9 Fundamental Factors to Know At the Base of the Concept of “Brand”
The brand, or brand, is a complex combination of elements that work together to identify a particular product or service. The concept of brand, or brand, in recent years has undergone a great evolution that has brought much more interest in itself.
The brand today
Today, when we talk about brands, we refer to a very complex set of elements that are seen by both parties involved, and in equal measure, the public and the company represented. The task of the brand, and therefore of marketing, seems to be increasingly that of reducing the distance between product / service and end user.
To clarify you we will talk about the 9 points to know if you want to tackle the brand topic. A series of important concepts that are linked in different ways to the brand and its function. Let’s find out together!
Often we tend to confuse this concept with the concept of brand itself. However the brand name refers exclusively and directly to the brand name,i.e. the word itself, which you may have chosen for your business. This definition coincides with that of the brand and in fact can also be registered legally by the owner in order to protect it legally.
One of the factors on which it is advisable to start working immediately, once the brand naming step has been passed, will surely be that of “brand awareness”. This factor is divided into “brand awareness ” and ” brand image “. The first is to indicate how much the final consumer is able to identify a brand and is a mainly quantitative variant. The second variant, on the other hand, is qualitative and concerns consumers’ expectations and ideas regarding a brand.
H3 Brand equity
This value is a true indicator of the health of a brand in relation to the reference market. It expresses the strength of a brand in a given market through a series of indicators such as recognition, consistency in events, loyalty of its customers, etc.
Very similar to this factor is the brand value, which however indicates in a more precise and quantitative way the monetary value of a brand (especially in case of sale). The brand value indicates the actual economic value that a buyer must pay to be able to appropriate a company if it were for sale.
As the definition itself suggests, this factor indicates the association of the most immediate basic ideas between one’s own brand and a value in the consumer’s mind. The “brand essence” in action can be observed, for example, when one thinks of the Rolex brand , which is immediately associated with the concept of luxury, mechanical precision, reliability, great history … all concepts that are present in the mind of those who know the brand.
This is the phase in which the brand comes to life and where consumers are involved at various levels in the brand’s actual training process. At this stage, all the concepts we are talking about, such as brand essence, brand value and especially the perception brand, take shape in the final user’s mind.
Brand management or branding
Once the brand is born, it is necessary to increase the perceived value of its image in order to increase brand equity in terms of conversions.
The brand management, also known as branding thus serves primarily to increase brand equity, the concept of which we told you about a little above and thus, indirectly, the brand value and the value of the product or the final service offered by the company.
Good branding work does not automatically ensure a brand’s eternal life. Society changes quickly and so does the perception of various brands by the public. This is why it is sometimes advisable to rebrand or revitalize the brand. Often thanks to this system, a product or service that was present on the market with a name is re-presented with a different name and with a new identity, adapted to the new market needs.
Brand identity, better known as brand identity, is what a brand owner wants consumers to perceive when they are in contact with that brand’s products or services.
The image and the recognizability of the brand must always manifest itself in a coherent way, in all its forms of communication, internal and external. To do this we use a variety of tools, among which the most important is the corporate identity manual that is addressed, with different tones, both within the company and outside.
All these elements are to be considered as dynamic parts of a very fluid whole. None of these elements has a life of its own, nor can the brand exist and succeed without all these elements and so many others being made to work in relation to each other in perfect harmony.https://www.completeconnection.ca/9-fundamental-factors-to-know-at-the-base-of-the-concept-of-brand/Business