Brand names can be defined as a unique combination of name, term sign, symbol, logo, design. Through this every product can specify their brand. It represents the overall identity and reputation of the brand. A brand goes with the tangible element such as personality, and sometimes the emotional connection established in the consumer mind.
If the brand is strong then it builds a positive emotion in the mind of the consumer. Brand managers can build trust and it’s also different from the competitor . And also it creates customer loyalty. A brand promises the customer quality, reliability,and unique value that the customer can expect from the brand.
Brand names can have a significant impact on consumers in several ways:-
- Recall and recognise:- Brand can be established and it creates a sense of recognised and familiarity. People can be more trusted with those products which can have a strong brand.
- Perception of a quality:- In the mind of every consumer can build a perception of a brand. A strong brand can have reliability and high performance. If the consumer is more willing to pay a higher price for a product of a trusted brand on the basis of better quality.
- Trust and credibility:- Brand name establishes the trust and credibility of a consumer. A brand always promises that they can maintain a positive relationship with their customer.
- Emotional connection:- Consumers can build an emotional attachment with their trusted brand. Some brands can have a unique personality that allow customers to get attached with the brand.
- Word of mouth:- In the matter of marketing, the word of mouth is very much important. A strong brand can encourage a positive word of mouth. Satisfied customers can say positive toward the brand.
Why do marketers care about brand names so much ?
- Differentiation and Competitive Advantage:- Brand is always different from the other product. Consumers have to differentiate the product from different brands. If any marketer has to sell a strong brand. Then they did not worry about the competition.
- Repeat purchase:- If you can sell the strong brand then customers always want to purchase your product. Positive experience of such a brand can help people get more attached toward these products . And more people purchase it or repeat purchases.
- High price :- If you sell the branded item then the consumer can give the high price. Because the consumer can be emotionally attached with the particular product.
- Brand Equity:- If your brand can be more successful than it generates brand equity. Brands have more value and they contribute to the overall value. It includes customer loyalty, brand recognition, and positive brand association.