What comes to your mind when you hear the word Brand? I will tell you, what comes to my mind. When I hear this word, “Brand”- names like Jimmy Choo, Park Avenue, Tanishq, Reebok ring my mind. And, No! That is not all… The list is super-long! I can see their logo flashing in my mind. It is not just with me! Most of the people recognize them as a brand.
What is a Brand?
I am not going to get technical on this. In simple words, a brand is a logo, name or a flagship product that is recognizable. It is the Brand that differentiates the company and its products from its competition.
What is a Brand Equity?
Sounds like a heavy word, eh? Let me simplify it for you. Brand equity is nothing but brand value. I guess the word ‘brand equity’ is used to sound intelligent, or may be to add a word more to our marketing dictionary. So, what is brand equity (brand value)? It is the extra money a company can make from its products solely because of its brand name. As an example, how much more is a consumer willing to pay for South Indian food at Sagar Ratna Restaurant as opposed to idly-dosa on a street food-cart. Food Value is not counted here but the brand value is. So, that is what a brand value does to a company.
For Brands, it is easy to expand and grow. For example, if Puma wants to start its Perfume business, it will be easy for them to introduce the products, because it is a known and a trusted brand. But for a small-time company like Amrita, it will be very difficult as people hardly know its name. People will think twice to try a new perfume company. So, does that make the new company a total loser? No… This new company will have to slog, slog and slog a little more to create its brand. Ahem! Look no more, here and there. We are here to help the company achieve that. Yes! A media agency can create a brand, build a brand image. In short, we can transform an ugly duckling to a beautiful swan.
Now, the heavy-weight question is whether a Brand is an over-rated concept? In my opinion, No! It is quintessential for a company to make its name. Your brand image creates hope. It defines who you are, how you operate, and how you're different from your contenders. It means, your brand image is a promise - a promise that must be kept. The more you promote your brand name, the more people will be familiar with it and that indicate a better possibility of selling more products in the market. But if nobody knows about your make and has no idea as to how trustworthy your product will be and what value it deals with, then who would care to even look at your products! This has led to the need for brand promotion and that calls for the importance of advertisements.
Final Word: A well-built brand is priceless as the battle for customers increases day by day. It's important to spend time investing in researching, defining, and building your brand. After all, your entire brand is the source of a promise to your consumer. You would not do anything to hurt your customers. You would not want them to drag you to consumer forum for not keeping up with what you had promised to deliver.