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Brand is all about perception, and how others
perceive your product or service. You have a brand
whether you want it or not.
Customers form impressions about products and
companies. Strong brand builds customer loyalty
and enhances the lifetime value of the customer.
With the emergence of numerous communication channels,
the power of the consumer has swelled. Online
communication either hailing a good experience,
or a blog post detailing a bad one, mean that
consumers have more power than ever.
User generated content and the expansion of communication
has affected brand development and loyalty. A
user in Australia can post a forum message about
a specific product or brand and that message can
be read by people in Canada.
Consumers realize their voice (i.e. opinion)
has power and they use it to share their experiences.
Customers want value, customer service and a
quality product. Demanding a premium for superior
customer service has become more difficult.
The most successful brands have an emotional
connection to their consumers.
Example:
Mountain Dew is thought of as young and cool due
to their x-games and snowboarding sponsorships.
Brand Erosion
Brand erosion is both an opportunity and a challenge.
The opportunity exists for small companies to
challenge the large brands.
The market has shifted: consumers have the power
to help brands they like succeed and challenge
brands that they do not like.
Brand identity can be difficult for a small business
to build. A brand is more than a logo or font.
Brand is about image and reputation. Brand is
about an entire experience.
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