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| About us >> Model Corporate >> Brand Building |
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| Brand Building |
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Branding is more than just a business buzzword. It has become the crux of selling in the new economy. If the old marketing mantra was, "Nothing happens until somebody sells something", the new philosophy could be "Nothing happens until somebody brands something". |
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In its simplest form, a brand is a noun. It is the name attached to a product or service. However, upon close inspection, a brand represents many more intangible aspects of a product or service: a collection of feelings and perceptions about quality, image, lifestyle and status. It creates in the mind of customers and prospects, the perception that there is no product or service on the market that is quite like yours. In short, a brand offers the customer a guarantee and then delivers on it. |
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However, if you can't convince customers that your product is worth purchasing, no amount of advertising dollars, fancy packaging or public relations will help you achieve your sales goals. Therefore, successful branding programs begin with superior products and services, backed by excellent customer service that permeates through the entire organization.
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| The Importance of Branding |
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One of the truths of modern business is that there is almost nothing that your competitors can't duplicate in a matter of weeks or months. If you have a great idea, you can be certain that somebody will copy it before long. And not only will they follow your lead, but they may also be able to do a better job or sell the product or service at a lower price. The question then becomes, "What competitive edge do I have to offer that cannot be copied by anyone else?" |
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| The answer? Your brand. |
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Creating a strong brand identity will build mind share — one of the strongest competitive advantages imaginable. As a result, customers will think of your business first when they think about your product category. |
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What Goes Into a Brand? |
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If your product or service is new or unique, then the branding is made easier. Since there are no pre-existing biases towards the product or service, it will be easy to manipulate customer attitudes. |
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More often, your product or service will have been in existence for a while and have direct competition. And if it doesn't, it probably will soon. Therefore, products that may be roughly equivalent in terms of their features need to have a brand identity that will impact consumer choice. |
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Brand identity is comprised of: |
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Pricing - a component of value; higher prices may signify higher quality to the customers and a lower prices may suggest decreased value |
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Distribution - availability; limited distribution of a product or service may imply exclusivity to discerning consumers |
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Quality - which impacts satisfaction; obviously, higher quality will translate to more satisfied customers who come back again and again to purchase your offerings |
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Presence - prominence in the paid and unpaid media; products or services with a high-profile market presence will lead to brand recognition and increased sales |
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Awareness - top-of-mind awareness, residual awareness and recognition, which are directly related to presence; the higher your offering's awareness, the better your sales results will be |
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Reputation - enduring public opinion of brand character, which is built over time and difficult to change once established |
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Image - perceptions of brand traits or prototypical buyers; often represented by qualities the consumer relates to. Like reputation, the image is difficult to change once established |
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Benefits - consumers may equate certain positive and negative consequences with the use of your product or service; these may be warranted or unwarranted |
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Positioning salience - differentiation from the competition, which is established by a combination of all elements of the brand |
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Preference - a predisposition to buy displayed by consumers who are establishing brand loyalty |
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Share of market - increased market share is a direct result of a successful branding campaign |
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Customer commitment - loyalty is built through long-term branding and close consumer contact |
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Mindlogicx has built its brand over a period of time, not just with innovative ideas but also with the innovative products, services and solutions in the tele-education domain. The platform as well as the products and solutions have become brand equity now. VEDAS, K.Net and KAP, Educard are synonym of knowledge delivery and management in the minds of customers. |
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K.Net is the technology platform to network various knowledge resources and provide them to the users across the country as “on demand” service. We provide knowledge resources through the platform and the same is delivered to the desktop of the users. |
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As the world slowly becomes seamless, information access should be available on demand. Mindlogicx Educard makes information accessible to the common man, as it is the medium that connects the user to the Vedas service network – a network of knowledge and assessment and most of all, in-built business intelligence. It enables a host of services to the community of knowledge seekers, in the form of a simple card that has an encrypted number for online access. |
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| For further information on the same, please contact us at info@mindlogicx.com |
