How to Build Top Brands with Strong Brand Equity
Tips for Successful Branding, Marketing and Business Success
May 25, 2009
In the current competitive market, there cannot be a substitute for effective branding tactics in order to ensure the success of a corporate organisation. For a product or service to do well in the market it should be able to connect with consumers and communicate its unique qualities to create a positive impression in the minds of consumers.
Products or services cannot however create strong brand equity on their own unless there is a creative effort on the part of brand managers and marketers to have consumers bestow on a product, service or corporate organisation, the desired brand image. As observed by Rajiv Grover and Marco Vriens in their publication, Handbook of Marketing Research (2006), the value of a brand and its equity for that matter, is derived from the words and actions of consumers. The following are the essential steps for building strong brands.
Introduce a Quality Product into the Market
For a brand to be successful and have strong brand equity, it has to first of all possess strong qualities that attract the attention of potential consumers. It could be through labeling, packaging, delivery or the value it offers first-time users. A positive evaluation of a new product by consumers is a good step towards building strong brand equity.
As stated in a publication headlined, “Brand Equity” published by NetMBA.com, a website operated by Internet Centre for Management Business Inc., “When developing a new product, branding is an important decision. The brand can add significant value when it is well recognized and has positive associations in the mind of the consumer.”
Monitoring Marketing Trends and Competitors
In order to build a strong brand it is important for marketers and corporate organisations to constantly monitor industry trends and market conditions. “A strong brand always stays current and relevant. Failure to move with industry or technology shifts can take away from brand equity,” says NetMBA.com.
The monitoring of developments in the market should include finding out what competitors are doing. NetMBA.com’s publication emphasises the need to track competitors by stating: “Good product managers should be constantly aware of how the competitive landscape is changing so that their products can be differentiated from competitor products.”
Building Good and Consistent Brand Image
Brand equity can be built by constantly improving products and services and maintaining a good brand image. Improving on the image of a brand or what is described as “Brand Fortification” helps in reinforcing the place of a product in the minds of consumers and thus enhancing the building of strong brand equity.
Consistency of Branding Message
Using a consistent brand message is an essential element for building strong brands. Such messages enable consumers to easily remember a brand, its qualities and what they (consumers) cherish about it.
Customer Feedback on Branding and Marketing Strategies
Rajiv and Vriens emphasise the consumer’s place in all marketing and branding efforts in their Handbook of Marketing Research by asserting that: “The real power of a brand is in the thoughts, feelings, images, beliefs, attitudes, experiences...that exist in the minds of customers.” It is therefore necessary for brand managers and markers to always obtain and analyse customer perceptions on products and services being offered as well as their perceptions on all branding strategies.
It is important for organisations to always strive to build strong brand equity but doing so requires effective marketing and branding strategies which include the introduction of quality products, monitoring marketing trends and competitors, building a consistent brand image, having consistent brand messages and doing regular customer feedback analysis.
Readers may also read: Using Integrated Direct Marketing Strategies.
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