Graduate Diploma in Management
Building A Brand Strategy through Brand Equity
Name of Candidate
19th August 2018
As competition creates infinite selections, organizations seek for ways in which to attach with customers and showing emotion, become unique and build long relationships. Branding is a good selling strategy tool that has been used with frequent success with in the past. Today, branding is experiencing a brand new quality ensuing from new, innovative applications. The brand represents so much more than a logo. Creating a powerful and positive brand, develop a solid foundation for the organization, however the success of the brand over the long run depends on the brand equity. There are two types of brand equity – positive and negative. Positive brand equity means consumers have a good opinion and they trust the brand.
2.0 Branding and Brand Equity
“A brand is a person’s gut feeling about a product, service or company.” (Marty Neumeier, 2005). A brand is a theoretical concept that incorporates numerous aspects of a product, as well as a logo, name, colors, packaging, and a group of customers’ aware of it. The initial plan behind branding was to help out customers differentiate between comparable products by totally different manufacturers, and its most important role was to enhance visibility and understanding. Eventually the idea of branding developed and grew.
A product can be simply copied by different competitors in the market place, but the brand will be always unique. For example coca-cola and Pepsi taste alike, even though they taste very similar some people only drink Pepsi and a group of people feel connected to Coca- cola. Let’s take an example, bottled water. The product is H2O however, in order to persuade people to buy specific water; organizations come up with different brands. Such as American, Knuckles, Speed, Mount Spring and etc. every one of these brands gives different meaning to the item water.
We keep safety flowing
Just drink it
Crystal clear Mountain Spring Water
…. And so on
The main idea of branding is to keep loyal consumers by providing a product which the brand promises to deliver.
Brand equity is more of a thought than the others and acts as a structure for understanding the ability of buyer’s feelings in connection to the positioning. The brand equity model comprised of many stages, and it begins with brand awareness. There are two types of brand equity – positive and negative. If a product is usually reviews good opinion with buyers, then the organization’s brand equity worth is way higher. For example Organizations like Gucci and different designer companies work hard to create their brand equity because it is essential in their line of business. The thought here is exceptionally as these corporations operate during a niche market. Here they reduce the number of stores and make costs higher. The brand equity recognized in an expensive and exclusive brand solely some will afford to be apart of.
Brand Equity Models
Keller’s Brand Equity Model is also well-known as the Customer-Based Brand Equity Model.
The above brand equity model shows the important four questions that buyers will ask when they are interested about our brand.
In the Keller’s Brand Equity model it is said that “in order to build a positive brand, we must think how consumers think and feel about our products. We got to make the correct kind of experience about our brand; therefore, the buyers will have unique, positive ideas, emotions, attitudes, and opinion about it”.
1: Brand Identity – Who Are You?
Need to make sure that our brand attracts attention and buyers know it and are aware of it.
2: Brand Meaning – What Are You?
Step two is to recognize and communicate what our brand means, and what it stands for.
3: Brand Response – What About You?
It is about the consumer’s feelings towards our brand.
4: Brand Resonance – What about you and me?
We can achieve brand resonance when the buyers feel positive and good bond with our brand.
For example we will take Kist Nectar