What is Brand All About?

Here we discuss about Brand.

Brand is the set of positive or negative attributes that people consider, think and perceive about a company’s business. Positive Attributes include Innovation, Trustiness, Effectiveness, etc. Negative Attributes include Lower Quality Products or Services available at Cheaper Price Rates, Poor Customer Service, Outdated Techniques, etc.

A Brand’ Name is very important for successfully establishing a new business because, the image, value and credibility are much needed to build loyal customers and for continuity of the business growth.

In building a strong Brand, Brand Management plays an important role.

What is Brand Management?

Basically, a Brand Management is a term which is used to protect the image and value of an organization’s brand in customers’ minds, thoughts and perceptions.

The main Objective of Brand Management is to protect and safeguard the image and value of an organization’s brand in customers’ minds, thoughts and perceptions. To create good image of company’ brand, any problem faced by customers in using the products or services are solved immediately or try to solve as soon as possible. For Example, if lower quality or defective Air Conditioners Colors are delivered to customers, then this problem is solved by replacing defective Air Conditioners Colors with Higher Quality Air Conditioners Colors in order to protect and safeguard the image of Company’s Brand.

For Start-UP Entrepreneur, a brand‘s name should be created from the formation of the Company’s Name.

An Entrepreneur can develop brand by creating value for his / her customers that satisfies customers and customers are willing to buy the products again and again on their needs. The value is created through Quality Products at Cheaper Rates, Good Customer Experiences, etc.

For Example, If customers buy one complete set of Cups, there is an offer of 50% discount. This discount offer attracts customers and creates a good value of company brand.

A Brand is also created through Advertising, Sponsorships, Public Relations, Banners, Support of Social Causes, etc. All of these communications modes are used to create a link between a company and customers. Such a connection between a Company and its customers helps in creating a strong relationship between them. The Customers will become well aware of the company products and they will be informed of any updates about company’s products straightway. In this way, entrepreneurs create a good image of organization’s brand if the information spread to them is true and clear. It also creates credibility between company and its customers and ultimately the brand of the organization will rise in the customers’ minds, thoughts, feelings and perceptions.

Good Past History of the Entrepreneurs plays an important role in creating a strong brand of the organization. Company’s Achievements and Performance, how well the company started the business at the formation of the business, etc. are the key factors in building strong brand of the company.

Brand also increases the market value of a firm. This market value is very important from the point of view of acquisition or merger of a firm. Raise in Brand increases the market value from 50% to 75% approximately.

The company can create positive buzz in customers’ minds. Positive Buzz means creating awareness of products and services and a sense of anticipation and participation about company offerings in customers’ minds.

When the companies launch new products or services, new offers about purchasing products through advertisements, sponsorship, newspapers, magazines, seminars, webinars, etc., they are basically try to create awareness, anticipation and encouragement among their customers to buy their products and services and hence the company will raise its brand’s name in the customers’ minds.

A Brand’s name can be positive or negative. If it is positive, then it is an asset for the entrepreneur and encourages mostly customers to buy products or services. But if it is negative, then it will damage the credibility of the company’s brand and customers lose the confidence in the brand and hesitate to buy products or services.

So, we can say that brand is the most important marketing tool for capturing customer value and satisfaction of customers’ needs and get greater return from those satisfied and loyal customers. Briefly, we can say it is all about Brand.