Branding in Business
Branding is about turning a product or service into a recognizable market name. A company can use branding to create an emotional connection with customers. The emotional connection may be related to the product. It can also be related to their perception of themselves through association with the product or brand. Here Raphael Avraham Sternberg discusses the different types of branding in business.
1. Personal Branding
Personal branding is achieving a solid identity in a customer’s mind. The most important aspect of personal branding is that it is individual to each person in the marketplace. Each person will have their definition and perception of how they want to be perceived as an individual. Whether good or bad, each person will individually determine this in their mind.
2. Business Branding
Business branding is built up by a company to present it as an entity and create a perception in the customers’ minds. The perception is held in high esteem and usually involves an emotional bonding with the customer. Business branding can be used to turn the perception of a product or service into something that stands for itself. The emotions portrayed in business branding include trust, caring, following, ruggedness, beauty, and so on. Business branding can also display a company as an entity that stands for a set of values or standards in the marketplace.
Co-branding involves businesses teaming up to present a unique offering in the marketplace. The businesses share the cost of advertising, but they have different names and symbols to distinguish them from one another. Co-branding can be used as a prefix to the product name or as an extension of the company name to create a different brand identity for each company. By teaming up with a reputable business, your product will have more credibility in the marketplace.
4. Corporate Branding
Corporate branding aims to use branding techniques to improve the image of a corporation and enhance its value in the eyes of its employees, customers, and stakeholders. This is achieved by changing an organization’s vision to one perceived as more successful, valuable, and attractive. Corporate branding focuses on the power of co-branding and co-creation, which creates new values for both companies and their customers.
5. Internet Branding
Internet branding is a form of branding introduced to promote an online presence. This can be done through sites, blogs, social networking applications, videos, and presentations. This type of branding is used to drive sales of products and services developed by a company. It uses several conventional methods to build brand recognition, including search engine optimization. The main aim of Internet branding is to create an online presence for a company and build brand credibility in the online world.
Raphael Avraham Sternberg says branding is meant to convey an overall impression of the company or product it represents. Brands are intangible assets but products that consumers consider goods and services. They have a quality they own in the form of symbols such as names, logos, and slogans that satisfy their need for recognition.