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Rescooped by Roshani Mehta from Intergrated Marketing Communications 2013
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The Importance of Branding • Brand Management : BrandUniq

The Importance of Branding • Brand Management : BrandUniq | scoop 1 | Scoop.it

Via Johnny Price
Roshani Mehta's insight:

The importance of branding is the topic of discussion in this article. It highlights the most important benefits from branding both tangible and intangible benefits. Such benefits include: increased revenue and market share, prevents competitors and creates unique company image. The point made about branding creating consumer preference resonates strongly with me. If I have a choice between two identical products I will usually choose the brand that I recognise, because I trust and know the brand itself. Consumer preference can be a very strong and useful force especially in terms of capturing market share and market value.

I believe brand development and brand management is essential for IMC and for organisations creating an identity.  An organisation successful in branding can see some if not all these benefits seen within this article.

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Cyndee Mudliar's curator insight, March 9, 2014 8:41 PM

This article reinforces the importance of brand building and addresses some of the benefits if done correctly. It emphasises that companies can increase their market share  with the use of integrated marketing and also how brand building can help to reach out to new markets that were unreachable before. Brand building can also help maximize the total revenue for a company.  Another benefit of brand building is the fact that it makes it harder for a competitor to enter the market as a existing brand would have built a strong relationship with the current market hence why it'll be difficult for that market to trust a new upcoming brand. Successful brand building will also help to differentiated the company image. Positive emotional attributes can be linked to the company which as a result can further enhance the overall brand. 

 

I found this article to be very insightful on why branding is of great importance in today's day and age and also all of the benefits that come along with it. 

Morgan Fletcher's curator insight, March 25, 2014 6:20 PM

Having a brand is so important, especially for the consumers as they can use the brand to distinguish between other products. This can create a loyalty for the brand. This can also bring a competitive advantage over other brands. 

Nikhil Bhola's comment, September 24, 2014 8:19 PM
this article explains the fundamentals of branding, it shows step by step what are the areas that need to be worked on or what can be beneficial for businesses. a step by step process is shown. this is infact important as consumers tend to compare between different brands and their offerings, this can be a competitive advantage for the companies if they work on branding their brand and products.
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Which Is Better For Retail Sales, Online Or Offline Customer Engagement? - Forbes

Which Is Better For Retail Sales, Online Or Offline Customer Engagement? - Forbes | scoop 1 | Scoop.it
Which Is Better For Retail Sales, Online Or Offline Customer Engagement?
Forbes
Sometimes a consumer can shop online and make a purchase with a few clicks of the mouse (or taps on the screen).
Roshani Mehta's insight:

Online vs Offline customer engagement thats the subject of this article. Todays consumers are very different to one another and as a result are looking for different things and require their individual needs to be met. Marketers and retailers need to recognise the importance of both these forms of customer engagement and work towards better understaning your customers needs. For example many consumers enjoy the no hassle form of online shopping however many retail shopping platforms do not provide individuals with unique service and at times can fail to provide cconsumers enough information on products to make informed decisions. Retailers need to develope ways to provide online consumers a more tailored experience and work towards bridging the gap between online and offline customer engagement.

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Alice Burke's comment, March 21, 2013 4:01 AM
I agree with your comment Rosh. In the current technological era, the importance of online activity for a brand/company is increasingly important and a vital way to gain customer engagement. I think that there is no black and white answer to the title of this article, "Which is better, offline of online customer engagement?", as all consumers are different and respond to advertising and marketing in different ways. Some may be more responsive online, and others more responsive offline. However, I do agree that companies need to at least offer an online retail experience in order to reach a wider audience.
Mat Bagnall's comment, March 21, 2013 8:45 PM
It's true that even though online maybe be seen as a far better option for some, others do not see the benefit. This is because although it is seemingly a more easy way of doing things, some consumers are not comfortable or satisfied with the level of information or knowledge on the product the intend to buy online. Personally in some aspects I do see a definite advantage with online services, however in some cases, I would much rather/prefer to be able to inspect the product myself before purchasing. A direct example for me would be guitars. After playing for years I know that no matter what you read, hear, or are told about a guitar, it is not possible to truly appreciate or understand what it offers or how it plays/feels until you physically have it in your hands and can hear it for yourself first hand.
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Know How Plastic Card Companies Are Using Social Media [Infographic]

