Five Fundamentals of Business & Product Branding: Part 1 – What is Product Branding
In the first of our five-part series on ‘The Fundamentals of Product & Business Branding’ we take a closer look at what product branding is. Why is it important to consider the brand equity when developing a product or business?
What is Product Branding?
Product branding is big business. There are many brands we all recognise with one glance at a logo. The authenticity of a watch, or designer handbag, would be questioned if the manufacturer’s name did not appear in the font and colour we have come to know.
The brand is the instantly recognisable aspect of a product. This could be the discernible design, or that distinctive label in the corner. For the consumer, the brand can precede the product and provide reassurance of quality by displaying a desired image and perceived value. Creating a unique and exclusive brand identity enables a manufacturer to set their product aside from the competition and elevate its equity.
Product Branding vs. Business Branding
Product branding encompasses the distinguishing features of what is on offer. In contrast, branding a business focuses on the whole company image and identity, ranging from the name and logo to the website design and email footer. The business brand may transcend the product range on offer (think Apple), but it can also be a catalyst for a wide range of products which all have uniquely different target markets.
Branding an individual product is about the product itself and what sets it aside from the competition. The design, function, and desired status in the marketplace should be reflected in the product’s branding to convey a desirable image to potential buyers. Simplistically, the aim is to draw attention and connect with consumers to create a positive initial experience and enhance the brand value.
Why Brand a Product?
There is no denying that creating a bespoke brand identity for a specific product, or product range, will take time and additional expense. But there are considerable benefits to incorporating the design and implementation of a unique and distinctive set of identifying factors when launching a new product. If a product is going to sit on a shelf beside others that are similar, what will make it stand out and appeal to consumers? If it’s a high value item, what sets the product aside and makes it the more desirable option and easy choice?
To encourage individuals to seek out a product above the competition, there needs to be a unique characteristic that appeals to the target customer. This crucial aspect, which can dictate a product’s success, is the carefully considered and consciously developed brand identity. Essentially, a product’s authenticity, brand equity and perceived value can all be epitomised in one small logo or label. Without a recognisable brand, even a product of exceptional quality and value can be easily overlooked.
That is the power of the brand.