Product Branding: Why is it Essential in Retail?
We cannot avoid the fact that several manufacturers offer the same product in a marketplace. The lack of a strong brand to support your product line can lead to a decrease in sales. Without good branding, you allow competitors to pull your customers away from you.
Product branding gives your business a sense of identity. This sense of identity is comprised of messaging, packaging, design, identification labels, logos, and descriptions. It is important to note that product branding does not pertain to any one thing. In fact, it talks about the sum of the parts.
Product branding requires consistency in the use of branding qualities. Branding qualities, such as images and designs, should convey your business’ message to your customers while creating an emotional tie.
What are the questions you need to ask yourself when creating your product brand?
What is my business about?
What are the principles and standards of my business?
Who are my customers and why?
What are their expectations for my products?
How do I make them feel valued?
How can I establish an emotional connection with my customers?
How can I assure that my products can deliver satisfaction to my customers?
How do people see my product line and business?
How do I want people to see my product line and business?
Benefits of Product Branding
Product identification branding contributes to brand loyalty. Customers tend to buy products from a company they have purchased before. Furthermore, this approach builds preference for your product line.
Product identification branding can help you expand your customer base. By consistently promoting your brand, you allow your customers to be familiar with your brand qualities.
Brand preference is possible with heightened brand recognition. You can achieve brand recognition through your brand qualities.
A strong product brand will allow your business to launch products in new market sectors easily. Since you have already established particular brand qualities, your customer can easily recognize your products.
The use of branding elements such as packaging, logos, and identification labels will help reinforce brand qualities and reduce marketing costs.
A strong product brand will create a barrier that prevents new competitors from entering your market share. Companies that have achieved brand insistence have customers who actively seek out their products despite having new competitors.
You have to ensure that you have an established brand message which is conveyed through your brand qualities. Even the colour palettes of your logo and packaging are crucial in creating your brand voice; thus, your brand identity.