A brand is a name, term, sign, symbol or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. For example, Coke, Nestle and Microsoft are well renowned brands. In technical speaking whenever a marketer creates a name logo symbol he or she has created a brand.
Brands really matter for both consumer and manufacturer.
From consumer’s point of view:
Identification of source of product
Assignment of responsibility to product maker
Search cost reducer
Promise, bond, or pact with maker of product
Signal of quality
From manufacturer’s point of view:
Means of identification to simplify handling
Means of legally protecting unique features
Signal of quality level to satisfied customers
Means of endowing products with unique associations
Source of competitive advantage
Source of financial returns
Building a strong Brand
There are four steps of building a strong brand. These are as follows:
1.Ensure identification of the brand with customers and as association of the brand in customers’ minds with a specific product class or customer need.
2. Firmly establish the totality of brand meaning in the minds of customers by strategically linking a host of tangible and intangible brand associations with certain properties.
3. Elicit the proper customer responses to this brand identification and brand meaning.
4. Convert brand response to create an intense, active loyalty relationship between customers and the brand
These steps represent fundamental questions that customers can ask about brands as follow:
1. Who are you? (Brand identity)
2. What are you? (Brand meaning)
3. What about you? (Brand responses)
4. What about you and me? (Brand relationship)
There are six criteria in choosing brand elements which are as follows: Memorability
Adaptab ilit y
Five B’s from the Customer Perspective:
1.Basic: There are some basic things which are required by customers. 2.Background: Customers have background when they are going to purchase.
3.Beaut y: Packaging should be such that attract customers.
4.Belief: Customer should be belief on the brand.
5.Benefit: Customers purchase those things which give them benefit.
Five B’s from Brand Manager Perspective:
1.Brave: He should be bold in respect of taking initiatives. 2.Brilliant: He should be adept in designing better brand strategies. 3.Backing: Company should support him in sensitive situations. 4.Bridge: He is a person that creates a link between customers and company and works as a bridge.
5.Beneficial: He should provide benefit to his company in which he is working.
A strong brand must have following attributes:
1. Relevancy- A strong brand must be relevant. It must meet people’s expectations and should perform the way they want it to. A good job must be done to persuade consumers to buy the product; else inspite of your product being unique, people will not buy it. 2. Consistency- A consistent brand signifies what the brand stands for and builds customers trust in brand. A consistent brand is where the company communicates message in a way that does not deviate from the core brand proposition. 3. Proper positioning- A strong brand should be positioned so that it makes a place in target audience mind and they prefer it over other brands. 4. Sustainable- A strong brand makes a business competitive. A sustainable brand drives an organization towards innovation and success. Example of sustainable brand is Marks and Spencer’s. 5. Credibility- A strong brand should do what it promises. The way you communicate your brand to the audience/ customers should be realistic. It should not fail to deliver what it promises. Do not exaggerate as customers want to believe in the promises...