Know How Plastic Card Companies Are Using Social Media [Infographic] | scoop 1 | Scoop.it

So you share half of your life on Facebook, tweet everything from rants to philosophies and make sure that everything left over is covered by Instagram, Foursquare, Google + or Tumblr.

We get it, you live a very social life, a very social-media oriented one that is. The good news is, you can get the most out of your credit card — and amp up your credit rating— by making smart use of social media.  Plastic card companies are learning the value of using a Facebook fan page or a Twitter hashtag promo to offer deals for first time purchasers or to announce special deals and reward incentives.

Take for example, the Chase promo with the British Airways card. The mechanics were easy— up to 100,000 bonus miles were offered to new account holders.  Sounds too simple? Not if you actually fly British Airways because then you’d know that 50,000 miles is enough for a round-trip ticket to/from the UK and the US! It was an online incentive easily worth about $1000.

Not to be left behind is Citi who launched a Facebook-ran application that allows multiple cardholders to pool rewards points and put them towards a common goal such as a donation for charity or funds for that beach trip to the Maldives.

Another noteworthy online activation is Bank Of America’s Twitter account @BofA_help. Bank of America basically set up the said account to respond to consumer complaint and to handle inquiries. They make sure that all responses are prompt, personalized and very helpful. Not only did they get plus points for community engagement, they were also able to manage their social media reputation very, very efficiently.

Experts say that social-media led initiatives will only increase in the coming months (and years!) to come since they offer a unique consumer engagement opportunities that traditional adverting channels don’t.

Curtis Arnold, founder of CardRatings.com says:  “Issuers are going to devote more of their marketing budgets and resources to social media campaigns because they are more cost effective and more easily tracked. They allow companies to engage directly with customers and get instantaneous feedback.”

And as plastic card companies ramp up their social media strategies, you’d best be prepared on how to make the most of out of them. Here are some key things to remember:



Roshani Mehta's insight:

This article is about how credit card comapany's are using social media to engage previous and new consumers. Social media is used by consumers at any time of day in almost any setting using platforms such as facebook, twitter and instagram etc. Social media has become soo inportant to communication but it also provides marketers with a very useful and effective tool. It gives marketers a way to reach millions of consumers with a click of a button. As in the article social-media led initiatives can provide unique consumer engagement.

The use of social media tools can provide comapanies with great value through the use of consumer incentives, as marketers have an opportunity to reach more consumers than ever before.

Consumer engagement through social media is the way forward as it is cost effective and directly engages consumers providing marketers with instant feedback and thus results.

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Alice Burke's comment, March 21, 2013 4:53 PM
I think that the use of social media by credit card companies is a good move in terms of reaching a younger target market. Although this is a cheap and most likely effective way to gain new consumers, credit card companies need to be careful as using social media for banks and the like is risky business. Social media can both boost sales and reach new audiences but it is also very easy for consumers to complain and post inappropriate comments about companies. This could be especially harmful for banks, due to the nature of their business. Despite this, if the companies have a strong social media strategy and monitor it carefully, I think that it is a great way to attract a younger target market. After all we spend most of our time on social media!
Mat Bagnall's comment, March 21, 2013 8:49 PM
I agree wit you Rosh. I too believe that social media allows marketers to access a wider target market and to taylor their advertising to suit specific customer needs depending on their usage. It allows marketers to segregate their services to meet specific customer needs. Also as a whole, it helps to enhance consumer awareness of changes or offers that may benefit them and engage with them on a slightly more personal level