Branding is a very comprehensive concept in marketing.
Just as people have names to operate in the world, all businesses need a brand name to start a business.
A “brand” is not merely the literal name of the business entity. A logo, a tagline, and other distinctive marks related to the products or services of a business are mere “representations” or “brand assets.”
A distinctive brand sets the “branded” business apart from other businesses in the same or similar industry by APPEARING and BEING noticeably different in the market place.
A Coke lover prefers the Coke flavor over the Pepsi flavor. There are devoted Pepsi fans as well. Both brands can co-exist in the market place, but most people are aware that there is a choice between these two well-known brands. Since the price point for beverages is very narrow, the consumer choice is based less on cost, but more on the preferred flavor (highly personal).
What about when the product or the service categories can vary significantly in quality?
It’s desirable for brands to become perceived by prospects and customers in a manner consistent with the authentic aspirations of the brand owners. Effective branding can result in “high brand equity,” correlating with the expectation by your prospects that your brand is exceptionally relevant in satisfying their needs. In ideal situations, the effect of high brand equity translates to high brand loyalty where such preferred brands can command premium compensation. We can see this often in luxury product markets and professional consulting services.
Do you realize the POWER of building a likable and reliable brand that your ideal prospects absolutely appreciate, adore, or respect?
Have you ever developed complete animosity in relation to some brands? I have. I will never buy from them again.
Have you defined your brand positioning strategy?
Contact us if you need professional guidance in articulating your brand positioning strategy for massive 2018 successes!
What you can conceive, you can achieve!
FLEX IP COUNSEL
