Effective branding can elevate your product or business into something unique, instead of being just one commodity among many similar others. Standing out from your competitors 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 which your competitors are not using and which creates an impression in the minds of consumers. Remember, consumers choose products and services using emotional as well as pragmatic 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 a whole range of your other products or services. This will allow consumers to associate each product in your range with a consistent set of values which they know.

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.

With a strong brand, consumers can see added value in any new services you create because of the association of the new services with your core brand. However, this can also work in reverse, because if consumers don’t like your brand in one product area, they’re less likely to choose another of your products or services.

As branding is one way to increase public recognition of your business or product, it can help you engage with customers and create a connection. For more information, see the page in this guide on your brand and your customers.