Product and services in the market are identified by the brand name.
Brand is the symbol, label or source of identification for the products
There are thousands of products from different companies are
available in the market place but some are more preferred by
customer and other are less preferred. Products people love to buy
and agree to pay more are due to the reputation of the product.
Brand equity is intangible asset for the company; it delivers value to
Positive or Negative brand
Products or services with positive brand equity deliver value to the
customer based on its quality, experience, durability, availability,
services, warranty and etc. Companies charge more premiums
indicate higher brand equity.
Negative brand equity has a worst impact on the company image.
The cause of negative brand image is poor quality, customer bad
experience with the product, bad word of mouth and most important
poor performance of the previous product and services. Customers
are not willing to buy the products with negative brand equity
because its not equal to the worth of amount.
Sources of brand equity
Introducing brand in the market needs quantities or qualitative
research to get familiar with the trends and different attributes.
Proper market research allows the company to launch a right brand
for the right segment.
New product must incorporate quality ingredient because first
impression is the last impression. If customers are satisfied with the
quality of your product then customers will suggest other people to
go for this product by sharing good thoughts.
Brand name should be related to the product and easy to remember.
Position brand in such a way that customer can remember it for a
long time and position in his mind
The proper use of marketing mix adds value in the brand marketing.
Promotion and personal relation increase brand equity.
To polish your brand, bring some new products and services under
the umbrella of same brand name. For example, Dettole Soap and
shampoo, Lux Soap and Lux Shampoo, LG monitors and mobiles.
Always look for customer opinion because they know the best and
worst about the product. For example - Procter & Gamble ask for the
customer idea for their product through their customer portal.
Top brands of the world
2- General Electric
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