Consumers of today are getting more and more discriminating when it comes to the products they are buying. Though most products are able to satisfy an individual’s need or want, nowadays, people are more likely to buy a brand that they like or trust, and not just any product that’s available out there.
But what exactly is the difference between a product and a brand? When it comes to marketing, a product is basically any good or service that is offered by a company or business to satisfy a consumer’s demand. It is a real, tangible entity that is bought or sold by individuals and businesses. Examples of products are detergents, soft drinks, shampoo, cereal, etc.A brand, on the other hand, is the perception of a product or service. It is the symbolic manifestation of a product, person, service, or company. Anything and anyone can be a brand with the right strategy. The brand becomes the basis of an individual’s perception of the product or service being offered, as well as the company or person involved. Think of well-known brands such as McDonald’s, Coca-Cola, Nike, Mercedes, Rolex, etc. Famous celebrities also become well-known brands, such as Michael Jordan, Britney Spears, and Donald Trump.
Though millions of products are sold everywhere, a product that has a distinct brand is one that really encourages customer loyalty. A brand goes beyond mere functionality – it tunes into a person’s emotions and wants, and has its own personality. They solve problems for people and aren’t merely sold. Communities and cultures are formed around a brand, but not a product.
Though there are many products that have become brands, not all products can achieve this. A company or individual needs to devote time and effort to promoting and marketing a product or service for it to become a brand.
The main difference is consumer trust. Consumers trust the brands they love because these brands consistently deliver. They are comforted by these brands because they know what to expect, and because they feel a connection with them. These brands become part of their personality, and they have a unique experience of them, as it helps them define themselves.
This is why Nike users will always buy Nike, unless they become disappointed with the brand. This is why products need to consistently provide what customers have come to expect from them, or else they’ll be in danger of losing these consumers who are loyal to their brand.
People form relationships with brands, not products. They will return time and again to the brands they trust and love, whereas they may try a product but never avail of it ever again.
When you develop your product or service into a powerful brand, you leave a lasting impression on your consumers, building brand awareness and loyalty. Your brand is what differentiates you from all the other products or entities out there – your brand is uniquely yours, even though it may satisfy a person’s need just like other products out there.
From the perspective of consumers, the value of a product increases because of their perception of its value as a brand. The product may fulfill a physical need, but a brand fulfills the emotional one.
This is the reason why you can’t ignore your branding campaign. Whether you’re a person or a business, an excellent branding strategy can help you build trust with your customers and clients, and build a loyal base of consumers who are willing to go the extra mile for your brand.