Myth #1: Branding is nothing but a logo and tagline.
Realization: Branding is about giving organization a clear and publicly stated sense of what the organization stands for. Branding has to be adopted both as a philosophy of organizational change and as a process.Organizations deliver a set of experiences in multiple contexts and forms which makes them perceive/accept the organization as a brand. These set of experiences could be listening to the customer needs, the way advertisement communicates, store experiences while buying, product performance or service quality, after-sales experience, etc.,
The following are the few core elements that help in evolving as a brand:
Myth #2: Branding is very expensive
Realization: Branding decreases the cost of customer acquisition, increases the brand equity, obtains a premium price, raises the demand of the product or service, optimizes the performance, decreases marketing cost and also it cam simplify the complicated processes involved in the organization by bridging the communication gaps. If you find approaching big branding agencies expensive you can always look for small companies that are founded and run by people who formerly worked with those big branding consultancies.
Myth #3: Branding is a one-time process
Realization: The objective of branding is to transform the business into a brand and then into an iconic brand. Since this journey of organization transformation is gradually and continuous, branding also has to be embedded into this continuous process. Conducting brand auditing to your organization at regular interval diagnoses the health of the organization. In this competitive environment and crowded market it is obvious that daily marketing can make your brand stand on top in the customer’s mind.
Myth #4: My product or service is great, I don’t need branding
Realization: Many fall into the trap of thinking that creating the perfect product or service will open the doors to profits. Having a superior product or service is not enough, it is our responsibility to communicate the true and complete value proposition of our product or service through effective communication. With the changing customer attitude and increasing options (competitors) made available to the customers, word of mouth alone is not enough in this crowded market. The brand communications must be able to communicate the points of parity and points of differentiation of your product or service consists along with throwing light on unseen benefits.
Myth #5: Our company has just started, I don’t think we really need branding at this early stage.
Realization: The process of branding helps in building clarity to the organization; be it direction of the organization in the market, or decisions in market penetration strategy, branding helps in obtaining goals and objectives of the business. Branding process deals with the roots of the organization, so, sooner branding is embedded into the company as a process of growing, the better it is.
Few of the leading reasons are
• No Business Plan,
• Lack of Operative goals and objectives,
• Failure to measure goals and objectives,
• Failure to understand the Industry and TG,
• Just me-too business,
• Poor or no marketing programs
• Underestimating the competition
Some early stage support that Branding can give an organization:
a) Design TCO (Total cost of ownership), this is to unveil the complete value of a product or service.
b) Develop the brand culture and brand champs to optimize the productivity through internal communication.
c) Understand the market dynamics through competitive analysis and customer behaviour through surveys.
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