A good product may become redundant eventually with the advent of better technology, changed consumer preferences, market saturation or a host of other factors, but once a product has metamorphosed into a sterling brand, there’s absolutely nothing that can put it down.
You might be wondering 'Are these guys trying to count the positives after making a negative assumption beforehand?' Well, yes. We are simply talking about the practicality of great brand building initiatives. If that requires us to delve our thoughts into the abyss, so be it!
Having said that, it is important to understand that it might take a considerably long while to create a brand out of a product.
When the Brand Flourishes, the Product has Wider Acceptance
The multinational consumer giant Procter and Gamble, and closer home, the super stockist and distributor Hindustan Unilever are both examples of mammoth brands that have, within their roof, numerous products across multiple ranges. Both the companies are manufacturers and distributors of personal care products and both have a prominent presence in several countries.
Over the years, both companies have been able to establish themselves as bona fide brand entities that are recognizable to consumers across the world. It is because of the robust brand image of these two giants, that despite of tough competition and onslaught of product launches from competitors, their sub-brands
always turn up with a considerable market share. This reverberates even to new product launches that are backed by a recognizable brand.
Brand Recall Value Matters
Thus, when your company becomes a brand, it is able to reach out to the target clientele more effectively. Half of the contemporary product development initiatives, therefore, depends on brand development. It is the most quintessential element of brand building that cannot be ignored in the contemporary scenario. It holds true in light of the famous proverb, “If you have an hour to cut a tree, spend 40 minutes sharpening your axe."
Thus, getting in place all the branding essentials will help you achieve your targets, get a greater number of commercial transactions, increase your client-base over time, and even help reach out to prospective clientele. You can capitalize on your product(s) and even diversify if needed.
But is that the whole story? Or is there more? Well, probably one of our consultants can clarify that for you. We love those brief chit-chats that help us get a coffee break as well.