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After all What is a brand?
During my post-graduation days, the one topic which really got my interest was Brand Management. I remember the first day of my Brand Management class the faculty addressed the class with a question "What is a BRAND"?
This is what some great marketing gurus have to say about BRAND.
A brand is a name, term, sign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competitor - Phillip Kotler
A brand is “The intangible sum of a product’s attributes: its name, packaging, and price, its history, its reputation, and the way it’s advertised.” - David Ogilvy
“A brand is a singular idea or concept that you own inside the mind of a prospect.” - Al Ries – Author of Positioning: the Battle for Your Mind
A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another - Seth Godin
The Difference between Branding and Marketing
Branding is contextualized communication that aligns with a company’s values or role in society. If done effectively, brand communication can create an emotional connection with customers and drive them to want to purchase something from your company versus your competition. Marketing is a team effort that consists of understanding the needs of customers and developing a strategy to meet them. This is done by communicating with potential customers about what you have to offer, whether it be through digital channels (social media, websites) or traditional mediums.
A brand can be broadly classified into three types:
1) Product Brand
Product brands are brands that sell tangible goods, such as cars, laptops, or shoes. These products are sold to people who already know and love the brand and want to buy because they trust the quality of the product.
2) Service Brand
Service brands are brands that sell intangible services such as education, yoga classes, or beauty treatments. People who want these services may not have any previous experience with the brand but have heard about it through word-of-mouth or online reviews. Service brands look for new customers through marketing campaigns and partnerships with other companies.
3) Personal Brand
Personal brand is an identity that consumers perceive you to be. It is how people see you in the context of your industry and what they think about your skills, personality, and values. Personal branding is also a form of self-marketing as it helps you to establish yourself as a professional in your field and enables you to make more money from your skillset.