Like I stated in my introductory segment of this topic, I made mention that humans have frequent needs as well as occasional needs in life and in many cases, these human needs arise in seasonal behaviours or some other change factors. In respect to this, it is okay for one to also say that they are varied in a number of ways such as day-to-day living needs, social needs, health and medication needs, contemporary lifestyle needs, to name a few. According to this need-based market segmentation, the brands are diversified in different sectors such as personal care, home care, commodities, entertainment, healthcare, pharmaceutical, luxuries, and services.
COMMON ELEMENTS OF A BRAND
First of all, when preparing to build a powerful brand, there are eight essential elements one should include in values listing and they are listed below:
- Brand Name:
This is what the people get to see everywhere. It must be as simple and memorable as possible, meaningful, easy to pronounce, and unique.
This can be anything from a piece of text to the abstract designs. It may be entirely unrelated to the corporate activities. It must be relevant to the product or service, iconic, and attractive.
This is how the seller communicates with the consumer. It can be professional, friendly, or formal. It builds consumer’s perception about the brand.
It must be pleasant to hear and hum, relevant to the product, easy to remember, and easy to understand over a large age group to connect the consumer with the brand.
It summarizes overall value proposition. It should be short, easy to remember, and catchy. For example, KFC’s slogan is “Finger-Lickin’ Good” and Britannia’s is “Eat Healthily, Think Better”.
It needs to be catchy and advertising, drawing people to see the product inside. Also, it needs to be compact, yet attractive.
- Universal Resource Locator (URL):
It forms the domain name on the internet. A seller can register all prospective variations of brand name URLs or can buy the existing URL of a business.
It is a special symbol, either still, animated, or real-life entity such as an animal or a human character. For example, Vodafone’s Zoozoo characters are played in its
Another factor to be considered when planning to build a powerful brand which I will love to discuss is what is simply termed as the ‘Brand Awareness’ and the following measures depict the extent to which a brand is widely known among consumers which are the actual awareness:
- Association Anchors: Depending upon the brand strength, associations can be attached to the brand which influences brand awareness.
- Familiarity: The consumers familiar with a brand will speak more about it and thus, influence brand awareness.
- Substantial: Consumers’ review on brand brings substantial and strong commitment towards the brand.
- Consumer’s Consideration: At the time of purchasing, the consumer looks for a particular brand.
Away from the brand awareness and being my last in this series, I will love to add that one other thing one should bring into the picture here is the exact ‘how’ a consumer will or should perceive the product in terms of the product quality because it is no news that a failed product which is the content carried through branding have it all to say about a brand and how far it can go and grow.
It is the extent to which a brand is believed to provide quality products. It can be measured on the following criteria:
- Quality: The quality itself is the reason to buy.
- Brand Position: This is a level of differentiation as compared to competing brands. Higher the position, higher is the perceived quality.
- Price: When the quality of the product is too complex to assess and consumer’s status comes into the picture, the consumer takes price as a quality indicator.
- Wide Availability: Consumers take the widely available product as a reliable one.
- The number of Brand Extensions: The consumers tend to take a brand with more extensions as a measure of product guarantee.
See you next time when I return to another interesting topic and more on Branding and Brand management…