Branding - I’ve got another one better than you!
Sunday, July 26th, 2009Branding is an all time favourite with market leaders competing for their brand to be recognized. Is brand recognition a good thing? Are brands more successful than non branded items? For all purposes, branding is a good strategy and some brands have survived competition for years together. But because of branding, other smaller players lose out and the brand becomes a kind of monolith that competitors then try to break. This kind of monopoly is profitable for the individual business and also urges other competitors to create better products to run in the long run.
So, are you without any Gucci bags and Chanel perfumes? Do you actually step out without your Jimmy Choo sandals? Or are you comfortable in your Armani suit? Well, for most of us these brands are just fancy names that bring a cheer to the advertising spot on TV, but which we can’t afford to buy. So brands really have no meaning for the average guy next door. Because if I get an equally good item which is non branded at an affordable rate, then why would I buy something astronomical?
Brands often go all out to get attention in the public domain, which might not necessarily mean a good thing. If they were to stay in their own domains, they would probably be better off. Eg If French wines came to India, nobody would want to buy them, as they do not hold the same value here. But French vineries will come to India to spread their long arms and then they will criticize the Indians for not being good judges of their products.
But as globalization makes the world a smaller place, branding becomes all the more important for a better standard of life. But branding also creates snobs and a holier than thou attitude for the customer, which is a bubble that will burst anytime. Housewives can’t stop ranting and raving about their branded items. And school going kids will not even try a sport if Nike, Speedo, Reebok and Adidas are absent from the scene. Branding has become a necessary evil nowadays, with even individuals being branded. So, which brand are you?
Neha Singh
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