A world class brand has 8 functions. Understanding these functions is critical to creating a world-class brand. In the age of new media, a marketer must have a strong understanding of the brand. Social networks are a blessing for a seller. For this great tool to work, a marketer must be able to drive customers to their brand, to the exclusion of all other brands.
The great part about social media is its incredible scale. This is also its biggest drawback. There is a lot of content on social networks. People need to come to your product for social media to work, and that’s why branding is critical.
The eight functions of a brand are IDENTIFICATION, PRACTICALITY, GUARANTEE, OPTIMIZATION, DISTINCTIVE, CONTINUITY, HEDONISM AND ETHICS. Let me briefly summarize each of these functions.
A brand clearly identifies a product and clearly explains why that product is different from other products in that market space. Simply put, a brand is what distinguishes a product from all other products. It helps the consumer to make sense of an offer. Simply, the mark will identify a product for a consumer. A brand will act as a beacon to a consumer, shining like a beacon in their eyes, so they know which products to select in a flooded market.
All products and brands have a “story”. With so many products on the market, a consumer needs a mechanism to explain, in simple terms, what a particular product is and why that consumer should select that product. A brand saves a consumer time and energy. People know that this is the product they want right now. On a hot day, after a hard day at work, a consumer wants a place to regroup. Where are you going. You go to a building that is clearly marked (marked). You go to this building because you know that you can sit and relax in this building. Through a long series of touch points, the product has ensured that you sit in this building and enjoy this product.
A brand guarantees the product. The brand communicates to the consumer that if the product does not work as expected, money back or the product will be replaced.
A brand creates an image for a consumer. Create a badge. Using this mark communicates to other people that you are “successful.” A certain car is used by successful businessmen. Other cars might make more sense, financially, to buy, but this car exudes “success.” If you drive this car, the brand gives you a badge.
Brands create a sense of satisfaction and trust. They create continuity. The symbol of a bank conveys that it has been in business for 200 years. If you bank there, the brand tells the consumer that their money is safe and in good hands. When you buy a house and there is a hurricane, a certain insurance company puts you in good hands. Brands create friendship with customers in the age of social networks. This creates a relationship. It is relationships based on friendship that motivate a customer to buy.
Brands are hedonistic. The relationship between a customer and a product creates a friendship that leads to the charm and appeal of the product. The hedonism of a brand generates loyalty. To create this enchantment, logos, music themes, and phrases are created that communicate the experiential rewards.
The satisfaction that the product brings is linked to responsible and ethical behavior. This responsibility solidifies the relationship between the product and the consumer and creates the long-term relationship that leads to the brand.
Some brands have managed to demonstrate with their slogans that they know and understand what their fundamental task is: to transform the product category. A brand does not only act in the market. Organize the market, drive a vision, create a vocation and develop a clear idea of what the category is all about. Too many brands just want to identify with the category of the product. On social media, products and consumers create a two-way friendship.