Product and brand are words that are often used interchangeably. They are both a part of the marketing strategy, but they have different meanings.
Product: A product is what you sell to your customers. It may be a physical or digital item. It is something that your customer can buy. The product is what you give to your customer in return for money.
Brand: A brand is an image that represents who you are as a company. Your brand is how people perceive you. Your brand is what makes your products unique from other companies. Your brand is what people think about when they hear your name.
The main difference between a product and a brand is that a product is singular. A brand can carry various products. For instance, Apple is the brand behind iPhones, iPads, iPods etc. It can be housed on its own or as part of a range within a brand.
A product is usually sold individually in a transactional sense, whereas a brand is sold as a whole package. This means that a product has only one price tag, whereas a brand has many associated prices. For example, if you buy a laptop online, you will pay a single fee for it. However, if you buy a MacBook Pro from Apple, you will pay more than just the cost of the laptop because they may upsell you on the need to purchase accessories like a keyboard, mouse etc.
Products without brands
A product can exist without a brand. This is common in the food industry. A standalone product that does not have a brand is independent of expectations. This changes once a brand is attached to it. If you were to buy a box of chicken wings from the food market for the first time, you are trying something without knowing what you will get. However, if you were to buy the same box of chicken wings from a brand of KFC, you would have some preconceptions. Potential customers expect it to be packaged a certain way based on the brand’s knowledge. The taste is also another expectation that you would have.
Brands are judged based on the quality of their products. Therefore, if you want to evaluate a brand’s quality, you should look at the quality of the products that come under the umbrella of that brand. This is why good brands get to charge a premium. When buying branded products, you are not just paying for the product. They are not selling a product. They are selling their goodwill. They are selling their perceived expertise in the space. And more than anything, they are delivering on quality control.
This is why most brands will fight against any infringement. Anything that can be perceived as being from them when it is not can be damaging. Franchise owners are often subjected to quality audits to ensure that they are maintaining the brand’s standards. They want to retain their goodwill within their target market.
Brands without products
Another key difference is that you cannot have a brand without a product. This is one of the core differences between product and brand. All brands are built around products. Without a product, there is no brand. Brands are made up of products. Products underpin the existence of brands. There must always be a connection between the two.
Building a brand around a set of products is a great way to stand out in a competitive market. Product managers are tasked to ensure that every aspect of the product is aligned with the brand. This includes packaging, marketing, advertising, pricing, customer service etc. It is important to understand your audience and how they perceive your products to build a strong brand.
Customer experience is the sum of all interactions between a consumer and a company or its representatives. These interactions include phone calls, emails, website visits, social media posts, reviews, videos etc. Customer experience is a term used by companies to describe the overall user experience. It is about providing value to the end-user.
The goal of customer experience (CX) is to create a positive and memorable experience for consumers. Companies use CX to increase sales, improve customer retention, drive loyalty and reduce churn.
The best way to improve customer experience is through research. It would help if you found out what works well and what doesn’t work so well. This is how you retain customers’ trust and maintain or grow your market share.
Product Management within a brand
How do you manage a single product when a brand can have millions of products? This is what product marketers have to grapple with. A variety of products means a lot of different things. How do you manage these products? What does this mean for the product manager?
When working with multiple products, you need to remember that each product has unique characteristics. Each product needs to be managed differently. The product manager needs to be able to take into account the specificities of each product.
For example, some products are very similar to other products. Some products are completely new. Others are completely different. Some products are simple, while others are complex. When managing a large number of products, it is essential to know which ones are similar and unique.
This also applies to the management of the brand itself. If a brand is associated with many products, then it is necessary to ensure that the brand identity is consistent across all the products. This requires careful consideration of the brand’s positioning.
A product team should be responsible for creating a product strategy. They will help define the target market, identify competitors and develop a roadmap for the future. Once the product strategy is developed, the product team will build the product.
Once the product is completed, the product manager will oversee the release process. They will ensure that the product is released on time and meets the users’ expectations. After the launch, they will monitor the product’s performance and provide feedback to the development team.
A brand identity is the visual representation of a business. It is the image that people associate with the company. Branding is an essential part of marketing because it helps differentiate a business from its competitors.
Branding is not only limited to logos and colours. It includes every aspect of the business, including the services offered, the products sold, the employees hired, the culture created, and even the business’s location. All these elements contribute to the brand’s identity.
Branding is one of the most powerful tools available to businesses today. It allows them to stand out from their competition. It makes them more memorable and easier to remember. It creates a positive impression of the company.
The branding process starts with identifying the target audience. Then comes defining the brand’s personality. This involves determining the values and beliefs of the organization and developing a set of core attributes. These include:
• The vision of the business
• The mission statement
• The corporate purpose
• Core competencies
• Mission statement
• Mission statement.
After this, the brand name is chosen. The creation of a logo follows this. Finally, the brand is launched.