On a scale of one to ten, how essential is branding for startups?
“You can’t sell a product on the market if you don’t understand the market’s needs, and you can’t market a product you don’t know how to sell.”
So let me tell you, Marketing is like sex—everyone thinks they are good at it. LOL, in reality only a few people are good at it. Now, just like sex, everyone has an opinion on what branding is all about and what constitutes it.
From my perspective, in today’s business climate, successful marketing has become, quite obviously, the star of the show. It doesn’t matter if you have the world’s best product, unless it is marketed well, its target base customers will not find it.
Branding: The process involved in creating a unique name and image for a product in the consumers‘ mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. This is the exact meaning given in the dictionary.
Putting it in simpler terms, for a particular brand to be successful, it must have
- The Impeccable Logo
- Recognize the target base
- What purpose is my Brand serving?
- Identification of who you are.
The companies who have excelled in this are the top-notches of the industry now.
Let’s take for example, Apple. It defines the next big thing and creates game-changers in existing markets before people themselves even know what they want. It doesn’t use focus groups or research; Apple is its own focus group. Admit it, they THINK DIFFERENT.
Then you have Nike. Let’s face it, this sneaker business is beyond comparison with that swoosh logo, “word of foot” advertising. Uhmmmm… I guess Nike Just Did it.
Sony, please take a leaf out these people’s book, it’s high time. Seriously, watching a Sony movie on a Sony TV streamed through a Sony PS3 somehow makes a difference in the user experience. It’s all smoke and mirrors. Get a life.
Start-up companies launch their products often, because no company wants to be left behind and in the process of elimination and no company wants to fall prey to recession. One has to keep pace with the constant changing environment, with new trends cropping up and maintain excellence in verbal and written communication.
Indian Companies have flourished with their marketing skills like those of Britannia and Hero. Hero has come up to such an extent that it is the lead sponsor of Royal Challengers Bangalore in the IPL. Dabur has gone up the stock market with a whopping 12.80%.
People are constantly looking for new things, and have become adaptive. It is marketing and brands which will have step up to the current scenario if it has a chance to stand in this transformative world. Communication becomes essential and should be more informative, rational and appealing.