Setting up business is much easier than building a brand. Brand symbolizes the recognition and reputation of your business in market. When we talk about Brand, it is the special advantage, due to which your customers are connected with you and rely on you.
There are many enterprises or companies in market, selling same product. But among them, only few are known by everybody. These are some of the companies who have spend many years in market and can be called as ‘Old players of market’.
However there is no hard and fast rule regarding it. Anyone can build a good recognition in market. Here the condition to do so is to give better Quality and Service to customers.
Although at beginning it is bit difficult to do. Holding control over market share is the first thing to do for every new company. Next is to take risk with caution. When the company is enjoying good market growth, along with rise in market share, then its better to think about making brand of yourself.
Brand is always created with the help of customers. Marketing can help in raising sales, but if the product or service quality is not up-to-mark, then it cannot help in making your brand. Brand is not proportionate to sales value or amount of marketing tools company uses.
Brand can also be derived as Goodwill of company. This is an intangible asset of any company. This rises with age of company. Usually an old and established company, having good brand are hard to be shut down by any economic crisis or change in trends.
The branded products are the first choice of any person. This is because according to any common person, Brand means Quality. Due to this prima facia belief, these products are generally very expensive than similar non-branded products. Means consumer pays extra for the brand.
Branding is the added advantage for any company. As it converts ordinary into special!