Creating the concept of brand value is a strategic perspective for businesses. The returns of a product being offered for sale in the market under a brand name and being offered for sale without a brand are different. Businesses have recently become more conscious about creating brand value. The reason for this is that businesses with brand value are clearly distinguished from others in a positive way. Managing the brand value of businesses paves the way for their continuity and development.
Contributions of Brand Value to Organizations
Nowadays in the marketing world Businesses in the top ranks are those with brand value. This brings financial success for the brand. Brand value, It can move the business forward with the sales force it brings and the financial input it brings. But this issue should not be viewed only from a financial perspective. Brand value, It creates a communication bridge by revealing the perceptions between the business and the consumer. Consumer feelings, satisfaction and feedback give respect to the brand. A strong brand should be in the mind of the consumer. The consumer needs to distinguish and remember the brand from its competitors. This situation gains consumer loyalty to the brand over time and strengthens the likelihood of the brand being preferred. At the end of the day, the consumer wants to choose the brand because he values and is attached to the brand rather than the price, quality and function of the product.
Brand value is formed as a result of certain variables. In this context, we can divide brand value dimensions into four headings. Brand awareness, perceived quality, brand association And brand loyalty can be listed as. Let's take a closer look at these four variables.
The Effect of Brand Awareness on Sales
Consumers; They may have information about the brands of products that are outside their areas of interest, that they have not researched before, or that they have never used. This is due to brand awareness. Thanks to popular and positive word-of-mouth transmissions, brands can reach beyond their target audience. Brand awareness, It is very important to be the first thing that comes to the mind of the customer who has decided to buy and will start researching. Consumerremembers the brand thanks to a positive comment he heard about the brand before. He will start his research with the same brand again. The likelihood of purchasing the first brand that comes to mind is also higher than other brands. If he uses it and is satisfied with it, he will give positive feedback to those around him. Awareness is the beginning of consumer interest in a product and represents the first step towards purchase. In short, it is the first leg of the relationship established with a brand.
Quality Perceived Differently from the Concept of Quality
The concept of quality is one of the basic concepts in branding. There is no continuity of poor quality product or service. Consumers cannot be loyal to the product and therefore to the brand if they are not sure of its quality or are not satisfied with it. In order to achieve continuity and remain preferred, quality must take its place at the top.
Quality evokes the concept of superiority for the consumer. It serves as a criterion at the level at which it meets their expectations or needs. But perceived quality The concept is different. It is formed in the way it is positioned in the minds of consumers, apart from objective and objective data. If the consumer ignores the real numbers and shows his loyalty to the brand, he will turn to the product that he considers to be of high quality. Perceived quality, It can take shape according to the consumer's motives, intentions and satisfaction.
Subconscious Brand Association
Brand association and brand awareness There is a connection between. Actually brand association It can be said that all the values in the brand that first come to the consumer's mind are activated. It is the collection of brand-related entities in the consumer's memory. For example, there are certain symbols among the reasons why a cosmetic brand first comes to a person's mind. Like the smell it smells from the environment or the brand's vegan content. Unique and distinctive brand association strengthens brand value.
Showing Loyalty to a Brand
brand loyalty, The bond that the consumer establishes with the brand then begins to take shape. The important thing in brand loyalty is not to shop frequently from the brand. It is the consumer's persistent desire to choose the brand he is loyal to, despite the competing product offering better options or cheaper prices and higher performance. At this point, the consumer prioritizes satisfaction rather than needs. The continuity of a brand that has managed to create this loyalty with its consumers is possible. This situation, which will have a positive impact on sales, is important for brand value.
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