A brand is the identity or personality you give your product so that customers recognize it and get
Some examples of well-recognized brands in countries across Africa are GTB bank ,Dangote, MTN, DSTV, Eco Bank, Kenya Airways, mukwano,SIMU TV, Zenith bank, peak milk, Standard bank, Equity Bank, Tusker Beer and Safaricom.
a lot has to be invested to grow a brand name and efforts must be invested to protect brand when it has grown to become popular as its easy to get to the top but difficult to maintain the top position.
- WHY YOU NEED A STRONG BRAND NAME:
Branding possess functional and emotional benefit, over time companies should develop their products in such a way that it delivers true value and works better than those provided by competitors.This strategy is known as functional benefit and should continually be reiterated by the company promoting such brand.
Building emotional benefit and attachment to your brand would lead to a strong market share and profitability in the future with high level of growth with success. This would allow such company to charge a premium on their product, example of such strong brand is GTb Bank in Nigeria and Tusker beer in kenya.
- WHY IS BRANDING IMPORTANT
Customer has different options to choose from that satisfy the exact need you are providing.
Products needs to be highly differentiated
Loyalty through branding leads to a win win situation for any company involved
In the Nigeria banking space there are different players such as First Bank, GTB, Zenith and Access but GTB has developed a more emotional attachment than any other banking brands.
Branded product attract high sales.
- ELEMENT OF BRANDING
a) Brand name: – this is the word or words used to identify a company, product, service, or
b) The Logo: – Visual representation of the brand
c) A Tagline or Catchphrase: – This Provide the reason why the product should be bought.
d) Graphics: – Images that identify your product
e) Colors: – Color shade for your brand.
- TWO MAJOR STEPS INVOLVED IN BRANDING
a) Decide on the core product and determine what you’re ultimately offering your
customers that’s different from competitors- the core benefit.
b) Develop the product –making decisions about brand name, logos, taglines, quality,
packaging, and delivery.
Branding is the process of determining how the market should perceive your business or product,in order to create a difference that’ll make it stand apart from competition. Through branding you can create a high brand value for your business and hence it’s critical for you to understand the key strategies and activities needed to build and maintain a strong brand. Its very important you continually test your brand which can sometime be your goodwill for impairment and measure against your actual plan.