They convey the whole fabric of value, attitude, emotion, and awareness in one single word, logo or sound. We know them and we rely on them with astonishing regularity. .
Branding for commodities today is not only about Segmentation, Targeting and Positioning - it also has a lot to do with Accessibility, Availability, Pricing and Image. There's not much of differentiation among commodities. Yet the makers and providers of these commodities would be foolish not to claim some amount of differentiation i.e. their commodities are truly special. Otherwise their commodities are dismissed as just another commodity'. The goal of branding a product/commodity is to earn a high Brand Equity, which in turn is one of the surest ways to ensure that you not only command the best price for your product and charge a premium. Branding help add special qualities' to a commodity which helps insulate a company from the downward spiral of price competition. And yet, commodity branding has much more to do than just protect the price of a product. .
What is a Brand?.
"A brand has to feel like a friend- - Howard Schultz, CEO , Starbucks.
A brand is the combination of name, words, symbols or design that identifies the product and its company and differentiates it from competition. Brand is a relationship between your customers/prospects and your product - intangible, emotional bonds created by every interaction.
Every brand needs to contain the following P's :.
• Personality.
• Presence.
• Performance.
The strongest brands are capable in all 3 areas - and truly distinctive in No. 1. Performance is the hardest part. It is very important here that everyone in the organization know what your brand stands for and what it symbolizes. .
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Brand is much more than the mere product it stands for. A brand is the amalgam of physical product and notional images that go with the Brand. When we recall a brand, not only do we recall the physicality of the product, but also the images it conjures.
