What Are The Factors That Affect Brand Perception?
Branding is the process by which a business utilizes the existing reputation of one particular product or service and leverages it to promote another similar item in the market. A brand is a word, phrase, design, logo or whatever else that clearly identifies one product or service as different from those of competitors. It helps customers distinguish an item with the help of a label and make them aware about the existence of another item with a similar feature or design. A brand, therefore, is a key aspect of a business’s identity and its marketing strategy. It helps customers to distinguish your brand from the rest, and also plays an important role in brand building.
A unique brand that is successful in marketing largely depends on three things: its brand equity, its uniqueness and its longevity. Brand equity refers to how the existing brand name relates to consumers’ needs and preferences. It can be established by analyzing consumer behavior patterns, observing consumer behavior in various settings, using surveys, and looking at brand loyalty programs and reward programs. Different companies might have different brand equity values; however, the values should generally be in line with the consumer experience.
A unique brand, on the other hand, is one whose characteristics set it apart from other brands. A distinctive brand will stand out above and beyond the competition, establishing a level of superiority over and above similar brands in the market. Unique brands provide consumers with only positive experiences and create brand loyalty, which is a key ingredient for leading a successful and profitable marketing campaign. Thus, a strong bottom line is dependent on strong and reliable brands; and innovation, creation and dedication to the quality of brands are also critical factors in this area.
The third critical aspect in brand equity and reliability is perception; this refers to consumers’ overall impression of the brand, including how customers see it on their own, in association with other brands and in various price and context-based categories. A brand’s perception, therefore, is more important than its actual performance in the market. Brand perception, in turn, is affected by brand packaging, promotional activities and target audiences. This is where things like packaging, logos and value proposition come into play.
One of the best ways of building trust and loyalty in the market is through the identification and recognition of brand assets. Assets refer to those elements that help people identify your brand with ease and feel comfortable associating it with your products and services. Examples of brand assets include a logo, quality products and services, and an efficient distribution system. The stronger a brand’s assets are, the more easily it is able to build brand equity. Brand equity and loyalty are closely linked, as they are based on perception; assets help people perceive your brand to be relevant and consistent with the rest of the pack.
One of the other important factors that affect brand perceptions is social media. There has been much research and analysis on how social media and online branding affects consumer attitudes toward brand names. Overall, it shows that social media tends to increase negativity towards brands but that this negativity is not always true across all industries or segments. Social media also tends to create a sense of community around brands and their products and services.