The value of a brand
By Paulina Vázquez | 21-Sep-2021
Building a brand is a crucial step in the success of a business. A brand must be able to identify goods or services over the competition, so it must evolve with consumer behavior.
Until recently, a brand only sought to identify a product or service, today, however, the development of a brand aims to make potential consumers identify you as the only provider of this product or service. That is why the brand strategy is a crucial part of the marketing plan as it is one of the main tools to create and develop a relationship with potential customers.
Previously, brands referred to logos or phrases, but their evolution has now worked with a monetary value or a value from the perspective of society. Branding and differentiation are important in a world where there are endless products or companies in different sectors or trade channels such as physical selling points or online sells.
The value of the brand was based on the idea that the products of a “recognized brand” with a good reputation were better than the products of those brands “without recognition”, which could even be confused with how much the owner invested in advertising, leading us to believe that “less publicized or unknown” brands were synonymous with low-quality products and / or services.
However, the real value of a brand, nowadays, is found in caring for customers, the emotions that it transmits, the rewards to customers and, above all, the freedom that customers have to know the options that the market offers them. The value is acquired by a brand over time through the association that consumers make with the satisfaction of the needs for which that brand was chosen.
So the correct choice of a brand can help you generate recognition, generate a private label, present and promote the attitude of your brand and even help its growth and exponential evolution; all this in conjunction with the attitude that the brand itself has towards the consumer.
Once your brand is positioned, even if it has not yet reached the sales volume of its competitors, if it achieves that the consumer gets to have a better perspective of it than of the competition, this will place it at the top of mind, which will generate a capacity for exponential growth and evolution.
IP, Trademark Processing and Application, Trademark rights, Maintenance and Consulting, Famous and Well Known Trademarks, Administrative Law
Paulina is a lawyer with extensive professional experience in public and private initiatives, with more than six years of experience in IP and administrative law.
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