Effective branding can help your product stand out against competitors’. This is particularly important in competitive markets.
There is a range of methods you can use to make your product stand out. This can be as simple as using a colour in your design or packaging are not using and which creates a unique impression in the minds of consumers.
Remember, consumers choose products and services using emotional as well as rational judgements. So, you can use your brand to create a real point of difference.
How a brand can add value
Experience shows that customers expect to pay more for a branded product than for unbranded products. Would you expect to pay the same for a can of a supermarket's own lemonade as you would for a brand you recognise?
You can apply your brand to your whole range of products or services. This will allow consumers to associate each product in your range with a consistent set of values.
Also, if you want to extend your product range, consumers' perception of the new offering will be enhanced by your existing brand. By consistently applying your brand attributes your business can move into new market sectors without changing your core brand identity.
A strong brand can also add value to your core business. A company that offers equity shares needs to have a strong reputation. A recognisable brand communicates what your business stands for as well as what it offers.