The value derived from a brand due to the name attached to it, is called- Brand Equity. Marketing industries use it as an advantage over the generics. The belief is that people are inclined to buy well known products more than less known ones. Therefore, companies create, and put high value on brands. It involves making a logo that will distinguish it from others, a slogan that will make up the total sum of its value. But that's about packaging, there are other steps that enable a brand equity.
Identify What People Want
The key to successful brand equity does not lie on the best logo, or slogan. In fact, before a logo is designed, consideration should be given to three things.
- Target audience
- Brand's value
- Customer engagement
Having a target audience will enable you to know what you have to give, and what to do in order to give it. Instead of preparing a product according to a personal view, wide consultation should be made to enable a reliable information on what your target audience may be in need of.
Develop Your Brand To Serve People's Need
Based on the information derived from inquiries, design a product/brand that people will accept, not because it is highly advertized, but because it is problem solving. For your brand to thrive among generics, you have to give it more meaning. I mean, create a difference between it and other brands, a difference that will have a positive bearing on consumers.
Building a brand based on the need of consumers does not only give them (consumers) satisfaction, but could prompt them to tell others about the brand. (See referral marketing).
Publicize your brand
Getting people to know about a brand doesn't end at point of sales. That means, you have to take to more public places, where it could be seen by a whole lot of people. In fact, you should run an ad that will promote your brand, and what it stands for. The are so many means by which you can do that.-
- Social media etc.
These ad channels will bring a lot of eyes to your brand, which it really needs. But before you put it out there, make sure that the slogan attached to it matches the value. When a product is misrepresented by exaggeration, it would only take the first time of purchase before people realize what it truly is. And may not go back to it, if it does not serve its purpose.
Reevaluate Your Brand's Equity
To stay ahead in the competitive market, you need to reevaluate your brand periodically. That means
- Getting to know what consumers think, or feel about your brand.
- Understanding the distinctiveness of your brand in comparison to competitors
- Making sure the characteristics of your brand matches the need of consumers
- Using new methods to get consumers close to the brand
- Implementing a necessary suggestion
Reevaluation helps businesses to ascertain real values that otherwise could be tainted by gaps. Therefore, knowing when to increase the price of a product would not be a problem.