Choosing Brand Elements To Build Brand Equity

Choosing Brand Elements to Build Brand Equity
Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity. These brand identifiers a brand identifiers. Brand identification can be done through various ways; for example, Unique Selling Proposition (USP), Logo, Style, Bra Ambassador, Etc. Brand elements facilitate the process of consumer brain mapping and play a key role in building brand equity. Consum of time are able to identify the brand through brand elements. The idea is to develop brand elements, which can properly communicate a its point of difference from competing brands.
There are various factors, which add to a good brand element. Brand element should be such that they can have a great recall power; fo eaten apple, it steadily identifies with brand Apple. These sort of logo stays in memory for long time. So the brand element should be suc easily recalled. Another factor is significance and application, is brand element conveying either of this two for consumer? Significance h brand element should be suitable for that given product category. Consumer should not be left guessing about brand by looking at the element. Another factor for a good brand element is design and appearance, of course it depends on produ company is operating (industrial product v/s consumer products). For example, Apple products I-pod and Mac, design and appearance a would be attracted towards them.
Another factor is the application of brand element. For example, Virgin, this brand is applicable to airlines as much as to financial services, on other hand, Toys r us, this brand can only be valid to sell toys, games, etc. In this globalize world it is very important to respect diversity and culture. A word or symbol can have various meanings, for example, Swastika symbol is associated with Nazi's movement but in India symbol means luck. So the choice of word or symbol should not be without research. Another factor is flexibility; an openness to change. This flexibility could be in the form of demographic, society, etc., for example, TV ads during the super bowl show Asian, African American, Hispanic drinking beer together, even though football is all American game. The reason been American society has a good mix of people from different race and culture but has a strong passion for the game. Ads15 years never showed this kind of mix of different race and culture. The last important factor is intellectual property rights, brand element should have a legal cover from piracy and copiers in which countries they operate. The most elementary part of brand element to achieve brand equity is the brand name . For example, in meeting a stranger, a formal introduction starts with name, so that next time you see person again you greet her by name. Similarly brand name can convey much about brand itself, example, Pepsicola or common name Pepsi. Brand name is easy to remember and recall making pronunciation easy for non-English speaker. Brand name could also be suggestive into what brand is offering, for example, Kentucky Fried Chicken. The brand name itself is sufficient in conveying that for fried chicken KFC is the brand. Another elementary part is the brand slogan because it can again convey the whole existence of brand. For example, Wal-Marts slogan is Save Money Live Better; it conveys lot about offering at brand stores. But again as time change slogan also have to evolve. Earlier Wal-Marts slogan was Always Low Price, but in tough economic times the new slogan is more relevant. Packaging also plays important part as brand element in building brand equity. For example Kelloggs cereals; its packaging as evolved responding to modern needs (healthy diet) to new technologies. It can be easily concluded from above the importance of brand element in creation of brand equity. Various elements like brand name, packaging, slogan symbol individually and collectively play important in creating long lasting impression and relation with consumer.
Brand Name
Brand name is one of the brand elements which helps the customers to identify and differentiate one product from another. It should be chosen very carefully as it captures the key theme of a product in an efficient and economical manner. It can easily be noticed and its meaning can be stored and triggered in the memory instantly. Choice of a brand name requires a lot of research. Brand names are not necessarily associated with the product. For instance, brand names can be based on places (Air India,
British Airways), animals or birds (Dove soap, Puma), people (Louise Phillips, Allen Solly). In some instances, the company name is used for all products (General Electric, LG).
Features of a Good Brand Name

A good brand name should have following characteristics: 1. 2. 3. 4. 5. 6. 7. 8. 9. It should be unique / distinctive (for instance- Kodak, Mustang) It should be extendable. It should be easy to pronounce, identified and memorized. (For instance-Tide) It should give an idea about products qualities and benefits (For instance - Swift, Quickfix, Lipguard). It should be easily convertible into foreign languages. It should be capable of legal protection and registration. It should suggest product/service category (For instance Newsweek). It should indicate concrete qualities (For instance Firebird). It should not portray bad/wrong meanings in other categories. (For instance NOVA is a poor name for a car to be sold in Spanish country, because in Spanish it means doesnt go).
Process of Selecting a renowned and successful Brand Name

1. Define the objectives of branding in terms of six criterions - descriptive, suggestive, compound, classical, arbitrary and fanciful. It Is essential to recognize the role of brand within the corporate branding strategy and the relation of brand to other brand and products. It is also essential to understand the role of brand within entire marketing program as well as a detailed description of niche market must be considered. 2. Generation of multiple names - Any potential source of names can be used; organization, management and employees, current or potential customers, agencies and professional consultants. 3. Screening of names on the basis of branding objectives and marketing considerations so as to have a more synchronized list - The brand names must not have connotations, should be easily pronounceable, should meet the legal requirements etc. 4. Gathering more extensive details on each of the finalized names - There should be extensive international legal search done. These searches are at times done on a sequential basis because of the expense involved. 5. Conducting consumer research - Consumer research is often conducted so as to confirm management expectations as to the remembrance and meaningfulness of the brand names. The features of the product, its price and promotion may be shown to the consumers so that they understand the purpose of the brand name and the manner in which it will be used. Consumers can be shown actual 3-D packages as well as animated advertising or boards. Several samples of consumers must be surveyed depending on the niche market involved. 6. On the basis of the above steps, management can finalize the brand name that maximizes the organizations branding and marketing objectives and then formally register the brand name.

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Choosing Brand Elements to Build Brand Equity

Features of a Good Brand Name

Process of Selecting a renowned and successful Brand Name

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