A guide to product branding

Product branding turns a common product into a unique and exciting buying opportunity. It builds on a number of factors important to consumers such as image, utility, value, quality and service. For a company to properly brand its product it is prudent to be prepared for a merciless market that's whims can change at the drop of a hat. Fortunately, there are proven techniques and marketing know how in the area of product branding.

Product branding techniques

Branding a product can be extensive, but for purposes of brevity a few key principles are vital to the effective implementation and outcome of any product being branded well. Some of those methods are as follows:

• Customer affinity

Customer affinity is the type of relationship a consumer has with a product. For example, person A prefers Apple Ipods because they just feel right, are reliable, and they have the right features in comparison to MP3 players. This entails a confidence of the consumer, not only in the product but with the company.

• Product differentiation

It's an old principle, but time tested when a marketing professor or guru says, "differentiate your product". This is so because stand out products stay in the memory for a reason. The ideal product differentiation is not only distinctive, but also enhanced in some way.

• Brand equity

Brand equity is the sum of all branding. A product with high affinity but low differentiation has a more average branding in total. The key in branding is to optimize all the branding techniques for as few advertising and research dollars as possible.

The branding process

If branding is done well, and the market likes what it perceives in a brand, it can lead to increased sales, greater corporate and product recognition in addition to serving as a platform to initiate new brands. Once a company and its products are branded it is difficult to move away from that image. Consequently, a bad branding or unsuccessful branding can cost a lot in failed advertising and lost revenue. A problem with branding is knowing how the market will respond to a brand as it is not an exact science. This may involve significant market research, and significant marketing tactical and strategic know how.

Techniques and resources available to business owners:

The field of marketing is diverse and has a wide a scope and depth as can be imagined and created. In the case of branding a few approaches and resources can serve a company well in the branding process. Add-on selling, consumer behavioral analysis and brand image can assist a marketer when taken proper advantage of. To utilize product branding methodologies, a marketer may first study the goals his or her company wants to achieve, then build the brand in line with those goals and the branding methods. Professionals in the field, marketing text books, online gurus and articles, and branding intuition are all resources a marketer might consider before, during and after engaging a product branding project.