A brand is a name, term, symbol, design or any other feature that makes different your goods or services from other sellers. It is used for marketing, for advertising and for business recognition so that they can create their brand equity for an object, for the customers, shareholders and owners. Generally brands are distinguished with the name of the store brands. Most of the people thought that brand is a name of any product which is popular among the people like Nike football or Van Heusen ladies bags, etc. But this not what brand is about. Here the name Nike and Van Heusen is the brand as they not only sell a particular product but they sell a variety of product with using this brand name.
In modern era, it is a concept of expanding your business or marketing and communication techniques which make a company different from their competitors with a goal of making a lasting impression in the customers mind. Also a brand valuation is important. It is a monetary value to your brand which allows marketing investment to be managed properly. This further increase shareholder value. However, it is very important to have customer trust on the brand. This is purely depends on behavior and performance of the brand as well as with their stakeholders. Communiacation plays a vital role in making the trust of the audiences on the brand. For making a good brand it needs to be properly managed and owners should keep the basic points in their mind. It is a huge responsibility of the owner to make their brand aware among the audiences. This needs to be strategized with a proper research.
The key points that make a brand are:
- Brand’s Identity- its a visual identity through which customers make an impression in their mind such as logo, design, color, etc.
- Personality- this include the characteristics and qualities that make it different from their competitors.
- Product Design- designing of your product through which it displays what the product is about. It also includes logo and trademarks.
- Brand Communication- communicating with the customers about your product and expanding your brand identity.
- Brand Awareness- telling customers about your brand so that more and more customers buy your product.
- Brand Loyalty- it is a feeling of buying the same product repeatedly because of an positive image in the customers mind.
- Brand Management- it is about managing of your brand properly with an aim to achieve its objectives while using some efficient strategies.
To make your brand identity good then the brand owner has carefully mange their brand to create a good market value. However, making a brand is not an easy task. It needed to be properly looked upon as well as properly researched about the customers and the products they wanted to buy from the market. Also the owner should also have good image identity which differentiate its from rest of the companies. Hence, a brand is made successful when its customers have a positive image in their mind.