintain relevance.

2. Importance of Engaging Clients in Relevant Spaces:

Engaging clients has become vital to a firm’s success more than ever before. In times of crisis, the interaction firms have with their clients play a significant role in shaping lasting attitudes and behaviors from said clients towards firms. Online engagement has become a pillar of connection and marketers must determine what they want to get the best out of their interactions whether it’s brand awareness, relationships and conversations or increased sales. Once a firm knows what it wants to achieve, it can tailor its online presence to get the best out of those goals. In addition, firms can benefit from the use of webinar solutions to allow clients to inquire about their services; a phenomenon that probably wouldn’t have been utilized pre-COVID. These changes are based on people using products, (such as webinar platforms), in ways we can’t fathom and couldn’t have a year ago. Furthermore, good strategy means knowing when to release channels of engagement that don’t provide any real value. Firms must choose channels that complement their services best and disregard those that are not suited for them; if they are not of value, a firm must stop its engagement.

3. Innovation for Long Term Success:

After the pandemic is over, there is every chance consumer behavior will go back to normal. However, it is highly unlikely that content consumption will go down. The result of an increase in consumption over a sustained period of time means that there are more opportunities for brands. Helpful, purpose-driven content will better a firm that is looking toward cementing a strong future. Firms must invest in creating value upfront as this helps build loyal audiences. This loyalty is invaluable, and will pay off long term; even if clients are not in a position to spend on products currently. Firms have to restructure strategy to attract viable prospects; a strong connection with loyal customers will build the necessary foundation to enable prospects whilst ensuring products and services will be successfully adopted into the wider market long term.

4. Language:

The right words have always been a prerogative of effective marketing. Pre-COVID, marketing featured attention and urgency language, words with all caps, superlatives and exclamation points. In the current pandemic, effective marketing now consists of mindful conscious language. The challenge lies in connecting the dots between this new caring and careful tone with a firm’s own voice without losing the essence of what it’s about. Marketing must now center itself around empathy, collaboration and storytelling-elevating the real people of a brand to make an impact. Firms have learned that customer relationships matter, and their value must be communicated consistently with a strong focus on helping the client first before anything else.

Conclusion:

In conclusion, marketing needs to be selfless. The pandemic has taught firms they must shift their marketing strategy towards servant leadership in order to be effective. The success of firms lies in the value of reevaluating the ‘who’ and focusing less on themselves. People are looking for authenticity as it is a moment of crisis around the world. The global audience is hyper-aware of which firms are authentic and if they feel that lack of authenticity, then they are less likely to engage with a brand. Transparency and innovative solutions are vital tools needed to help solve consumer problems and keep firms relevant and consistent in the ever changing marketing environment.