Nearly every goods and service in this modern-day world is a part of the monopolistic market or oligopolistic market. Since we can safely say that perfect competition markets do not exist, except in textbooks, for the simple reason that in practicality, it is not possible to have many sellers selling the same product under the same conditions, and having the same profit amount. Thus, what we normally have instead is a monopolistic competition (where the products are similar and can be used as perfect substitutes for each other, but the sellers have a monopoly or complete control over their brand name and they may say their product is somewhat different or better.
This difference may be in packaging or a claim that their quality is way better than other companies. For example, washing powders, mobiles, etc. Oligopolistic markets on the other hand are also very much dependent on brand value and each company has to distinguish itself.
So in these extremely competitive markets where each has to establish its company name to succeed and maximize their sales and profits, branding becomes very important. So, what exactly is branding? Merely adopting a brand name for an enterprise is not branding. That is merely a name at first, albeit it has to be meaningful and stand out among others. Branding occurs when you can advertise properly and make your brand name stand out among others through various methods. A company name becomes a brand when it develops an identity of its own.
To create this unique identity for your company, your company must transcend from being a mere company to a brand. It should strive to become popular and the goods or services provided should be known to the masses. However, while doing this, you must also remember your budget and should not expend too much that would lead to losses. That is very much undesirable.
So how do you do branding in the budget? Here are some top tips:
What’s in a name? Everything.
Since you do not have huge funds to spend over marketing, you must act wisely upon selecting a name. The name should be eye-catching, memorable even to the layman, and should set you apart from other sellers who might be trying to sell similar products. Think very minutely about what your company’s message is to the world, what are you manufacturing, what are the services you will be providing, and what emotions do you want your customers to evoke? After analyzing all of these, it is recommended that you select a name that can be remembered easily as well. If you want your business to expand, you need to make it easy for nearly everyone to be able to at least remember the name while doing a quick Google search or recommending to a friend who might need a similar service.
Try and give shorter names, but you may manipulate spellings and other things to make it quirky and stand out from the rest.
Your logo defines you too
Once you know what to call your brand, now you need to settle for a logo. This is important because a design often leaves an imprint in the minds of people far more than words can do. Now, the creation of a logo requires skill and dexterity over graphic design. There are plenty of companies that have experts in this such as Draftss, and they are there solely to provide graphic designing services. You can get your custom logo design services from them, at very reasonable prices. Of course, you should have some idea in your mind about what the logo should be, and it should have some significance to your company name or some other agenda you might be pursuing. Remember, custom logo design services are only there to give you technical skills and advice.
Also, remember that you will have a trademark to protect it. You don’t want fake companies to utilize your brand name or logo to tarnish your image. So the trademark is really important. You may also want to check out if other companies have already used your logo before and so you may avoid using them. Otherwise, if you are fixated on any one logo design which you think defines you the most but is already taken, then you need experts providing custom logo design services to create something more stunning by using a similar design structure.
This is an example of a simple and elegant design. Your logo should be easy to identify, and remembered. It should be simple and powerful.
You may create unique designs from basic shapes as well. Take the help of experts to guide you.
Build websites and blogs to promote
Internet is very popular and its widespread use can bring you an umpteenth advantage. You can just have a web page at first when your company is just taking off. Get hold of some good firms such as Draftss to provide you with graphic designing services by expert designers to create good website designs that will intrigue the readers into reading your content and take in your company essentials. Once your website starts attracting viewers and customers, you may take a step forward and then update it to provide e-commerce services as well.
You may also take the help of social media and blogs to help you promote. This is an effective branding method as when your advertisements or blog posts pop up to the viewers they might become biased towards your company due to the content you are providing them with. You may consult firms to help you with graphic design services so that your blog posts look more attractive.
Your web page designs should have good color combinations that are pleasant to the eyes.
These are just some basic tips on how you may do branding at a reasonable budget. In the world of designing as well as packages like unlimited graphic design services, it is easy to help your business and maximize your sales and thus create a unique identity or a brand for your business!
To learn more about promoting your business on twitter, learn more about it here.