What Makes the Product Branding
Branding is the process by which a company or product is distinguished by another company or product. Product branding represents all the characteristics of a product that make it to be perceived in a distinctive manner from other competitors’ products. It’s not only about the physical features that are easy to measure such as quality, quantity or price, there’s so much more than this.
Product branding implies the perceived quality, the perceived price, the perception of the brand itself and the product branding strategy as well. Let’s analyze some of the most important elements that make the product branding.
Product branding strategy
The most important feature about the product branding is the product branding strategy. A producer has many options regarding how it can present its product in the eyes of the consumers. It can be made to be perceived as a distinctive brand, as a product from the brand’s products portfolio or simply a product under the company’s brand umbrella. The product branding strategies are:
- Manufacturer vs. Private brands – The manufacturer has the possibility to directly link the brand of the product to its brand by repeating the name of its brand in the name of the product’s brand for example. Another choice would be to use a completely new brand for each product of its portfolio.
- Individual vs. Family Brands – If a company has more groups of similar products in its portfolio then the company can choose creating a family brand for each group of products.
- Co-branding – This is a marketing trick that intends to create synergy between two brands. A good example would be creating a new product by combining a famous ice cream and a famous liquor.
We present to you the product’s features that matter the most when creating the product branding.
The pricing strategy is one of the most important elements of the overall marketing strategy. For the business, the brand represents a sum of numbers that includes manufacturing costs, advertising costs, management costs and so on. For the consumer, the price reflects or it should reflect the value of a product. As such, it is essential to have a well though pricing strategy that also includes a MAP policy and a map monitoring strategy. A MAP policy is a contract between the manufacturers and the resellers, through which the resellers are forced to abide by a minimum advertised price. Manufacturers do this to prevent resellers to sell their products at very small prices, thus having their products perceived as cheap. Many businesses use MAP monitoring software tools to prevent resellers from violating the MAP policy
Depending on the product branding strategy that the company creates for a specific product, the product may have its own personal distinctive logo, the logo of the company, the logos of the two companies that made the product or a trademark. A product can’t have too many logos on its packaging. The logo that will be put on the packaging will have an impact over the way the product will be perceived by consumers.
Sometimes having a better brand is better than having a product that has a better quality. The perceived quality is a mix between the notoriety of the brand, the company’s image, its reputation and the objective quality of the product. That’s why many companies choose to invest their money into marketing activities instead of improving the actual quality of the product.