Whenever someone talks about Branding, a staple definition stating that it is concerned with designing a logo and tagline which helps to identify one firm’s product from another firm’s product is discussed. Sure, for a long period of time that is what this activity was primarily associated with, but in today’s time, this definition has started to become obsolete.
Nowadays, branding has become a 360-degree holistic activity in itself with firms moving away from traditional methods and exploring new techniques to Brand or Re-Brand themselves. They realized that this is not just an identification technique, rather it can be used to subtly communicate with the general public. It is now used as a tool to shape opinions, not just about products, but also about individuals, experiences or services. Its focus has gradually expanded to inform customers about the values system, beliefs, mission of the company. Such tactics help firms to establish to impact consumers on an individual level and brings the two entities closer.
Firms are investing extra efforts in this area these days because they realize that in order to gain the attention of customers, they will have to communicate to the customer what they stand for. ‘Keeping it real’ has become the new mantra for firms.
But why was this change necessary?
The answer to this lies in the fact that the millennial generation, which has begun to come of age, is much more aware of themselves than their predecessors. They are also much better informed about what’s happening around them. Firms realized that In order to influence this age group with their efforts they will have to gain their trust and the only way to do that is to present the truth to them. Tell them exactly what you stand for and believe in and people who align and identify with your thought process will automatically connect with you.
Branding as an exercise has come a long way and it is constantly evolving even today. How firms are perceived is determined, to a large extent, by these activities and in coming days its importance and relevance will be more than ever previously before.