The branding terms and awareness your brand has is how familiar your target audience and the general public is with your brand. High brand awareness is often referred to as "popular" or "trending." If you're not aware of a brand, you can't consider making a purchase from it.
The personality of your business is known as its brand identity. With your brand identity, you make a promise to your customers that they will have the experience you provide whenever they interact with your brand. Your brand identity is made up of the ways in which you communicate your products and services, your company's values, and how consumers feel when they interact with your brand.
When companies extend their brands to develop new products in different markets and industries, it's called brand extension. Martha Stewart Bedding is an excellent example of brand extension. Companies and individuals can leverage equity and brand awareness by diversifying their product lines and creating additional revenue streams.
Once you create your brand, it is important that you maintain it as best as you can. Brand management focuses heavily on your tangible brand characteristics, such as the way you package your products or the color schemes you use when marketing, though it also deals with characteristics that are intangible, such as the perception of your brand by your customer base. It is important to think of your brand as an ever-evolving asset. You need to manage it to get the most out of it.
Can a consumer recognize or identify your brand without ever seeing your brand name? If so, you have strong brand recognition. The ability to recognize a brand might come through a tagline, logo, jingle, advert, or packaging. We often talk about a brand recall, which is the ability of a consumer to think about a brand without any visual or auditory identification.
Do customers believe in your brand? If so, how strongly? Do you make promises when marketing that you deliver on? Do you provide customer service that exceeds expectations? Only 25% of people are confident about large businesses in today's world. It is important that you do what you can to create a sense of trust with your customers.
The commercial valuation your brand derives through recognition, perception, and trust is known as your brand valuation. Brand valuation is very similar to brand equity. If your brand is powerful, potential investors, buyers, and shareholders will see it as an invaluable asset.
Use these terms to create a brand that is effective and measurable. As always, make sure to sign up for our subscription newsletter at Gold Level Marketing using the box above.