BRANDING OF COMPANIES: THE MAIN STAGES OF FORMATION, DEVELOPMENT AND MODERN TRENDS
Abstract
The main stages of branding development have been studied, and its key characteristics have been identified. The results of the analysis of scientific research showed that branding is primarily seen as an important tool for influencing consumer loyalty, ensuring a high level of competitiveness. The development of active branding is associated with corporate social responsibility and the company's sustainable development goals. The modern concept of branding should be flexible to external and internal conditions, determine the processes of enterprise development, and shape employee thinking. Companies with well-known brands should actively address social issues. It has been found that in the context of digitalization, changes have also occurred in branding concepts, with innovative approaches emerging that are used by international companies and can be effective for domestic businesses. According to Sprout Social, since the pandemic, social media has become one of the main sources of content satisfaction, with 53% of respondents saying they have increased their use of social networks over the past two years. Meanwhile, analyzing the brands that they remember the most, 51% of respondents prefer those that respond to consumers on social media, 38% favor original content, 37% interact with the audience rather than just publishing a lot of content and 33% post timely and relevant content. Based on the conducted research, the authors propose using a hybrid approach that includes building relationships with stakeholders, which is an essential part of the development strategy, should have its own identity, but at the same time interact with other companies' brands. Digital technologies have significantly expanded the possibilities of branding in the current activities of the company, fast communication with stakeholders, and the promotion of the company's products. Considering the importance of strategic orientation and the use of the latest information and communication technologies will ensure the company's competitiveness in the long term.
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