And no. It is not about how fanciful the name is.
The sum total of the added value this gives to a brand is termed brand equity.
So what is brand equity?
In lay terms, brand equity is the value that a consumer attaches to a certain brand. Although brand equity can be measured tangibly by way of certain indicators, a large component of the concept is intangible, i.e. what perceptions and associations people have of a certain brand, and the familiarity of those brands in the mind of the consumer.
Improvements in brand equity lead to higher rates of product trial and repeat purchasing due to buyers' awareness of your brand, approval of its image/reputation and trust in its quality.
To attain this, it is important to adopt a strategic brand management process (see infographic) as this will help guide your product from its initiation stage to when it attains equity. This is usually a deliberate and structured approach with the overriding goal of enabling your product/service achieve long term differentiation that can be leveraged on to help ensure sustained commercial success.
Do you have such a plan in place? Have you tried implementing such a process before? Please share your experience(s) below.
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