Branding

Personal branding involves the process of the brand a person builds around themselves, normally to enhance the scope of individual specialization. A careful strategy is drafted and implemented to narrow the brand personality communication. Commercialization of talents requires focus and choice of right media. In long run, model eventually is converted into large business empire and long term brand capital of individual capability. Personal branding involves specific process to spread personal thoughts and philosophy. It helps people know about character, achievements and values one lives for. Personal branding is gaining utmost importance in almost every field.

Political branding has reshaped the political equations and has made its presence felt during elections. In India, nowhere was it more prominent than in the last general election, when brand Modi triumphed over its rival political brands. However, the rise of political branding has found prominence in India only in the recent years. But it is here to stay for longer period because of phenomenal rise of mobile users. In contrast, the western democracies have borne testimony to it for the past many decades. Globally victory of Mr Barak Obama and Donald Trump are successful case study of careful strategy and efficient use of social media for political branding.

It’s very difficult to make position in glamour world. But with right use of media, identification of target group and many other tools and techniques, one can establish as celebrity. Consultant must commercialize their high profile using combinations of social media delivered content, appearances, products and gossip/notoriety to retain interest and followers. The business model for this has evolved from appearances in ads and now takes a range of forms, licensing, endorsements, and brand ambassador roles.

Corporate branding requires 360-degree communication program. The reassurance that provides for customers comes from the fact that “a corporate brand will potentially have a rich heritage, assets and capabilities, people, values and priorities, a local or global frame of reference, citizenship programs, and a performance record”. Entire organization has to get involved to create trustworthy corporate brand. Even new product/service/place has to be planned in accordance to established corporate brand.

Product branding is attributing value addition in the mind of consumers over its functionality value. Today hardly products are sold over its technical superiority. Me too products and minor feature variations make it impossible to create differentiation without proper branding communication. A consultant’s role is very critical while defining branding strategy for product because media spend usually is very high and trial and error results in costly affair for client.

It is suitable mostly for professional services. It is more difficult in some ways than developing a product brand, because the offering itself is less tangible. It involves adding perceived value to services. Service value is more on perceptional values and price differentiation is not easy to explain. The difficulty is that most people suffer a lot by hiring amateur rather than professional to save consultancy charges. Such mistake results in heavy loss in later years.

In today’s competitive time, CEO branding has assumed greater importance than ever before. Many lending Institutions put more weightage on CEO brand rather than current financial status and business prospects. Apart from CEO performance for growth, it also includes other aspects, motivation and energizing employees of the organization, and even planning his succession. In an ultra-connected world where the supremacy of information rules, today’s CEO have an individual brand – separate from the organizations. One buys into the brand of the CEO himself, just as much as that of the product he so seamlessly implanted in our lives. Strong CEO image can be leveraged on all future projects/products of company.

The ability of a company to attract high quality staff in competitive markets depends on value of branding. Offering perquisites and high pay packages today doesn’t suffice. Often tied to an Employee Value Proposition. It starts from recruitment process and includes careful attention at all stages, as it has to deal with employee’s emotional as well as economic needs. Previously it was the responsibility of mostly owners of the company but now full-fledged department is set up and functions as per policy set keeping long-term goals in mind. Long back Infosys India took the initiative and shown HRA (Human Resource Asset) on asset side of balance sheet.

With the technological radical developments and change in World demographic ration, social media branding has gained utmost importance in recent times. Social media tools are fast and disruptive too. Excess care has to be taken before building strategy for branding through social media. Easy sharing, forwarding, viral channels can kill established brand in few hours also. Overdose of information and cheaper rates for social media promotion makes job of consultant very difficult to make brand stand apart. But this is the best channel available for high engagements at lowest possible media spend. Digital technologies have not only created potent new social networks but also dramatically altered how culture works.

Today many great companies like Facebook, Uber, Google, etc. owns concept rather than traditional assets. Yet their market value is equivalent to large conglomerate. People’s lure to new things makes ways possible to innovators and entrepreneur to try newer concept. Thanks to Intellectual property rights and protective laws worldwide. Such protection makes business people’s investment in concept branding safe. It’s human psychology to look for newer things continuously. So if communicated well, conceptual business can bring fortunes to risk taker. Today market capitalizations of successful concepts are much higher and growing. Proper branding strategy is must for success of personal branding.