Reasons for Branding? You need to explain why businesses use branding. Why is important to have a brand To build a relationship with customers To differentiate.

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Presentation transcript:

Reasons for Branding? You need to explain why businesses use branding. Why is important to have a brand To build a relationship with customers To differentiate their image from other competitors Communicates quality and Premium pricing Product development increase customer loyalty.

A strong brand gives peace of mind This is one of the most basic benefits of a strong brand. Consumers trust the brand owner to deliver (or put things right if they don’t). This trust is based on their own direct experience of the brand, together with everything else they have seen and heard about the brand. This gives security and peace of mind to the consumer when buying, and a responsibility to the brand owner to uphold this trust.

Communicates quality and premium pricing An effective brand that communicates the essence of quality will give customers the perception that the product or service is better than that of the competition. Since it is perceived to be of higher quality, these brands will command higher prices, adding more revenue to the bottom line.

Increase customer loyalty. Loyal customers buy brands because they promote a certain lifestyle or image. No matter how individualistic or different a person tries to be, it is only human nature to desire to be part of a group, to “belong” to something. Brands convey to others that a person has achieved a certain amount of success, or more often than not, that he or she desires to attain that lifestyle.

How would you link the concept of branding to below benefits? Benefits of successful branding Benefit ExplanationExample Image Brand creates an association in peoples minds about the image of a product Costa Coffee = excellent customer service Quality Brand tells people how good a product is Nike logo on a t-shirt makes it better quality than own brand Recognition People know what it means in every language McDonalds golden arches are recognised all over the word Long-lasting perceptions Brands create lasting impressions on customers Coca Cola and advert for Christmas “holidays are coming” connect with the start of Christmas Trust Familiar barnds means meet certain standards Travel lodge room will be warm and comfortable anywhere in the country Marketing multiple products This is called brand extension. When a brand becomes successful, it is used to help promote other products Apple and Iphone, Ipad, Use in your assignment