Importance of Brands and Branding for Business

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Importance of Brands and Branding for Business

The brand is what differentiates a good or service from others. Thus, branding is implemented to distinguish something that one company offers from the same products produced by other entities. Having a solid brand facilitates high consumer loyalty, hence, profit (Keller, 1991). Since the provider of the goods is recognized among others, the consumer links the name, symbol, logo, and other features to quality and familiarity.

The Blue Ocean strategy illustrates that companies operating in red oceans, hence, existing markets, have to overcome high competitiveness and look for ways to attract consumers with products that are being offered by multiple other entities. On the other hand, companies that find their individual blue oceans operate in industries that are constructed by them, limiting competitiveness and attracting consumers through unique solutions (Kim & Mauborgne, 2004). The benefits include the lack of competition, demand that is created by the brand itself, operating in a marketplace while being the sole product or service provider, and acquiring loyal consumers by creating unique goods that cannot be found elsewhere on the market.

A personal brand is one that encompasses the characteristics and traits of the creator. A personal brand differs from a general brand through the strategies applied and the financial potential. Thus, a significant brand uses advertisement, creates an organizational culture, and has a specific feature-benefit plan (Peters, 2022). A personal brand is similar in techniques yet different in possibilities and approaches.

Any person can think of themselves as a brand. Showcasing skills, being involved in different projects, and taking on various responsibilities create the persons brand as distinguishable characteristics are being associated with them. While the feeling of being associated with a brand may contribute to a lack of genuine acknowledgment of a person as an individual, creating a personal brand is fulfilling from a psychological standpoint through professional and social recognition.

I am already a brand since the way I interact in professional and social situations is the way I showcase myself and maximize my strengths while recognizing weaknesses. Being a brand is not necessarily about showing the best side (Biro, 2013). Branding is about individuality, so every individual can have distinguishable and marketable traits. Moreover, having a personal brand does not mean being self-employed. A brand can help an individual who works for an organization become a unique participant in the organizational process and be recognized for specific strengths and professional abilities.

References

Biro, M. M. (2013). 5 steps to empowering the brand you. Forbes.

Keller, K. L. (1991). The brand report card. Harvard Business Review.

Kim, W. C., & Mauborgne, R. (2004). Blue Ocean Strategy. Harvard Business Review.

Peters, T. (2022). The brand called you. Fast Company.

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