Hello, Today, I’d like to look into questions like “What is brand?” and “How can it be worthwhile?” One of the biggest reasons for choosing that question is that it is the most frequently asked in search engines. It means that many people think about “how a brand can be worthwhile” and he conduct research. It will be a long article, so please take your tea or coffee, find a comfortable position, and read. If you’re ready, let’s get started.
Do you know that your brand’s identity, or any form of communication between your firm and the customer, either adds or takes away value from you? Believe it or not, your customers and the communication between you and them are meant to be everything. There are thousands of options in each sector. If there are hundreds of places to have tea or coffee, there are so many companies that you will get lost among the possibilities while purchasing a phone or household appliance. So, what can make you different from others? Of course, the quantity of your brand!
At this point, I believe it is necessary to briefly discuss the concept of “brand.” The brand’s most deciphered and well-known form is to communicate between the business and the customer through aspects such as letters, words, and packaging. A new brand is added to the market every day in Turkey. A new brand is added to the market every day in Turkey. Some successfully continue their journey, while others, like others, are deleted from the market. Of course, if you want to add value to your brand and not be deleted from the sector, you need to think about how you can make it worthwhile for your brand.
Nobody wants their company, which they worked hard to build, to fail, do they? Therefore, you should be aware that your brand you have implemented is valuable and you should act to increase this value. Therefore, I wanted to explain the brand concept first so that you can better understand how you can gain this value later.
Everyone has an identity, right? A card indicating that we are individuals with specific rights The same is valid for our company. Brand value is the element that shows that our brand has significant and distinct worth. If we need to state it succinctly without going into too many details, brand value relates to the company’s financial value. But ,is the value of our brand solely determined by monetary concepts? Of course not!
Which, in my opinion, are the most important elements of brand equity and which may be evaluated in a variety of ways are: communication with consumers, loyalty of customers, experience of users, etc. If your brand already has a value, it is also available to potential investors. It is important to pay attention to these points in order to establish a well-known brand in the realm of traditional commerce or, more recently, e-commerce.
What Are the Factors That Make Up the Brand Value?
One of the most appropriate explanations of the question is: “What is the value brand?” “It is the sum of the product elements that the consumer associates with and distinguishes from other brands.”Also, it can be summarized as “it is the sum of the aspects that have been identified with that brand as a result of past marketing investments made in the brand.”
If we take a close look at the aspects that contribute to brand value, we need to first investigate the “brand information.” It is possible to evaluate brand information as brand awareness and brand image in two main headings. Please, take a deep breath. Even though it seems like things are becoming more complicated, we’ll manage to finish everything. Let’s think about this issue just like a tree.
Now, the root of the tree is “brand value.” There are two separate branches that also come out of this root. The first is brand awareness, and the other branch is brand image. So, what was the brand value of that name? In fact, it is enough to state the whole of the values identified with the brand. But how about brand awareness? By stating the brand name that comes to mind for the consumer, we can sum up. We all immediately picture Starbucks, with its green logo and the aroma of freshly brewed coffee, when we say, “Let’s go for a coffee,” don’t we? Or which cereal do we choose when we want to buy breakfast cereal and it has a yellow packaging and cocoa balls? These provide an example of brand awareness.
Now, it’s brand image turns that we have coded as the second branch. If we say that brand image is a difficult issue, we wouldn’t be far wrong, since no matter what you do, it is practically hard to change how the consumer views and codes that brand. Perceptions about the brand generate the brand image in the consumer’s mind, which is expressed by remembering the brand associations. We’ll create another differentiation here. If you’re ready, we’re heading for five new titles.
The subject of brand image, more specifically, the branches of our tree are now divided into five new branches, the first of which is “qualities.” It is possible to say that the brand creates associations with certain traits in the buyer’s mind. Just like the fact that durability, solidity, and pricing are Mercedes for the customer’s mind. The second title is “Benefits.”. Brand, the benefits along with the qualities should also be remembered in the consumer’s mind. Just like a Mercedes, which is pleasant to drive, provides dignity to the owner, and has the connotation of a good performance car…
Our third branch, even our title, is “Company Values.” The brand should carry the characteristics of the company. Again, we can give an example of Mercedes, which is a well-organized and innovative company… The fourth and the most important title for me , “Personality” Each brand stimulates distinct personality traits. Just as those who prefer Mercedes represent people with middle age, regular income in mind. “Users” is our final title. A brand must have a specific target audience. In conclusion, a brand should evoke the type of people who will like it.
Why Are Consumer Attitudes and Behaviors Important for the Brand?
Another critical factor is “customer attitude and behavior toward the brand.” From the standpoint of decisively approaching the brand, this title is one of the aspects that influence the brand value of people who are present or potential customers. The consumer’s attitude toward the brand is critical in the value determination process. At this point, no matter how much profit the business makes, it cannot increase the value of its brand if it does not have the right communication with its customers.
The attitude shown to the brand and the image formed in the consumer’s mind may change in a way that is directly proportional to the brand’s evaluations. It is critical not just to the company’s business, but also to how it tackles social events in daily life. A social responsibility project in which the corporation participates can generate favorable feedback.
Your brand may be excellent, but how successful can you be if no one returns? At this point, we are confronted with the term “brand loyalty.” It would not be a wrong statement to say that we are constantly committed to the brand we prefer to shop for. An example of this is that you prefer the same clothing store every time you go shopping, or you always go to the same restaurant to eat.
The cost is not very important for the consumer after “brand loyalty” has been created here. The customer would always prefer to shop there because he or she believes the brand belongs to them. As a result, it is critical to be able to create customer brand loyalty.
To summarize, if you pay attention to these titles, your “brand value” will immediately rise. Each title contains critical information that will be discussed for hours. To avoid overwhelming you, I’m going to end this post here. Take good care of yourself, and I’ll see you in the next article.