Branding is the process of giving meaning to a product, service, or organization. It is done by creating and shaping a brand in the consumer’s minds by creating a false demand in the head of the consumer. In contrary to popular beliefs, marketing is not the same as branding. Marketing is what drives you to purchase the product or service for the first time. Branding is what makes you stick to the brand and keep purchasing new versions of products or reusing services of a brand. Branding is strategic, Marketing is tactical. Marketing is a tactic used to attract prospective buyers, Branding is a strategy that promotes customer retention and helps a company generate a specific clientele. Branding is costly, but it does not come back financially, it comes back through loyalty. Loyalty from a customer to a product or a service. Marketing and Branding are usually confused as the layman believes that they are the same thing. In simple words, Sudhir buys a Toyota because he really liked the car and it was his first Foreign car. This is good marketing. Now, if Sudhir buys a Toyota after 10 years, that means he likes the brand of Toyota and this is an example of good branding.
One of the biggest problems faced by the biggest companies on the planet until today in growing revenues is having a great invention but not knowing how to commercialize this product or service created. Research has shown that this is caused due to a lack of formal progress and ineffective talent management by the firm or company. The company pumps in huge sums of money to create something that will help the human race in their day to day lives but they do not know how to present it to the target market, their approaches don’t seem to be working and due to the underwhelming marketing pitch, the product is a failure in the market. To combat this discrepancy in the market, we have to come up with a new strategy. Based on a study done by Harvard Business Review on the subject of how to brand a product, They surveyed 500 people who were employed in B2Bs or Business to Business establishments. They found out that the salespeople spent 35% of their time meeting customers and educating them on the usage of this product and why they need the product in their lives. To a salesperson trying to meet goals this time is very expensive as they need to make sales as well and promote the product as well.
Another problem in convincing customers to buy products is the barrier to close the deal and make convince them to buy the product. They are very tough to convince. Due to the abundance of products in the market it is very tough to sell a product. Salespersons are not able to break the rigid mentality of a consumer and convince them that they actually do need the product to make their lives easier and smoother. The customer needs to be convinced of 4 things, 1.) QUALITY, 2.) AFTER-SALES SERVICE, 3.) PRACTICALITY OF PRODUCT, 4.) COST-EFFECTIVENESS. Once these factors are all met by the salesperson to the customer the sale is highly possible.
In general, to sell a product, the organizations never do anything to help the salespersons sell the product to a customer. A common problem in this process is that when the product is launched, the company tends to focus on the bells and whistles of the product rather than any practicality of the product and how it should be sold in the market. The brand manager must be educated by the company to have the right information of the product so that the right information about the product is also conveyed to the consumers. This involves the brand managers to have the right product information and are able to earn the trust of the customer and demonstrate an understanding of any of the customer’s challenges. Later in the process, the brand manager must be able to assess the risks, understand the issues that people face to change. Companies don’t help their brand managers learn about all this.
To make them better at the sales part of their jobs, brand managers need to be better at selling the idea of their product or service. They must make the client or customer feel that the product is good and will actually help them in their daily lives. The brand managers need to have a good attitude to actually succeed in selling the product. The values needed to be a good and capable salesperson are many. The main value to have is to be gritty and to stay on the job. The salesperson should not be affected by failure but should be motivated by it and should look at places to work and learn. To sell the product to the consumers with even more efficiency is where branding agencies come into design customer-driven strategies to push the product towards the customers. Customers are considered the kings of the market as all the products are designed to help them and make their lives easier. Companies also use the inputs of customers from customer satisfaction reviews. Most companies release products to the people pleasers. One such product is the iPhone SE. The iPhone SE was made for all those Apple fans who wanted the same iPhone 6s experience in a smaller and compact design. Nothing on the internals was changed. Only the external body of the phone was made smaller and the price was slashed from 700$ to 399$. It was a people pleaser and it did the job it had to. It was a new and affordable iPhone in the market. To conclude, selling a product is not easy and to sell there are a lot of variables to be considered. The brand managers need to work with the resources they have and need to be smart in the way of marketing. Engagement of the audience is key to the marketing strategy of any product.