Sample Essay
The concept of branding services has emerged due to the nature of the services demanded by the customers and the amount of personalization and customization needed in the provision of most services. A brand is a combination of a name and the product/ service offered. It composes of an ambiance and experience, intangible set of values which are perceived by the customers as well as a bond which is present between the customer and the business. The brand actually has a personality and is the image of a company/ product or a service in the minds of the consumers/ customers. Branding enables a company to provide premium product and services and demand product pricing for it. As a result branding enables the companies to build a standard of quality for its products and services. Due to this characteristic of a brand, service based products are much more suited to be brands that physical products.
The key strategies to establishing a successful service brand include identifying a target market for the service and marketing only to the target market. Such efforts which target the mass market for service brands are very expensive for the business and do not generate sufficient returns on the investments. “While catchy jingles during primetime TV might work for a product company, they are simply inappropriate for service firms. But the right marketing program that “touches” your prospects regularly with highly targeted messages will increase awareness and recognition” (Croston)
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