Product identification is another subset of marketing communication and is the strategy of placing a unique mark on particular products instead of the organization altogether. It also brings the opportunity to achieve differentiation, customer loyalty, and overall improvement in the market image of the business. In this article, we will be defining product branding, why it is essential, ways to achieve it, and examples in different industries.
Product branding is the effort to create an identity known as a brand name, brand design, brand mark, or brand image that distinguishes the product from competitively comparable products in the market. This type of branding strategy will make customers feel some level of affection towards this product since they will see themselves using it instead of the others that are available. While corporate branding concerns itself with the general look and feel of the business, product branding centers on the specific product branding facet and its merits.
Product branding helps companies to differentiate when competing in crowded markets based on specific features or benefits. For instance, Coca-Cola has created sub-products such as Diet Coke and Sprite among others, the extent of branding is different but the major brand they represent is the Coca-Cola brand.
Brand has an impact that creates confidence in the consumer. This has the effect of making customers to be regular buyers because this is what customers tend to do if they have positive experiences with a given product brand. It has been established that emotions strongly impact consumer decisions; therefore appropriate product branding will create improved customer base loyalty.
Products that are strongly branded, normally have higher prices fixed on them. Consumers are willing to incur a premium price for products carrying brand names because they have a feeling that these products are better than those carrying a different brand name. For example, luxury products such as Rolex wristwatches, or Louis Vuitton bags, appeal to the branding to explain the high prices they charge based on it being a luxury product for only the elite.
Product branding on its own can help to open up new markets or new categories. This means that when a brand has made a certain amount of market penetration in a particular field, then it can launch a new product. For instance, Dollar Shave Club went on to sell blades, shaving products, and hair products right because it famously sold razors initially4.
Customer identification is an important prerequisite for the development of a product brand. Companies should decide on their target market by demographic, preference, and behavior. That allows for sending a definite message to certain demographics, which appeals to them. For instance, brands that look to appeal more to the generation of young individuals may focus on using the message of sustainability.
Of all the ways of establishing a relationship with consumers, there is no better way of encouraging the return patronage than through an emotional appeal. Brands need to communicate lubricant stories that describe the role of the product in enhancing clients’ experience or that which holds a profound bargain. This kind of storytelling can help develop experiences that may run deep with consumers and make an impression.
It is the key to product branding that requires consistency. There, all aspects of the product packaging should be consistent with each other and with the advertisements produced. This is especially important for brands that have touched the consumers at different points in the marketing mix since a style guide can assist in achieving consistency across these different interfaces.
Graphic and visual requirements are of paramount importance when branding products. This is because; the logo d Color and appeal of packaging can easily make people identify with certain brands and products. For instance, Apple has a simple design throughout all its products making all its products look alike which helps establish and sustain the Apple brand image as artistic and classy.
Experimentation with testimonials, reviews, or endorsements can add credibility while gaining customers. Social proof shows that other people have found the product to be beneficial therefore potential buyers trust the brand. Athlete endorsements are efficiently applied by such brands as Nike to appeal to the audience on the highest level.
In concept and development, product branding is often associated with several companies that have made success stories, one of the most famous being Apple. The company has successfully built a strong brand association with the products, particularly with the iPhone, where the issues of innovation, quality, and customer experience are key among other factors. Unlike many of today’s companies, which advertise the technicalities of products or devices, Apple’s advertisements convey how people’s lives are improved by the product or device.
Coca-Cola Company gives a perfect example of appropriate product branding through a variety of products such as Diet Coke and Fanta. This means, that every product has its own brand identity but is associated with the Coca-Cola firm. Most of the time their marketing initiatives generate positive emotions such as nostalgia and happiness that enhance the affinity towards their products.
Nike’s product branding is based on freedom and motivation. The slogan “Just Do It” of the company appeals to the digestibility of consumers in an emotional way by saying that the consumer must go for the limit. Nike also applies endorsements of many moral and famous sportsmen to fortify the company’s brand associations with performance and quality45.
While effective product branding offers numerous advantages, it also presents challenges:
In many organizations, product branding is used as a marketing technique to ensure that companies gain great market positioning and consumer loyalty. To summarize, seven guidelines offer insight into how differentiation, emotional relationships, consistency, and exploiting visual identity may create strong brands that people recall and will continue to recall in the future; if it is a company’s overall marketing strategy. Successful examples, which are Apple, Coca-Cola, and Nike, are vivid examples of the efficiency of the product branding strategy in influencing the customers’ choices and the business development. Therefore, it is not only advantageous but rather critical, in the current emerging market environment, to incorporate sound and effective product branding mechanisms in an organization’s marketing mix for future viability.