The value of a brand
All of us are exposed to hundreds of trademarks everyday. These are seen on most products, on accompanying product literature, and on product packaging.
As consumers, we take many decisions, sometimes consciously but mostly without even realizing it, based on the goodwill and reputation of trademarks. Let’s see how your business may do so and benefit from brand proposition to develop a strategy to develop brand preference, brand loyalty, and brand equity.
1. Recognition and Brand Loyalty
Over time, a consistent good experience with a product translates into brand preference. This helps to keep alive a business’s image in the mind of its consumers. If consumers are happy with its products, they will develop trust in its brand and may become, over time, loyal consumers for all its products.
2. Image of Quality
Many consumers buy a brand and not the product to which it relates.
When a consumer comes across two otherwise identical products in the market, his choice will invariably move to the branded product of a business that promises a higher quality.c. This would keep or further enhance the brand’s leading position in the relevant markets.
3. Image of Size
A strong brand may project the image of a large and established business to its consumers.
So, when a business succeeds in creating a positive brand image and brand preference among consumers, the business appears to be much bigger than it really is.
4. Image of Experience and Reliability
When experience with a brand indicates that the business owning it has, over time, consciously used its resources to implement a coherent business strategy, it reassures the consumers that such a business is, and more likely to remain, a more reliable and trustworthy business than others.
For further information, please follow the next contents, explore the world of intellectual property and chances that intellectual property may bring to your enterprise.
