Branding as a way to promote a business in a crisis.
Many economists are convinced that the peak of the crisis in Russia has not yet passed. Some believe that the main burden on the Russian economy has passed. One way or another, everyone felt the decline in their incomes. How can companies increase their competitiveness and stay afloat? In this article, we will look at how Branding can help your business.
What is branding?
Branding is a way to distinguish your company from competitors. Creating a brand is a time-consuming, ongoing process, as includes many stages. The difficulty is that a brand is an intangible concept. This term includes logo, trademark, people, experience, quality, certain products or services.
How does branding help business?
In everyday life, each of us is guided by at least two factors when choosing goods or services:
A brand helps build confidence in a company or product. Looking at a brand, we can often easily determine the approximate cost of a product and its quality.
Imagine that you see a bottle with the words “Lemonade” on the store counter. Compared to other “Lemonades”, this bottle has a bright thoughtful design, it has a red label, and “Lemonade” is written in white letters. In this design, you will immediately recognize the brand, for example, Coca-Cola. Although from far away you do not see the Coca-Cola inscription itself, you can easily identify the brand. Even if the price is slightly higher than that of the other “Lemonades”, your choice often stops at the well-known advertised brand.
The most striking example of the importance of a quality brand is Beeline. Who will remember what the Beeline logo looked like before 2005? Now, thanks to rebranding, Beeline is recognizable even in a scarf with mittens, which also served as a successful stage in promoting the brand.
In recent years, brands have been tampered with by cheaper manufacturers. According to the visual assessment of packaging, buyers often confuse quality expensive manufacturers with cheap ones. This can be seen in the household chemical industry. The packaging can and the logo can very much resemble the packaging and logo of a famous brand and, although the “fake” is obvious, we associatively still choose cheap and seemingly high-quality products, because the packaging is similar.
Therefore, when thinking about how to stay afloat in a crisis, it is useful to pay due attention to branding.