Why branding is important?

Developing a brand involves more than just picking a catchy name and placing an ad in the newspaper a brand is more than a unique string of letters denoting a particular product; a successful brand is a mnemonic trigger that makes a consumer feeling a certain way when the branding branding is thought of. For those who drink cola flavored soft drinks, which is more appealing on a hot day: a cold cola soda or an ice cold Coke? Coca-Cola has spent 100 years developing their particular brand of cola flavored soda as a refreshing beverage and a seminal representation of a market segment. Coca-Cola has used a combination of direct marketing, give away techniques, and multi-product cross branding to achieve maximum brand recognition and visibility in not only its immediately competitive market, but in markets as diverse as Coca-Cola branded race car and house wares.

Brand loyalty is an integral part of building a brand, as consumers usually have a choice of products in the same market segment, and so a successful company will come up with a way to keep consumers are buying their product or coming back to their location rather than going to a competitor. These brand loyalty building efforts may come in the form of coupons, incentives such as many grocery chains’ technique of “grocery discount cards” or “loss leaders,” meant to draw consumers into the store, where they will hopefully buy products along with the discounted fare at a higher profit ratio.

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