WELL-managed brand systems are not just for decoration. They are value drivers that allow for companies to grow their brands even in saturated markets.
The secret of success in brand management lies in brand perception and value creation. As we live in a world of overabundance, consumers often find it difficult to properly assess the value of a brand and what they have to offer.
A perfectly managed brand allows for customers to join the dots and discover the brand value beyond the price point, which develops into brand awareness and appreciation.
How does your brand measure up? Here are the four stages of Brand Value Management to gauge if you have the qualities to be a great brand.
1. VALUE CREATION — Building a brand starts with value creation. This is the prerequisite for effective brands and branding. Companies must offer compelling benefits to consumers beyond what the competitors have to offer – consistently and verifiably – to become a purposeful and perfect brand.
2. BRAND PERCEPTION — Only what is perceived creates value. Such values can only have an effect if customers see and appreciate them. Some companies are not even aware of their own strengths and benefits, and therefore do not position themselves effectively – to seize their full advantage.
3. BRAND APPRECIATION – This is a prerequisite for selling. As soon as customers size-up up the brand, they must have a sense of it’s brand worth. It’s value vs price. How much am I willing to pay? And if the perceived value is higher than the asking price, then a potential
sale can be done.
4. VALUE ADD — Finally, when customers are happy to receive more than what they pay for, then a bond of trust and relationship is built between buyer and seller. This value surplus beyond the price point, is what creates the brand value of a credible and successful brand.
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