Branding has moved on from just product branding. Today it has encompassed all activities of the organization. Brands are striving to deliver similar or desired experience to the customer at each touch point.
The biggest question in front of marketing managers today is how to build the brand equity. Brand equity isn’t a function of mass advertising and keep hitting the customer with the same message but an understanding with in the company and by customers what the brand really stands for.
Brand Equity
Brand equity is something which a voice mail responder to chief executive officer of a company contributes to at every stage. Brand equity is the sum of brand perception that includes quality of products or service delivered, way they are delivered, customer satisfaction rate, financial performance and overall image of the brands in the eyes of the customers.
Brands today not only has to do with advertising message, publicity but also with what services the brand is offering, how it is offering, what types of employees are hired and how they are contributing to the overall brand. For example as youth brand Virgin can ill afford to hire old people or people who require requisite jest to communicate the brand message at every touch point.
Today branding is a strategic activity rather than just a marketing differentiator. Consumers associate with a brand because it communicates certain values to them. People associate Volvo because the brands stand for safety, number of other cars provides similar safety measures but Volvo communicates to the customer that the paramount thing on the company’s mind is its customer’s safety. So people on whose priority list safety tops they can associate themselves to Volvo.
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