Brand development is the creation of a unique and effective image of an enterprise, product, service, the main criterion of which is its demand in the market. Brand building requires colossal time, financial and labor resources; stretched in time and space (it is possible to create a brand in a short time, however, maintaining the image will require efforts in the future).
There are differences in tech brand building for companies in different industries. The industrial sphere is characterized by the following features:
- End consumers – mainly legal entities
- The presence of a multi-stage structure
- Large volumes of sales, large consignments
- Limited number of buyers
When shaping their image, industrial companies must take into account the diversity and complexity of the technical needs of customers, which is possible when establishing long-term partnerships.
Industrial branding allows you to create a sustainable reputation for many years, which will automatically increase sales in the case of new product launches. Strengthening of competitors, a sharp decline in prices are leveled out due to the “strong” image. When choosing a supplier, consumers are guided by a successful company that has established itself as a stable position in the market. Stability, low risk in transactions are essential attributes of successful work in the industrial market.
The created image, the brand of the company must meet several criteria:
- Build consumer confidence. To achieve this effect, it is necessary to create the correct reputation of the company with a clear focus on meeting the maximum possible number of customer wishes.
- Honesty towards consumers. There must be a connection between the declared and actual capabilities of the company.
- Comply with the line of corporate conduct. Regulates guidelines for the use of corporate identity or guideline. All actions of the company in the market, internal environment must be in an uninterrupted relationship, the end result of which is a holistic and full-fledged image of the organization.
- Be consistent with the market segment, marketing and sales policy of the company.
- Ensure company awareness not only in its own industry, but also in related ones. This point also applies to the geo-referencing of the tech brand.
- Availability of all necessary information to consumers. The presence of advertising products, qualified personnel, promotions will provide consumers with access to products, and, accordingly, will increase the likelihood of customers preferring this company. When building brand management, industrial companies adhere to several basic options. First: promoting the name of the company, not a separate line of products, the so-called. corporate branding. When choosing a product brand, one of the most popular brand is fundamental, associations are established between it and other products. In turn, the corporate brand allows you to create one common “loud” name with which all areas of the company will be identified.
The concept of both corporate and industrial branding includes: Image. These are associations that arise when a brand is mentioned. In this case, brand recognition, individuality, memorability and ease of perception are important.
Reputation. Acts as a reflection of the results of the activities of companies to conquer, consolidate market segments, consumer groups. It is determined by the quality of the offered products, service, transaction support, financial stability, etc. The second option of tech branding agency for forming brand management is joint (industrial) branding. It is a form of union of several brands, the effectiveness of which is achieved through the synergy of individual advantages and merits of each brand. This method of brand management can also be used to avoid market monopolization: if the country’s authorities control the market shares assigned to each participant, the creation of joint brands will help to increase sales markets. Forming a brand When forming a common brand, it is necessary to immediately determine the terms of cooperation that the parties to the project and the nature of interactions expect. The creation of a union of tech brands on a long-term basis allows for a more detailed and in-depth study of strategies for market promotion. The final product – a joint brand – has higher properties of “survivability”, a higher degree of popularity, a circle of stakeholders. Industrial enterprises are characterized by branding of raw materials, components, components. The branded component must be indicated on the final product sent to consumers, which increases its value and significance.