The term ‘brand’ came about since half a century ago, yet it was only commercially used by businesses in the 1880s when packaging goods started to take off in the market, most notably being Coca Cola’s.
Simply, brands were used as a way for companies to differentiate itself from its competitors. However, what’s important to know is that a brand is not just a logo, identity, or product of a business. It encompasses much more than that. Branding is all about shaping a person’s feelings and perceptions about a certain product, service, or organization in ways that make it meaningful to people’s lives.
Throughout time, the concept of branding became more subjective and harder to pin down with a single definition. However, the core of it all lies in the meanings and feelings associated with a company. For example, Coca-cola’s brand is associated with happiness, freedom, and unity. Redbull, on the other hand, makes people feel powerful, heroic, and fearless. Their brand is about achievement and doing the impossible as the beverage is supposed to “give you wings”.
For many years, companies have used branding to reach consumers and further build a relationship with them. If done successfully, this can increase the level of trust, loyalty, and engagement consumers have towards the company. To move forward in today’s competitive business landscape, brands need to find out what it is that makes them unique and build their marketing strategies around it to increase its value.
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