What is Branding and Why is it Important?
You may be more or less familiar with the word brand. According to the American Market Association, a brand is a name, word, design, symbol, or other feature that distinguishes a seller's product or service from other products or services. This means that it basically creates its own place in the market for your product or organization. This process is called branding. Branding is not just about recognizing the logo or name of an organization or product. This is a long process. Various advertisements come in front of your eyes all the time. You also hear the names of many products in social gatherings. These fall into branding. Also, brand the type of product packaging or the experience of using the product!
Let's give an example. If you are asked to name a few brands of soap, it is very likely that the name of ‘Lux’ soap will be in it. Again you know that it has to do with maintaining the beauty of the skin. This idea is part of the branding of Lux soap. There are several reasons why different organizations invest heavily in branding.
The importance of branding
1.Branding makes your product or organization stand out among people: A human being has certain characteristics. Through his behaviour, likes and dislikes, type of clothes, friends, work, etc., personal identity is formed among us. A product or organization also has some features by which you can recognize it.
2.Branding gives your product or organization a distinct position in the business competition: Different products of the same type are available in the market. But the more positive the perception of the product, the higher the sales rate. For example, the 'Bata' brand has a special value in the shoe market.
3.A relationship of your product or organization with customers is created through branding: It sounds weird, but it's true! It is easier to gain the trust of customers if the branding of a product or organization is good. By doing this, they will come back to your product again and again.
4. Branding helps you to attract good employees in the organization Branding creates a social value for your product or organization: This increases people's interest in working in your organization. For example, let's talk about Microsoft or Google. Their reputation as a brand is so good that the most skilled and talented computer engineers in the world dream of working in these companies.
Md. Farhat Uddin Sojib
Session: 2017-18
Department of Banking & Insurance
