It is believed in the business circle that a brand possessing high equity proves to be an advantageous one for its owner. So, if your brand belongs to this genre then you can count on its endless advantages. Now this may sound a bit confusing to you. Thus, to be specific, the primary merit of a high equity brand is that it accumulates enhanced percentage of market shares. Besides this immediate benefit, you will also be in a privileged position to enjoy your literally monopolistic hold on pricing, establish amplified customized consumer relationship, grab the attention of industry talents and enhance your stock rates considerably.
Defining a Brand
You might be curious to know exactly how you will define a brand. To be honest, there is a plethora of facets that need to be taken into account while defining a particular brand perfectly. Hence, the wisest practice is to include all these triggers while designing a Brand Development Model. If you follow this technique then you can remain assured that it will fetch you positive outcome.
A scientifically formulated brand model incorporates things such as the stage wise development of your brand and ways on how to measure the development of your brand in every stage. The model also suggests priorities you must take into account in order to move up the stages of growth. The priorities include strategic business and marketing plans primarily.
So, you can conclude from here that Brand Development Model is basically an analytical tool that uses already available data and established metrics in order to create a time tested framework that will be customized as per your requirements.
The Stages of Brand Development
There are several vital stages that are considered by the brand makers during the development of the same. These stages pin point towards different marketing priorities, which commence from creating a firsthand impression of the brand among masses and end with the establishment of a tier of customers who are loyal to that brand. Following are the pointers that determine the stages of brand development, thereby assisting the marketers with recommended algorithms and strategic planning necessary for brand management. Have a look.
Recognition of the brand
If the name of your brand generates universal feeling among the customers, then you can consider that you have won half the battle! So, boosting the brand name by advertising and publicity is your first duty.
Making the brand memorable
Your brand should be in ‘top of the mind’ of your clients. This will get you advantages when they decide to make a purchase. You can do this by educating the target market regularly on aspects like the type of your product/service, the offers it has and the merits it gives.
Trust building attributes
Your customers must have a faith on your brand and possess a feeling that you meet their preferences aptly. You can flutter systems of excellence rating so that you get aware of the areas where your customers believe that you need improvement and emerge as the most dependable one.
Your brand should be different from those of the competitors. The products should influence the emotional and functional decisions of your customers in order to make a distinct place in their minds. Functionally, it must integrate aspects like qualitative excellence and ability to meet preferences. Emotionally, the product must have specific characteristics like playful, corporate, masculine, etc.