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Brand Positioning: Analyse The Right Category For Your Brand! Blog
A major aspect of marketing is branding. Branding, in today’s world, is an essential tool to turn a business into a renowned brand. In order to create a successful brand, it is essential to understand that there are different elements which create a difference in making this happen like creating a style guide, a logo that resonates with the business, the brand values should be in tandem with the image which the business is trying to portray. However, did you know that brands fall into three categories? -Standard Branding -Premium Branding and -Luxury Branding Depending on which of the three categories, your brand falls in, is also the way that your brand will be perceived by the audience. However, there is a very thin line between Premium and Luxury branding for products and services. For instance, BMW and Mercedes fall into the Luxury brand category easily, however, Tata Automobiles are still categorized under Premium Brands essentially because of the easy recall value of the audience. What makes a brand resonate with the audience easily is the power of its communication; however, this comes with targeted analysis and research of its target audience, product pricing, and its attributes. For instance, Santoor soap is not placed among consumers the same way that a Lux or a Dove is placed though both fall in the same FMCG category, this is purely owing to the way the brand is advertised and marketed. Well-known Brand Ambassadors and the right marketing techniques can get a product or service to be on the top of the charts easily; however, the representation of the product can also be altered with just the way it tries to portray. A Prada or a Gucci will not necessarily need to advertise just as much a Globus, Lifestyle and Pantaloons. Affordability is a major factor, which decides the product branding and consumption and which category does it belong to. For instance, Coca-Cola has standard branding for it yet is globally known, thanks to high affordability leading to its high consumption. Whereas a Mercedes car is also globally known for its premium branding and features, yet the affordability is highly marginal but it still remains globally known, with a major disadvantage of fewer buyers. There’s a detailed analysis that goes into the creation of a brand to understand how the owner would like the audience to associate with it, in their mind. Branding is highly proportional to the buying behavior of these customers for the products or services. Hence, ensure that you brand your product the way you’d want it to be seen, it’s the identity that you’re trying to build for it!
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