In today's market, where companies compete fiercely against each other to garner the attention of customers, Brand building plays an important part in building brand awareness in the market. There are some companies which are known all over the world because of the efforts they have put in building their brand. There are several reputed companies that customers are able to relate to. Let us try to understand the importance of Brand building by doing a case-study of Apple, the American company which manufactures electronic gadgets.
Apple - A Case Study
Apple, the manufacturer of iPhones, has launched only four models till date while its competitors have come out with a new range of phones almost every week. Despite this, Apple has been able to create a formidable image for itself and whenever a new product is launched, people line up from midnight outside Apple stores. Why is there such a disparity in the consumer's behavior? Other companies also manufacture mobile phones which have equally good, if not better, technology but they have to spend a lot of money to get their products to be noticed in the public eye.
Well, many thinkers believe that Apple has been able to create a niche for themselves. Owning an Apple product is considered to be a status-symbol, and their products sell on their brand name which complements its innovative technology. For example, when iPhone 4G was released last year, consumers experienced a host of problems, the most prominent among them being the loss of signal when the phone was held in the left hand. Although, such a major glitch could have proven to be disastrous for any other company, Apple reacted swiftly to make amends for the fault and iPhone 4G was one of the bestsellers of last year.
The above case-study describes the importance of brand building in today's world. When consumers have to choose between products which are more or less similar, it is the image of the company that influences their choice. Therefore, it is important for the companies to invest their time and effort in building a strong brand. Building your brand helps in building the intangible value of your company, which can create a long-lasting impression on the customers.
Some companies shy away from investing in brand building as it takes some initial investments but the organizations have to realize that the returns of this initial investment would be there for a long time. Building your brand will help you to develop a customer base which would remain loyal to your company through thick and thin. It will lead to a greater appreciation of your products apart from increasing their perceived value. Let us take a look at some tips and strategies which can help you in building a brand.
Tips for Brand Building
- One of the first steps in brand building is a belief in your organization and what it stands for. If you are able to inculcate a feeling of confidence and self-belief in your employees, it will surely reflect on the efficiency of your company. But on the other hand, if your employees do not have a high regard for the values of the organization, they will fail in performing to the best of the abilities. Brand building helps your employees to relate to the company and feel that they are a part of it. "I am an IBMer", is one of the punchline for the advert of International Business Machines. So, it is important that you have an effective policy in place which motivates your employees to believe in their abilities and put in their best effort.
- Taking steps for building your brand alone may not alone bring results, so it is important that you measure and monitor the level of progress. Various organizations are content with developing effective plans but it is important to ensure that what is written on paper is put to action. Monitoring your brand building activity also helps you to get a feedback from your employees about what they think is working right for them, and what steps can be taken to improve the project.
- Your brand building strategy should be focused on creating a unique identity for yourself. There are various companies that simply alter the name of a successful brand to make their presence felt in the market, and more often than not, this strategy boomerangs as customers are skeptical about the name or perceive it to be a counterfeit. It is important therefore, that you think creatively and put in an effort to differentiate your brand from others.
- Brand building is carried out to create a positive perception of your company in the minds of customers but some companies go into an overdrive while trying to create a good image of their brand. The crucial point here is the relevancy. Every product is aimed at a particular market and it is important that you keep your target audience in mind. If your product is aimed at a relatively smaller customer base, it is advisable to not stretch your brand too much. Similarly, if you have a large target customer base, it is important that your brand is able to fit into a wider range.
These were some tips on brand building. Brand building is an important component of a successful business can make a positive impact on the image of your organization.