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Importance of Branding

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Review of the Meeting

The meeting was essential as it illustrated several issues regarding branding. The meeting created several insights on aspects businesses should consider when structuring their branding strategies. The most significant discussion issues included Slate's branding decision based on its competitors. Slate is in the game industry and competes with Sony and Microsoft. An analysis of the brand personality, brand image, brand identity, positioning, and equity was important to understand Slate's decision to ensure a greater market position than its competitors.

Importance of Branding

The importance of branding in business has never been greater, but it may be more critical for Slate. Consumers have constantly been exposed to new brands thanks to social media. This is good for customers because they have many choices and can research the best, but it is bad for businesses since they have to work harder to compete (BrandTrust, 2018). Businesses require branding for various reasons, the most obvious of which is to increase their visibility. People are considerably more likely to pay attention to your company if it has a strong brand identity. A company that does not have a strong brand identity is not likely to be remembered for long.

Slate wants all of its advertising to be consistent and reflect the company's core principles and brand. This might be a problem when a firm has not taken a moment to develop its brand (Fayvishenko, 2018). Ads that lack a strong brand identity rob the organization of many opportunities to run an effective campaign. Slate's brand will be better known if the advertising incorporates branding elements. Slate can use branding to appeal to people's emotions and strengthen their sense of loyalty to the firm. When a company develops a strong brand, it has a better chance of attracting new clients and keeping current ones (Jansen, 2018). Slate can build a brand that customers feel about and use to their advantage, putting them ahead of competitors that do not.

References

BrandTrust (2018). Brand communication. Retrieved from https://www.brand-trust.de/en/glossary/brand-communication.php

Fayvishenko, D. (2018). Formation of brand positioning strategy. Baltic Journal of Economic Studies, 4(2), 245-248. http://baltijapublishing.lv/index.php/issue/article/view/407

Jansen, K. (2018). The dos and don'ts of building a brand identity (Part 1). Forbes. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2018/03/05/the-dos-and-donts-of-building-a-brand-identity-part-1/#7287b18a61bc