Outline the seven types of brand elements and discuss how each type of brand element
can contribute to customer-based brand equity.
By the term brand equity, the value of a brand is meant, and the emphasis of brand equity is a matter that deserves much attention and care (Fernández-Ruano et al., 2022). It is referred to as a premium value generated by a company from a product with a name that can be recognized if compared to a generic equivalent. The companies can create the equity of a brand of the products manufactured by them if they make their products memorable in the minds of the consumers. That brand’s products can be easily recognized and superior in terms of reliability and quality. The consumers’ brand equity consists of seven elements that are explained below.
Awareness: The awareness of a brand refers to the percentage of the audience or industry who are aware of the brand’s existence. It is a term related to marketing that describes the extent to which consumers can recognize a product by the name of its brand. The development of awareness of a brand is a chief step in the promotion process of a new product that has recently been launched in the market or is going to be launched. Brand Awareness is also essential for the revival of a brand or a product that was old. The awareness of a brand ideally is the inclusion of the qualities that can differentiate that brand from the competitor brands manufacturing the same type of product (Lim. and Guzmán 2022).
Reputation: Consumers’ awareness about a brand does not mean that they have a positive mindset. Hence creating a good reputation for a brand is also a crucial step that the marketers should consider. The brand owners need to know whether their product is considered premium or not. Therefore the reputation of a brand is the way the consumers feel about the quality of your brand. And the way the customers and stakeholders look at the specific brand, company, and market. If a brand name is favourable, that means the customers have faith in the brand and the product and its services to make the customers feel good and take pride while they are purchasing the product (Molinillo et al., 2022).
The capability of a brand to create an exclusive name that differentiates it from the other hundreds and thousands of competitor companies supplying the same product is essential for a company. Even if the brand has low awareness, it will still have a possible degree of equity if it has a distinguished personality or the capability to stand apart from the crowd of other companies. It is a procedure adopted by companies who seek to give their brand recognition of being unique and highly superior compared to the other companies. To distinguish their brand from the other competitors producing the same type of products, a company needs to include certain attractive features that the competitive companies do not have (Rua. and Santos 2022).
Energy: The energy of a brand is an idea that enhances the zeal of creating a value and experience of the brand along with the systems of stakeholders. The power of branding is the capability of a brand to channel the customers’ minds by constantly updating its features and giving the customers new and attractive offers and services of the products, which arrests their attention towards the brand and prevents them from deviating their minds towards the other brands. To maintain the brand’s energy and give the customers a feeling that their product is the best according to its suitability, a brand needs to constantly update and upgrade its products and services following the present demands of the market (Szczepanski et al., 2022).
Relevance: If a product or service provided by a company isn’t of any value to the customer, then it is of no use. Therefore a brand should produce products or services that have demand and requirement in the present time, and it is a highly relevant product according to the customers. Therefore, to make a product and services relevant, a particular brand has to assess the present demands and requirements of the common masses and design their products and services accordingly.It is also the capability of a company to get attached with the emotions and feelings of the people and develop a personal priority in the minds of the consumers (Santos et al., 2022).
Loyalty: Loyalty of the customers towards a brand refers to the association that is positive towards a specific product or service.The consumers who are devoted and attached towards a product or service of a brand exhibit their loyalty towards the brand that is demonstrated by the purchases which are repetitive in spite of the efforts of the competitive company to erode it away. The different departments of the agency of marketing scrutinize with careful watch the style and approach of the purchasing of the customers and plan strategies to create a relation with their consumers by the way of customer service that is active. The companies collect data and analyze them on the habits and behaviours of the spending done by the customers to understand in a better way the procedures to market their products and services.
If the visuals of a brand and its strategies can be accommodated with ease and without much problems to reflect the evolution of core values, pay attention to the needs of the customers in a market that is showing transformation that is without rest. With the expansion of the capacities and its competencies the company needs to include that in the strategy of content in it and assure that it is reflected by the visuals. As the brand is expanded, it also requires to compare the products that are new and innovative to the values of the company and keep a check whether the aims are in an align with them and whether they require to manipulate and modify their values that are existing.