Marketing terms can be confusing – especially in this day in age where different terms are constantly thrown in conversation. What do they even mean? Branding is probably the most used word when describing someone’s marketing. What is your brand? What is your niche? How can you maximize this information with your target audience? These words sound familiar? I understand that it can be overwhelming especially if you are a beginner, so let’s start with the basics.
What is branding? A brand is the name, term, sign, or design (or a combination of these), that identifies the maker or seller of a product or service. Your brand is, simply put, is your identity. How do your consumers perceive you? When someone comes across you or your product or service, what comes to mind? Brands are more than just names and symbols; Brands represent consumers’ perceptions and feelings about a product and that its performance – everything that the product or the service means to consumers.
A powerful brand has high brand equity. It’s a measure of the brand’s ability to capture consumer preference and loyalty. A brand has positive brand equity when consumers react more favorably to it than to generic or unbranded products. Have you ever gone to Target and purchased one toilet paper brand over the other? Is there a reason you picked up Charmin over Cottonelle? Was it your experience with previously using the brand (soft, durable, longevity), or perhaps was it the brand name itself? Whether you are a business owner yourself, or perhaps even selling services for a company, I want you to dive deep in your why when purchasing any sort of product. Understanding why you choose one product over the competitors will help you recognize how you are branded within your niche.