In the past, branding referred to just putting a label on a product or company asset to indicate that it belongs to you or your company. Take Guinness for example, one of the worldâ€™s most recognizable brands. They were one of the first companies to trademark a symbol, the harp, in 1876.
The company recognized that adorning their beers with this image builds trust and recognition around their asset, beer. In 2019, branding still stems from the companyâ€™s logo and name, however, itâ€™s evolved to become dynamic and multifaceted.
A strong brand today requires a personality that resonates with its audience in a synchronized way, across all platforms, from social media to billboards, to its packaging. Modern-day brand development can be defined as the art of representing a companyâ€™s identity from who they are, what they do, the level of quality they offer, to their reputation.
What is brand marketing?
Brand marketing promotes your products or services in a way that highlights your overall brand. The goal of brand marketing is to link your identity, values, and personality with communications to your audience.
Essentially, your brand is the bridge between your product and your customer. Building a brand is not just about putting your logo and business name as many places as possible and expecting to generate sales.
Many times, the importance of brand marketing gets overlooked, as it takes time. Many marketing departments are focused on short-term goals, rather than nurturing long-term goals that impact the entire business, like building a brand.
The importance of developing strategic and consistent brand equity
Brand equity is beneficial for building your companyâ€™s reputation, trustworthiness, and market reach. Consequently, your products and services will have a higher value. For example, why do customers choose the brand name painkiller, Tylenol, over non-branded options that would offer them more value? Because the brand is consistent, recognizable, and trustworthy.
Having strong brand equity allows them to charge more for the product and create brand extensions like the release of a new product, Tylenol PM.
Apple Inc is a good example of a company with long-lasting brand equity. Itâ€™s built an authentic brand by positioning itself as an innovative maverick in the tech industry. The brand is centered on product quality but also uses clear, creative communications to strengthen both the sale of a particular product as well as the overall brand.
They set up their account to tick the â€˜social media marketingâ€™ box, then they go about posting impulsively, or not at all. For your social media efforts to be worthwhile, you need a strategy.
The evolution of brand marketing
Brand marketing has evolved over the years as new ways of communicating developed, and companies found new ways to build their image both on and offline. Through social media, brands have a new channel to engage with their followers, get insights, and broadcast their values and personality.
Companies are building brands through immersive digital experiences that mirror how their followers behave online. Adidas used Snapchat to launch a competition for its #myneolabel because the platform is popular with its younger target audience. Millions of followers participated by submitting designs that Adidas selected from and produced, both growing their brand and boosting customer loyalty in this target.
Brand marketing originated from the need to label products, so consumers knew what they were getting. Today, although it has a similar primary role, the overall goal of branding has been impacted as new channels of communication develop, and customer preferences evolve.
As the rule-book for brand marketing continues to rewrite itself, donâ€™t get left behind â€“ implement a strategic and consistent brand marketing strategy and future proof your business.