DEVELOPING NEW BRANDS
Brands are not a thing which is there for always we need to create brand and nurture it so that it dont loose its charm and company of a person able to take privilege of that brand Customer based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds some strong, favorable and unique brand associations in memory. In some cases, brand awareness alone is sufficient to get a favorable response from consumer. But in most cases, the brand strength, favorability and uniqueness of the brand associations play a critical role. and its not easy task neither its is a difficult one.
BUILDING A STRONG BRAND- THE FOUR STEPS
The steps are as follows:
1. Ensure identification of the brand with consumers and an association of the brand in customers mind with a specific product class or consumer need.
2. Firmly establish the totality of brand meaning in the mind of consumers by strategically linking a host of tangible and intangible brand associations with certain properties.
3. Elicit the proper customer responses to this brand identification and brand meaning.
4. Convert brand response to create an intense, active loyalty relationship between customers and the brand.
5.2.1 SOURCES OF BRAND EQUITY
Brand Awareness: It consists of brand recognition and brand recall performance. Brand recognition is capability of consumer to identify brand among a variety of brand. And brand recall is the capability of consumer to collect information about brand from memory when a product category is given to him.
Brand Image: It is the impression about the brand before any consumer. It can be either positive or negative. A positive brand image can be created by marketing programs that link strong, favourable and unique association to brand in memory. Consumer beliefs about brand attributes and benefits can be formed in different ways. Brand attributes are those descriptive features are the personal value and meaning that consumers attach to the product or service. Brand benefits are the personal value and meaning that consumers attach to the product or service attributes. These two factors are the strength of the brand association. Then comes, favorability of brand association. This is created by convincing consumer that the brand possesses relevant attributes and benefits that satisfy their needs and wants. Lastly, uniqueness
of brand associations. The essence of brand positioning is that the brand has a sustainable competitive advantage or “unique selling proposition” that induces consumer to buy a particular brand.
5.2.2 BRAND BUILDING BLOCKS
Performing the four steps as mentioned in fig. 5.2.3 is a complicated and difficult process. To provide some structure, it is useful to think of sequentially establishing six “brand building blocks” with customers. These blocks can be assembled in terms of a brand pyramid.
It relates to aspects of brand awareness, for example, how often and easily the brand is recalled under various situations. Brand awareness links the brand with brand name, logo, and symbol and with certain associations in memory. So achieving the right brand identity involves creating brand salience with customers. It helps consumer to identify product category and making sure that customers know which of their “need” the brands – through these products – is designed to satisfy.
The product itself is at the heart of brand equity, because it has the primary consideration of the consumers experience with brands. What they think and expect from a product? To create brand loyalty and resonance, the expectations of consumers must meet favourably. The performance has the five essential elements to meet the expectations of consumer.
1. Primary characteristics and secondary features
2. Product reliability, durability and serviceability
3. Service effectiveness, efficiency and empathy
4. Style and design
But these attributes vary by product or service category. Some categories have few features like bread. But some categories have numerous features; examples are TV, audio system, computer system etc.
It deals with the extrinsic properties of the product or service. It is the way in which the brand attempts to meet consumer’s psychological and social needs. The basic consideration is on user’s profile, their purchase and usage situation. Their personality and values. Lastly, history, heritage and experiences of consumer about brand.
It focuses on consumer’s personal opinion and evaluation with regard to the brand. It means how consumers perceive the brand particular from different brands. They make their judgment by considering ‘brand quality’, which are defined in terms of over all evaluation of brand calculated by consumers. The second factor is ‘brand credibility’. This is explained by three important elements viz perceived expertise, trustworthiness and liability. It must be competitive and innovative. It must consider the interest of consumer and finally, the image of manufacturer or company must associated with brand is good. The other factors are ‘brand consideration’ and brand superiority.’ consideration is more important than awareness. It must induce or motivate them to think about brand superiority means a brand must different itself as unique as and better than other available brands.
It is defined as the consumer’s emotional responses and reaction with respect to brand. Brand feelings also relate to the social currency evoked by brand. The main elements are: (soothing type feeling), Fun (upbeat type of feelings), Excitement (energetic feelings), security (feeling of safety and comport), social approval (positive feelings) and lastly self-respect (feeling of pride and accomplishment).
This is the last step of model refers to the extent of intensity, or depth of psychological bond that customer with brand as well as the level of activity engendered by this loyalty. Specially, brand resonance can be broken down into four categories.
1. Behavioural loyalty – repeat purchases
2. Attitudinal attachment – favourable perception
3. Sense of community – a sense of affiliation with other users of brand
4. Active engagement – strongest affirmation with brand.
CRITERIA FOR CHOOSING BRAND ELEMENTS
In general, there are six criteria in choosing brand elements
The brand must have a high level of brand awareness. It must be easily recognizable and easily recalled by consumer.
Beside brand awareness, a brand must convey the message in terms of valuable information it must convey general information about the nature of product category on one side. On other side, it must provide information regarding specific attribute and benefit of the brand.
Brand element can be chosen that are rich in visual and verbal imagery and inherently fun and interesting.
Up to what extent can the brand element add to the product category and geographic sense? upto what extent does not element add to brand equity across geographic boundaries and market segment?
The brand should be changed with the change in consumer values and opinions as well as taste and preferences for example, logos and characters can be given a new look or a new design to make them appear more modern and relevant.
This is last consideration regarding legal and competitive sense. The brand elements can be legally protected on an international basis. The brand formally registers them with appropriate legal bodies.