Gone are the days when a product quality mattered, now if the product doesn't have a brand it won't really get attention, it has too. People, today buy a brand. There truly isn't much difference among the products sold in the market. It's the brand that impacts the major difference and makes the purchase decision easy for the customer.
Even though a product is equivalent to a brand it still has a major difference. A product can be just a product if it doesn't have a connect with its consumers. But a brand on the other hand has a connect and a attachment with its consumers and buyers.
A brand knows its target audience, so it majorly focuses on the needs and wants of its consumers.
It has an emotional connect due to which the consumer relates and this is why there is an increase in the brand and its buyers and consumers. This gives value to the brand which is so essential for the market in the industry or rather the corporate world. This isn't it, a brand basically bonds with consumer with trust. A faith that the goods or service is at its former best. Most often brand management agencies maintain the value and status of the brand.
Following are the certain aspects why branding plays a major role in the market:
- Brands provide with a mental freedom: Consumers always want comfort, happiness and satisfaction in their whatever they purchase or consume. If a brand constantly gives the consumer a good experience, then eventually consumers build a trust and know that the product a service is trust worthy, which is helpful for future endeavor.
- A decision maker, therefore saves time: So many options and you will still purchase or consume products you use on a daily basis. Branding helps defining in an instant, with maximum though process what makes and keeps the product desirable and unique than comparable products.
- Adds value and provides safety: In regards with a brand, once its renowned its obviously responsible for the experience of the consumer or buyer. It ensures that the product or service won’t cause harm and is tested and proved.
Following are the factors to branding failure:
- Absent minded about the position: When a brand forgets what it is and what it stands for and tries to experiment with its identity and positioning to an extent that it takes a totally different route. This route could result in that brands failure as it might not be compatible to the existing image and positioning of the brand.
- Over confidence: Most often, successful companies come across the biggest failures because of their strengths and past victories, which eventually resulted in being over confident and lulled them into complacency that they don't bother trying new strategies and eventually don’t tend to care about the current competitors.
- Lack of change: The environment in which the brand functions is dynamic and requires it to change its marketing and branding strategies from time to time to keep up with the trend and to maintain and gain new consumers. In a digital era of time, if brands continue constant medium of print media, it surely makes a broader way for its competitors to level up towards market in the industry. Similarly, if a brand fails to infer the current and future needs, wants, and desires of the customers, there are greater chances that it may lose to its competitors. Here is when brand management agencies put forth strategies for companies in order to not loose the value of the brand.
- Brand ego: Most often in corporate branding once the its acknowledged, it tends to boost ego, which eventually isn't good for the brand or the respective company or organizations. It tends to get irrespective about the needs of the consumers which gradually causes unhealthy relations with the consumers.