11/15/2009
Previous | Next | Issues Home | Career Corner | Health | Personal Finance
Brand awareness is the recognition of a specific brand name or logo, along with the traits associated with that brand. It is difficult to benefit from having a brand unless consumers are aware of the brand and the traits associated with it.
What is a Brand?
A "Brand" helps position a product in the marketplace. Brands are often linked to things that are key motivators when a consumer is considering a purchase. In other words, a brand may be what makes a consumer purchase one product rather than another. A strong brand will convey the values you want associated with your product or service.
Brand preference
Brand preference is when preference is given to one brand over competing brands, or to a recognized brand over unfamiliar brands. Brand reputation often influences consumer choice. Buyers often prefer one brand over another because they admire the traits associated with the preferred brand.
Brand equity
Brand equity is the value associated with the brand. It is often difficult to assess the value of brand, because much of a brand's equity is the goodwill established with or perceived by consumers.
Brand recall
Brand recall simply refers to the ability to recall specific details associated with a particular brand. Part of building a successful brand is being able to have consumers recall the traits associated with your brand. The easiest way to have a brand recognized and recalled is from repetition. This is why advertisers will so often repeat certain phrases associated with a specific brand over and over.
Quality guarantee
A successful and well-known brand will often reassure the buyer with an implied quality level. A perceived level of quality is typically associated with a brand. Take the company "LL Bean" for example -- LL Bean is known for their impeccable customer service and a great returns program. There is a perception that if someone purchases something from LL Bean, not only will it be of high quality, but any issues or problems that arise after the purchase will be dealt with quickly and without problem.
Dynamic branding
Branding is dynamic and constantly changing. Every interaction that a customer has with a brand can impact their opinion of that brand. As a result, it is important that such interactions be consistently positive, as this will help build a long-term customer relationship.
Brand extension
Brand extension is the act of taking an existing and established brand and lending it to a new product. Brand extension is beneficial, but can also be dangerous. Extending a strong brand to new product lends that new product an automatic level of credibility... but if the new product is inferior or not up to the customer's expectations, the brand's reputation can be damaged.
Branding helps differentiate products. Learn how to use branding to establish your product in a niche.
Sharon Housley manages marketing for FeedForAll, software for creating, editing, publishing RSS feeds, and podcasts. In addition Sharon manages marketing for RecordForAll, audio recording and editing software.
© 2009 Sharon HousleyThe views and opinions expressed in these articles do not necessarily reflect those of College Central Network, Inc. or its affiliates. Reference to any company, organization, product, or service does not constitute endorsement by College Central Network, Inc., its affiliates or associated companies. The information provided is not intended to replace the advice or guidance of your legal, financial, or medical professional.