SUCCESS STORIES OF BRAND EQUITIES
By Fajar Parvez
A handful of brands enjoy such unparalleled level of equity which becomes fruitful for the brand in the long run. Brand equity reflects the value of a brand in the eyes of the consumers in the form of a well-known brand name. Strong brand equity transforms into soaring profits, expansive market share and an edge over the competitors.
Companies like Walmart and Apple have found ways to propel their brands’ share of mind of the consumers and consequently unflinching brand equity. Unfortunately, many companies still struggle with discerning the true importance of a strong brand equity. There are numerous examples of companies who were able to craft a brand equity so sublime, that it may take some doing for a brand to leapfrog it. One of them is Coca Cola.
To be the bridge between the legacy of a brand over the years while resonating with contemporary lifestyles is what Coca Cola has been doing all along. How could a brand of 131 years still remain deeply ingrained in the consumption patterns of many? One answer can be baby-like caring of the brand that instills innovation, compassion and which leverages the fruits of its success for the betterment of the society as a whole through various CSR initiatives. It has achieved the pinnacle of its brand image, brand recognition and brand name.
Not only this, Coca Cola has nailed the concept of “being at the right place and at the right time”. For example, it made the most of their sponsorship of the 2012 London Olympics where it managed to sell millions of its bottles thanks to a well-thought-out campaign and Direct Consumer Stimulants (DCS) all targeted towards its audience.
With a plethora of social networking platforms, the pursuit for relevance is even further accentuated through getting to know more about the deep intricacies, likes and dislikes of one’s own potential clients and customers. The likes of Instagram known to benefit the high-impact brands and social media, especially, Twitter for high customer engagement have all helped in maintaining a sufficient and appealing noise-level for the brands.
A well-planned, organized and directed customer service also plays a huge role in helping companies to revert customers for long and strong lasting relationship. Walmart can be considered the epitome of customer service. It recently patented a system of self-driving shopping carts aided with mini robots tasked to perform multiple duties just to facilitate and enhance the overall customer experience towards brand credibility and profitability.
Even though the marketing principle of “under promise and over deliver” may sound cliché, it is something which has really slipped on the priority list of marketers. It is always good to catch customers by surprise through over deliverance which can turn out in high customer loyalty. But you can bid adieu to hopes of high customer loyalty if customers are left wanting for more. However, it is also believed that unhappy customers, once re-serviced with an additional something are expected to show greater loyalty to the brand.
it is important to keep tabs on the current trends and needs of the customers. For examples, while some airlines prefer a standard user experience, Virgin America tries to remain ahead by tinkering with how an airline operates through an engaging lighting setup and security precautions delivered in an entertaining way. It stems from its efforts to make customer experience less boring and dull and more satisfying and inspiring as possible.
The quest to increase brand recognition can be aided through the use of carefully selected logos through which people could immediately connect and recall the brand. The red in the McDonalds logo to invoke lascivious feeling of hunger or the green in wholefoods to reflect its values for fresh and natural products are all part of this grand pattern. Needless to say, working on building a brand’s equity should be the utmost priority of brand managers otherwise all the efforts can turn out to be a gaffe without clear vision of where to lead the brand.
Fajar Parvez is a Graduate in Business Management from CBM, IoBM and has avid interest in marketing trends and brand communication strategies.
He can be reached at: email@example.com