The business environment is competitive, and only the fittest survive and stand the test of time. Every organization needs to plan and implement strategies that will allow it to gain a sustainable competitive advantage.
A competitive advantage occurs when an organization uses opportunities in the market that are not implemented by other organizations. A sustainable competitive advantage occurs when other organizations cannot copycat the organization’s strategies leading to its continued competitive advantage. Each implemented strategy aims to stand against competitors in the market and remain relevant to the dynamic demographics of customers.
What is branding in a business environment?
- Branding refers to the actions taken by a firm in order to deal with the different needs of customers. Intensive research informs the actions and seeks to meet the customer expectations by producing, packaging, and distributing products that appeal to the customers.
- Branding is about the creation of a positive identity that customers can recognize and differentiate from the competition; the promotion of a particular company or its product by advertising and distinctive design.
- It is the creation of relations between an organization and its existing and potential customers and includes the relationship between customers and the products on offer, which fosters a memorable identity and perception of the products.
How to create a successful brand
- Use attractive advertisement information- this involves the creation of appealing advertorial information (including but not limited to videos, images, audios, and text) that is attractive to customers, for example, the use of enticing voices and picture information during adverts that creates a fascination in customers.
- Tap into the customer emotions- create feelings that identify the product as a necessity and a must-buy to attract customers.
- Live the message- it is one thing advertising a product and another to ensure that an organization is living up to the set standards. An organization should ensure that it lives by the message. For example, if the message is about excellent customer care, then all the employees should be obliged to treat customers with an outstanding display of excellent work ethics.
- An organization should make sure that the products meet the standard expectation of the customer. The quality of the products should define how the customers will label the organization and its products based on their experience.
Why branding is important for a business
- It reflects what the organization is all about and helps customers to know what to expect. How an organization identifies itself can be an indicator of the products produced or sold by that organization and the quality of the products. The quality of advertisements, the labeling, and the packaging communicate more about an organization.
- Branding helps an organization to reflect on its strategies, to determine whether it needs to reformulate or enforce the existing strategies to achieve its targeted goals.
- It aids an organization in identifying opportunities and threats in the marketplace, its own organizational strengths and weaknesses and the best way to maximize its resources to counter threats and weaknesses and take full advantage of the strengths and opportunities.
- Branding helps to maintain an excellent reputation and aids an organization to maintain customer loyalty, especially in times of a crisis that can damage an organization’s reputation. Where there is brand loyalty, people identify themselves with an organization. In times of a crisis, customers remain loyal to the perception and emotions they have regarding the organization.
- Sales increase- the more customers identify themselves with an organization, the more sales an organization generates.