What Is A Brand?
A Brand is an intangible asset used in business, marketing, and advertising that creates a unique identity among people. We cannot see or touch it, but it has its own value that identifies a product or service of a company. In the ocean of competitors, branding helps entrepreneurs to get identified in the marketplace with its unique features.
The brand is recognized by the people with its logo, name, tagline, design, and even by the influencers whom it uses for promotional activities. A Brand gets registered trademarks legally to protect the sole identity of its products or services and does not allow other firms to copy or use them.
Types of brands are corporate, personal, product or service.
Branding is the set of processes to create an identity of a company’s products or services to reach a huge number of people’s minds. It fabricates the unique value in the customer’s perception. When people see or hear your brand’s name, it tells the story behind the company and its features that will be remembered forever.
What Is A Concept?
A Concept is an abstract idea that arises in a mind to accomplish a specific task. The cognitive capacity of a human mind generates a concept in the form of building blocks in the mind.
This building block represents the inputs in the form of ideas, information, values, by which these are combined and manipulated to bring a concept that satisfies the given problem. The idea generated is transformed into a concept that helps the business owners to test its practical applicability.
What Is A Brand Concept? – Meaning
Brand Concept is an abstract idea consisting of several components that shows the unique personality of a brand. When a person perceives a brand it must express a distinct character that is entirely different from other brands.
An effective branding strategy makes the audience feel different on a positive note so that it makes a valuable return in the business. Some of the components that include in the brand concept are Brand name, Brand Identity, Brand Image, and Brand personality, etc…
Importance Of Brand Concept
According to statistics, 89% of consumers relate to brands that share the same values as them. This says that the brand must create value for the customer. But to reach the customer, a branding strategy should be well-designed in such a way that customer receives it.
Therefore it is important to write the brand concept, by which the customer feels the brand to be a better choice when they compare with the others. The elements that you’ll include in the brand concept reveal the different aspects of the target audience. Hence you need to devise your strategy accordingly.
The branding manager of a company is responsible to determine what to include and not include in a brand concept, depending on the type of business. Before publishing or adding it to the marketing collateral, the marketer will write all stuff that should be included in the brand concept and document it.
Let us see all the components of a brand concept in detail.
Components Of Brand Concept
It is the unique name given to the product or service of a company. It is different from other brand names that would be single or multiple words, which resembles the product features. Also, it can be a compound word like Google, Instagram set by the owner of the company to make the word remarkable forever.
Brand personality is a set of characteristics of a brand that is similar to humans. When a consumer perceives a brand with its different set of characteristics, he or she can relate to a brand and get an emotional connection.
Brand awareness means, how far the brand has reached the audience worldwide. If more people are familiar with the brand, it creates interest to buy a product, which drives more sales to the company.
Brand equity refers to the value of the brand, which tells the recognition and reach among the people. This value differentiates from the normal product that prevails in the market.
Brand loyalty shows how long does the consumer is attached to the products or services. It is attained by the long-term engagement of the customer which is determined when they repeatedly purchase the brand’s product.
Let us know if we missed out on anything in this article brand concept and share your thoughts in the comment section.