Product Branding Strategy and Its Benefits: A Step-by-Step Guide
“From the Salt-lamp logo of Tata to the Cow-girl of Amul, the Indian brands represent the power of effective branding.Effective brand identity is what differentiates between noise and standing out.” To develop an interesting brand persona, one has to start off by understanding the target audience: what do they need, desire, and what are their pain points?So build a product that answers to their inner selves.”. Make use of this opportunity and tap into Locobuzz a SaaS platform, which can derive insights actionable towards the sentiment of consumers. Understand what your audience is saying about your brand and the competition and use that information to refine your branding strategy. What is product branding ? Product branding involves the fine art of creating a distinct identity for a product. While this exercise is not about giving a personality to your product, it is about making this personality relate and connect with the target market so as to differentiate it from others. Starting from high-tech elegant-looking smartphones to even the humdrum household items, every product under the sun benefits immensely from a strong brand. According to Philip Kotler, the marketing guru, “A brand is a promise to deliver specific benefits and qualities to satisfy specific needs.” If you brand your product, it does not mean you are selling something; you forge an attachment with the customers. And a great product brand raises the corporate reputation of your company to a great extent. It could be stated with evidence like the products of Apple. The iPhone is more than a smartphone for many users. Innovation, design, and supreme user experience are some of the images that go hand in hand. The high brand image has been the cause for immense levels of customer loyalty and sales of the same as well. How to build an effective product branding strategy ? Product branding is calculated strategically. It is actually an intersection of many moving parts – the logo, colors, package design, product names and descriptions, brand values, brand story, and brand messaging. Here are the top tips for creating a product branding strategy: Identify your target audience Understand your competition Build personality for your product Reflect your brand identity Maintain your product branding. Identify the target audienceBefore going into any new branding strategy, first conduct market research.You first need to determine who you wish to buy your products and then go backward and decide to create a brand that will resonate with your audience. You could interact with the process by directing a set of questions to yourself, such as: – What is this product used for?– With whom would a consumer use this product?– Why will they use your product and not one from a competitor?– Why do I want to serve this audience?– What does this audience value for my brand? Consumer insights would be very important for your brand since they will make you understand the perspective of people you are marketing your product to. Research or access to consumer information to figure out the customer experience and any problems that they are going through and devise ways in which they can be resolved to secure a more sure brand Know your competition Good branding differentiates your products with the competitor’s products and has a place in the market for your brand that distinguishes it from the competitors in the market. To know this one has to first know who wants to be number one. Do competitor research to understand the current market branding trends. Understand what the consumer feels about the other brands and why they can be persuaded to switch to yours. An example could include better pricing, higher quantities, product quality, etc. These could form some of the blocks of your product branding strategy. Develop product personality What would branded products say if they could talk? What might they sound like, or feel like? It’s an aggregate of visuals, sounds, smells, textures, and associations. Design a mnemonic logo and tagline that express what it stands for. Branding your personality can help guide decisions regarding logos, color, packaging, and other details that consumers might use to pick out your brand’s products. Share your brand identity After you have specified how your brand’s product is to appear and work, you must start telling your brand story to your audience. You can start nurturing your marketing strategy using storytelling. You can leverage social media sites to interact with your customers. Share the values of the brand and brand history and what really distinct this brand. Your audience must be able to relate to your brand in order to trust you. In other words, provide a reason to consumers that they should like to buy your products more than others. Keep your product branding consistent ‘Consistency’ is the term of art for the strategy of product branding. Create a written style guide about how you should visualize your brand. Some common elements that your brand style guide should contain: – Size– Placement– Color palette– Core values– Imagery– Brand voice This same style should carry throughout your e-commerce presence, your customer service for that product, your business cards, and every marketplace, online or off, where the product is sold. Bring out an identity for the product effectively in your marketing and advertising. The more consistent you are, the more attention-grabbing and unforgettable your product will be-and the less time people will need to fall in love with your brand’s products. Product Branding V/S Company Branding Benefits of Product Branding Product branding gives a lot of benefits to the company, and customers start to recognize your brand and associate with your product. The 8 distinctive benefits of product branding: Product identity Business expansion Customer loyalty Eliminates competition Brand equity Influencer collaborations Enhances brand values Improves credibility and consistency 1. Product identity Product branding helps consumers to identify the difference between look-alike products. Effective product branding goes beyond the names and gives a holistic visual identity, which a consumer can resonate with on a
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