Multisensory branding can establish distinct consumption experience by means of five senses, namely visual, auditory, olfactory, gustative and tactile. Customer’s judgment toward the brand could be influence by the multisensory experience. Branding activities engaged
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
Internal marketing Finally, management should ensure that the brand is marketed “internally” as well as externally. By this we mean that the whole business should understand the brand values and positioning. This is particularly important in service businesses where a critical part of the brand value is the type and quality of service that a customer receives. Think of the brands that you value in the restaurant, hotel and retail sectors. It is likely that your favourite brands invest heavily in staff training so that the face-to-face contact that you have with the brand helps secure your
This chapter presents theories within the field of brand equity, brand identity, challenges and opportunities of the approach how an SME should implement branding strategy. This chapter is structured as a conductor; it wills details border theories in the beginning to give an understanding of branding. The decision will then narrow down to theories that lighting the challenges of branding in an SME. 2.1 Choice of Theory The theoretical framework begins by discussing about three major elements to generate brand equity: brand awareness, association and loyalty. These concepts are providing a general understanding of branding.
2.7 SME Perspective As previously mentioned in many SMEs, the brand marketing activity, is often explained as an unnecessary expense rather than a possibility. However, new products alone are in most cases insufficient to encourage sales and add value in the long-term (Lassen, Kunde, & Gioia, 2008). It is fundamental that CEOs, managers and company owners take a long-term view on branding in order to build strong brands. Lassen, Kunde, & Gioia recognize the following guidelines for brand management in SMEs. 1.
Relationship marketing creates an emotional bonding between the brand and the customer wining their loyalty for quite some time. 2) From purchase to satisfaction and experiential rewards: Another significance of this shift is towards the post purchase satisfaction and service that the customer enjoys. It is critical that the brand delivers all the set expectation of the customer with same or improved consistency, every time the customer buys the product. Marketers are continuously working out various ways and means to increase this satisfaction level every time the customer uses the product. How can this satisfaction be raised, improved relentlessly?
Loyalty is one strategy that can be used to reduce perceived risk. While buying a product , a consumer assesses how well the attributes provided by different alternatives will satisfy their needs. When he perceives one brand to be higher in quality or need fulfilling than others, there exist a perceived brand difference (Van Trijp et al., 1996).This difference form a preference for a brand offering unique attributes and this preference generate Brand Loyalty (Dick and Basu, 1994; Muncy,
Secondly, any fixation on product attributes should be avoided. A strong brand usually goes beyond functional benefits as it focuses on developing an emotional brand that appeals directly to a customer’s needs and aspirations, like the Coca-Cola Company has been doing with its emotional commercials that are always related to bliss, enjoyment and happiness. Thirdly, the process needs to communicate brand’s identity to its stakeholders. In addition, it also includes brand equity measurement and goals, namely the premium value that a company can achieve of having a well-known brand name. Last but not least, the process must include a mechanism that ties global and local brand strategies together.
Both design and product have to carry the same level of quality and values. It is quite common that when the company says it is doing rebranding, what they actually are doing is creating a new fresh design not the brand. Markets are crowded with different kinds of visual elements and advertisements. The key for successful visual part of branding is consequence would wise from companies’ perspective to use logotypes and symbols in their communications with customers, partners and society. It has to be iconic, and include symbols of field, particular customer service and behavior complex.
THE VITALITY OF BRANDING Introduction In simple words “Branding” is the process of creating a unique, exclusive, and memorable identification of a product or service. The American Marketing Association defines a brand as “A name, term, sign, symbol, or design or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.” Professionals describe a brand as “Something that has actually created a certain amount of awareness, reputation, prominence and so on in the marketplace,” The essential requisite for creating a successful brand is the development of strong points of differentiation compared to the competition. These points of differentiation are called the “brand elements”. There is great mix