How to Brand A Product

Branding have gained prominence in the marketing world just because it has created room for product identification and differentiation and hence an opportunity for marketers to do business.

Many businesses have achieved success by having identification for their products thereby making it possible and easier for the target market to distinguish their product from competitors’ products. For example, after considering decisions bothering on packaging, some marketers now see it as another element of the marketing mix and therefore prefer to call it the 5^th P. This article considers in detail marketing decisions on branding.

Meaning of Branding

Branding is the use of a distinctive name and/or mark on a product to differentiate it from similar competitive products it is a major tool used by most marketers. Most marketers operate under conditions that approximate monopolistic competition (a situation where there are many sellers of a generic kind of product and each seller being able to differentiate his from any other competitor’s products). This condition makes branding decision important and essential to marketers. Branding decision by companies seeking identification for their product’s resale by middlemen. The success of business therefore hangs on the ability of the target market to distinguish individual’s products.

The relevance of branding in differentiating products is relatively varying from product to product and from company to company. While agricultural products are difficult to differentiate because of their unprocessed nature, food processors canning or freezing such agricultural products can build brand preference for their brand through differentiation and promotion to convince buyers of the superiority of each.

Terms In Branding Decisions

A Brand is a name, term, symbol, design or combination thereof that identifies a seller’s product and differentiates them from competitor’s products (AMA 1960)

A Brand name is that part of a brand that can be spoken including letters (GM, SR, BMW etc), words (Chavrolet, Coca-Cola, BIC etc), numbers (504, 323, 777 etc) or a combination of these (7UP etc).

A Brand mark comprises of the elements of a brand that cannot be spoken because it is not made up of words but rather it is a symbol or design. It is is used to identify a product. Examples include the Chevron sign, the well-known symbol of Mercedes Benz, the Elephant of First Bank of Nigeria Plc etc.

A trademark is a legal term indicating the owner’s exclusive right to use the brand or part of the brand, and that others are prohibited by law from using it without permission. The trademark covers aspects of a brand such as shape (i.e. the Coca-Cola Bottle), ornamentary color or design (e.g. the black and copper colour combination of a Duracell battery) catchy phrases (i.e. 7UP- The difference is clear) and abbreviations (i.e. Coke)

A trade name is the full and legal name of an organization such as Nigerian Bottling Company Plc, Okin Biscuits Limited; rather than the name of a specific product.

QUALITIES OF A BRAND

A good brand should possess certain features that will make it serve the purpose for which it is intended. Such features have been variously referred to as the qualities of a brand name and they include.

1. A good brand name should be short simple and easy to spell, call and recall. This makes it possible for both the marketer and the consumer to use it.
2.  A good brand name should be easy to recognize. People should not have problem with its recognition. 
3. A good brand name should be to pronounce. 
4. A good brand name should be distinctive. It should not have any bearing with any other brand in the market. 
5.  A good brand name should suggest something about the product, it’s use, characteristics or quality of action e.g. Dento-Clean, Capquine, Sharp, Stopain, PR (Pain Reliever) etc. 
6. A good brand name should not be offensive or suggest anything negative in the ears or mind of the consumer. 
7. A good brand name should be available to use 
8. A good brand name should be adaptable to promotion. It should be adaptable to music poem that can be communicated especially through radio and television. 
9. A good brand name should be versatile and be applicable to new products that may be added to a company’s product line e.g. Daewoo (a brand name for a car) which now applies to electronics as Daewoo Television.

REASONS FOR BRANDING

There are numerous reasons for branding a product. An understanding of these reasons brings about the importance of branding to both the consumer and to the marketer.

To the consumer 

• Branding assures the consumer of the uniformity of the product he is buying in terms of quality and performance. 
•  It assists him in identifying the product desired. 
• It serves as a source of information to consumers 
• It sometimes identifies the firm behind the product. 
• It assists consumers during repeat purchases. 
•  It offers consumers the opportunity to compare products and make a choice among available alternatives. 
•  It gives the consumer certain psychological satisfaction. 
•  It bridges the gap between the manufacturer’s promotional programs and consummation of sales to customers. 
• It enhances consumers’ welfare as consumers can get new or improved products that come as a result of competition in the market. Product variety comes as a result of branding.

To The Marketer 

• Branding affords a company the opportunity to control the resale of its products. 
•  It aids in advertising and display programs as a manufacturer can now build his promotional campaign round his product. 
• It stimulates repeat purchases and other protection against product substitution by consumers. 
•  It reduces competition based on price; rather products development and improvement, promotion, distribution are used as competitive tools.