In the realm of economics, branding holds a distinct definition and significance. While I may not be an economic expert navigating the business world solely through personal experience, my understanding deepens through insights from colleagues and clients. My business focus, however, is rooted in different values.
So, what is branding? It essentially revolves around why someone would choose to purchase a particular product in a world flooded with options. A brand should lead and stand out, but whether it accurately conveys the essence of the product depends on marketing.
Why marketing? Because people buy what they like, not necessarily what they perceive as the highest quality; purchasing decisions are often emotionally driven. And why is this crucial for us?
There are two key reasons. Firstly, there are only two possible scenarios: successful branding and marketing with subpar quality, leading to short-lived success, or exceptional branding, marketing, and product quality, resulting in lasting prominence.
This brings us to the question: Why is branding important? What are your thoughts on its significance?
Drawing from experiences with clients who’ve successfully built their brands, they centered their efforts around the question of WHY. Why do I want to offer this bag to young women? Why is my bag the best for them? What do I aim to achieve for hair care – healthy, strong, always vibrant hair? How did I arrive at this formula, and why do I want to share it with those who care about these aspects?
Once they began addressing such fundamental questions, the concept for branding and the product itself naturally fell into place, ensuring success.
So, WHY do you do what you do? It has much more with you then with your product!