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A lot of management and business gurus talk about the importance of branding. All of these people stress the need (indeed, to them it's a lifeline) of being able to come up and promote your own brand when you're starting an enterprise. But why exactly does one need to have its own brand?
First, it's important to understand what a brand is. The brand is a distinct identity that sets your business apart from the competition.
Take this example for reference. Let us say you're selling toilet papers. Your product is placed alongside rows of similar products from other companies. How is it that your patrons can recognise your product, and how does your competitors' supporters know which is their preferred toilet paper?
The answer is your brand name. It distinguishes your toilet paper from the ones that are made by other manufacturers. Without a brand name, you will not be able to make a claim or make your products noticed by the people. They'll just probably think your products are a pack of toilet papers that the manufacturer (in this case, your competitor) forgot to print a name onto.
The brand is also what you use to catch the attention of your intended market. Aside from the name, there is also what you call the tagline. The tagline is a very short statement that is put alongside the brand logo. It is very short, just a few words long, but it's also very powerful. The tagline is used to drill into the consumer's minds what you have that will benefit them.
Good examples are the following:
• "Melts in your mouth, not in your hand." - M&M's
• "The real thing." - Coca Cola
• "Connecting people." - Nokia
As you can see, all of these slogans or taglines are used to emphasize how the products of those companies are beneficial or will be appealing to the consumer. In the case of M&M's, they easily captured the market because it's simply appealing to eat chocolate-coated nuts that don't mess the hand even before you could eat them. It's taglines like these that clearly set the line between what the competitors can't do and why the consumer will be benefited by your product.
All of these show that the brand is the one thing responsible for making the product memorable in the minds of the consumers. That is what each company is out to achieve: to make the consumer know that their product is exactly what they want and need, thus convincing them to patronise its product and its products alone. This way, the company gains an edge over the competition by capturing part of their shared market.
The bottom line is, with a solid brand that you can use to promote your market to your intended audience, you make sure that you can hold your own against the competition. They now have an image of you that they can remember. Now, think about how things would be different if you didn't have a brand in the first place.