The American Marketing Association (AMA) states the concept of branding involves the creation of a ‘name, term, sign, symbol or design’, that defines the products and/or services a particular business offers, and works to separate the business from its other competitors within the industry it operates in. Lyudmil Borisov, Managing Director of the London based sales and marketing company, LGB Direct, considers effective brand conceptualisation to be an integral step in the strategy of establishing and expanding a successful business.
Borisov, Managing Director of LGB Direct believes branding can add value to a business in a number of ways. Borisov believes branding evokes an emotional connection between the consumer and the product and/or service on offer; it establishes an identity for the business, which is vital for any business in the current economic environment. He states: ‘There are so many different areas and elements to consider when it comes to branding and there are so many reasons for its importance. If the process of branding is done with care and consideration it should lead consumers perceiving a business to be reputable, well established and successful. This in turn facilitates customer loyalty and retention, which goes hand in hand with a business experiencing increased profitability. It is therefore vital to invest the required time and money to ensure a brand is build that communicates your businesses values coherently and with conviction’.
Borisov stated, ‘Well established brands such as Apple and Coca Cola have created recognisable brands to construct and maintain a certain image that they desire for their respective companies and there are many things that a company needs to take into consideration when creating a new brand’. According to the Forbes article titled “Why a Brand Matters”, ‘If you’re going to develop your own brand, the last thing you want to do is follow the beaten path. You want to head down your own road. Your brand has to plant itself in the hearts and minds (especially hearts) of prospects and customers’. Managing Director of LGB Direct, Lyudmil Borisov agreed with this viewpoint, stating, ‘When I created LGB Direct we knew that the branding of our company would have a huge impact on the success of our business, so we initially researched about branding in general, as well as looking in depth at the branding strategies of our competitors to ensure we created an original and effective concept’.
LGB Direct has worked extremely hard to create and maintain their brand, working attentively to adapt their image to suit their expanding target market. This will allow them to continue to provide industry leading brand representation for their impressive portfolio of clients.