There are many aspects that have a solid impact on the way businesses worldwide need to do marketing in order to create a brand out of their product. Nowadays just marketing a product is not everything until you turn your product into a brand so that its target market can instantly recognize it through its logo or tagline, for example.
Entrepreneurs and aspiring CEOs of the future need to devise a strategy as how to make their product or service a hit and give it the treatment it deserves. There are many ways that a digital marketing company can create the awareness in this regard. Brand vitality is one aspect that is important in this regard so that a company can make full use of it.
Brand managers can offer several benefits to companies in giving them the much-needed boost to their product. Following are 4 of them which are termed as measures of brand vitality which can be aptly used by marketers to come up a winning marketing plan.
- Top-of-mind unaided Awareness
This is the first step as without this nothing else matters. The primary impact of any marketing communication is to increase awareness about any product or service. Brand awareness is highly correlated with brand favorability and quality perceptions. It is like the stepping stone for a marketer to offer the next step.
- Perceived Value
Put it like this; value has a numerator and a denominator. In other words, there are a number of benefits delivered for a certain price. That ratio of benefits to price should deliver better value as perceived by the target customer. Else all this practice will be of no use.
- Perceived Accessibility
People must perceive any brand to be easy to find, purchase and use. This is one of the many critical aspects that can make a brand stand out. This is especially important for consumer products, retail dependent brands and other brands highly dependent upon distribution. You need to make sure your product is turned into a brand. This is highly improbable in the early few weeks of the campaign but you need to bank on it.
While the number and location of distribution points is important to this measure, so are hours of operation and the number of permanent/part-time employees, for example. That is why we measure this as the overall perceived ease of purchase and usage.
This is quite an obvious one as if you want your customers to be your life-long customers, you need them to be loyal to your brand. In this way, through word of mouth, the loyal customers can spread awareness about your product. Just through social media, you can see amazing results in this regard. Gaining the loyalty of a new customer is approx. 5-10 times more costly than to retain a current one. An expert marketer can offer new companies great strategies in this regard.
There are many strategies/aspects to the brand vitality but I have mentioned just 4 of them. You can always go through all of them and can share your experience with the readers of this blog by using the comments section below.