Chapter 2: Branding terms you should know
12 BRANDING TERMS
Being an entrepreneur or having a company to run or managing a branding/marketing agency, doesn’t matter you need to get hold of these 12 MUST KNOWN BRANDING TERMs. Or let’s just say to continue with the series of a complete guide on Digital Branding.
Here you are going to learn about each term and what does it mean. Let us start
1. BRAND-
It is a symbolic representation of the company and what it stands for. It mostly exists as a contributor in people’s perspective towards the company.
Brand helps in the indirect sales and helps people make their purchase decision easier. It surely takes a lot of effort and time to build a good reputation brand but with correct customer value addition and maintain ethical standards it can be done.
2. BRAND AMBASSADOR-
It is the face of the company in the market or says, the spokesperson. He/she is the person that comes to mind when your company gets a word around people. Generally, people don’t remember the logo or symbol with that much accuracy that they can with a person.
A great example would be that one might not remember the official logo of Gujarat tourism but we all remember Amitabh Bachchan saying “Kuch din to guzariye Gujarat me”.
That is the value of a brand ambassadors. It also takes a lot of time to go big in this field.
3. BRAND AWARENESS-
It is nothing but making people aware of your company and what you do best. It is a part of marketing to make people aware about your existence and how you can help them.
In this, you show the market what you offer and what your company stands for. A positive brand awareness done by effective planning and execution can lead to exponential sales conversion.
It pretty much stands side by side with customer psychology.
4. BRAND ARCHITECTURE-
It is a hierarchical or relational structure in which all the brands and sub-brands of an organization stands. You can imagine it like a “brand tree”.
It presents you the parent brand, its different components, products, and services, etc. It is also sometimes represented by its value of each brand and sub-brand.
5. BRAND EQUITY-
It is the trust and authority of significance that the company has developed in its course of time. It also helps to have a greater margin on products and have a significant increase in sales. A company can get brand equity by constantly providing valuable services to its customer.
6. BRAND ASSETS-
It consists of all the single or dual degree elements like texts, designs, symbols that come together to make a brand look better and easily remembered.
A brand asset is something you do not want to mess with frequently. It is because it is very difficult to make people remember the symbol. And once done that if you change it mostly you will have to start from ground zero.
7. BRAND EXPERIENCE-
The experience that company visitors get which lets them form an imprint about your brand is called brand experience. Sometimes it is positive like greetings, welcome message, thank you a message, coupon discounts can give you good BE, but critic comment or newspaper, journal commenting about your lack of support side can be bad BE.
8. BRAND EXTENSION-
To use the brand values, name, and recognition to enter into another distinctive market. For this brand must have trust authority over the previous market.
For example, RIL Expansion took the market brand in petroleum and oil industries but now it has entered the streaming market, e-commerce, telecommunication.
It used the brand from the previous market to enter the next one.
9. BRAND MANAGEMENT-
The strategic efforts to systematize the planning and executing work to enhance brand awareness and its trust among the market is called brand management.
It is so important to manage the brand that in some big companies special departments are set up to maintain the positive vibe of the brand with help of the brand management team
10. CO BRANDING-
Two or more brand coming together to showcase a single goal is called co-branding.
11. Endorsed brand-
It is also considered a sub-brand which basically depicts the product or service of the bigger brand whose part is the sub-brand.
12. REBRANDING-
It is to update or renew an existing brand in order to make it considered in the market again.
Hey you, I KNOW THAT YOU HAVE BEEN SCROLLING THROUGH THE WHOLE BLOG.
Now go and start READING THE Chapter 3 to win the Digital Branding game- HOW TO BUILD A POWERFUL DIGITAL BRAND
