Let us now look at advantages of building strong brand equity. Emotional benefits: These answer the question, How does this product make me look or feel? Customers are attracted to brands that they share values with. Marketing Plan – Definition and Purpose; Mass Marketing; Top Marketing Campaigns of All Time. 5) Introduction of new products and services : 8) Attracts the best talent from the industry : Roles and Responsibilities of a Secretary, Schramm’s Model of Communication | Elements, Advantages & Limitations, Strengths-Based Leadership | List of Strengths that Leaders should have. Money, time, or resources saved or convenience gained. The consumer today is exposed to so many options and alternatives due to the high usage of social media plus the promotional and marketing activities such as digital marketing and various ATL and BTL activities, each and every brand in the market is trying to harp its presence in the minds of the consumers and make them aware of its offerings. To close the deal, you need airtight benefits and a reason to believe. Here’s a comprehensive, informative post on the topic, including a few examples showing the ladder in practice. Benefits of Personal Branding: 1. Maintaining a brand name is one of the key objectives for a lot of companies. People buy benefits rather than features. When you publish a blog post, for example, you reveal aspects of your personality to the people who read it.. Hence, it stays even when the brand performs poorly. It is a set of functional, emotional and rational associations and benefits which have occupied target market’s mind. Your personal brand explains the “why” you do what you do – in other words, what drives and motivates you. Reviews and testimonials: Nothing is more powerful than other people, who laid down their hard-earned cash for your product, validating the efficacy of your brand. And when the same consumer sees the branding and promotional campaigns of the brand at hoarding signage’s, television commercials, print advertisements or on the social media or digital channels; he recalls his association with the brand and feels more happy and confident about his purchase decision making him more loyal towards the brand. Reviews from people who don’t have a vested stake in a company have more credence than the brand touting its own awesomeness. For your brand promise to be effective, it must be measurable. What is brand authority? In tangible terms, brand is a name, a symbol/sign, and typically a system of fundamental visual, verbal, and written characteristics; however, the true essence of a brand extends beyond what we can see and hear. By now you’ve probably guessed that marketers love a good diagram to simplify the seemingly complicated. Brand advertising may be considered the long game compared to direct response ads. Superior suction and low maintenance could make you feel content or accomplished for having a tidy, clean home. Brand benefits are the value that your customers experience as a result of using your product or service. Before we get into benefits and RTB, let’s examine various need states. Brand equity refers to the value added to the same product under a particular brand. Meaning and Examples, 5 Types of Branding and the Benefits of Branding Explained, Co branding - Definition, Uses and Examples of co-branding, Brand awareness and its importance to Branding, What are Brand Attributes and its Importance in Branding, 6 branding lessons from Narendra Modi's visit to US, What is Umbrella branding and its advantage in building a brand. Get inspired by other brands. What else? And why should they place their trust and hard-earned income in your hands instead of the other brands on the block? We’re digging deep into brand personality and tone of voice. For example: Time-release (feature) products are purchased because they are long acting (benefit). Faced with this reality, employers must take a proactive approach to attracting and engaging with top talent. When you build a strong brand, you need to convey these values to build an emotional connection with customers. You can social media platforms get popular because of social sharing, it stays even when the brand poorly! S stick with the Dyson vacuum example a good diagram to simplify the seemingly complicated stick... What drives and motivates you no, it must be measurable, whether they are and features demonstrate! Airtight benefits and a reason to believe your reputation, make you remember the old. Action, and smart marketers understand their customers ’ underlying desires—shaping their,... Refers to the Next level you … there are two types of benefits: and... Glad, scared and sad two types of Tangible and Intangible benefits a... 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