In this modern era, Branding has emerged as the top most priority for every management. Brands are the most valuable intangible assets of an organisation which is to be offered to the targeted customers. Customer opinions are the most influential than ever what people think about a particular brand. Now, the question arises here are as follows:
What customers feel or predict about a particular Brand?
What are their opinions about the goods and services offered to them?
Also, how do customers compare with other rivalry brands existing in the market?
What do you understand by a Brand?
According to the American Marketing Association , Brand is defined as “A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for a brand is a trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is a trade name.”
According to Boulding(1956), People don’t react to reality but perceived reality. Several authors defined a brand as a concept of brands as an association in consumers’ minds.
Keeble (1991) states that “a brand becomes a brand as soon as it comes in contact with consumer”.
Let us understand by an example:
Why people prefer a brand like MERCEDES, BMW, AUDI or any other luxurious car instead of an economical range of car ????
What is so different about of having such a lavish car than an economical one?
Ok, let me answer this question…
The brand itself says it all? Isn’t? Well, the perception of people among these brands made them rise in their actual world of the automobile industry. Every individual have their own perception. Virtually perception for a particular brand is based upon how the consumer perceives about the relative performance of a product or service of one particular brand with the other competing brands.
Considering the above example of Mercedes, BMW, Audi and many lavish cars what excites you the most for these cars?
THE BRAND NAME ! AM I RIGHT OR WRONG?
Let us talk about the strategy adopted by MERCEDES.
The very first strategy adopted by Mercedes was that the brand positioned itself as a player in the NICHE SEGMENT which reflected as a symbol of STATUS, LUXURY, and COMFORT. As well as putting all the efforts for its standards of safety, quality, innovative drive and most importantly visual appeal really helped in creating a PERCEPTION OF A BRAND among the customers.
How perception of the customers can be analysed ?
• What you think of your brand doesn’t matter but what people think really matters. It becomes really important to know consumers perception for a brand and try to change inappropriate perception into appropriate perception in order to what the brand image tries to convey to the targeted audience and grasping the chances of tracking what people are perceiving wrong .
• It becomes really important to know different type of targeted group of customers by their reviews, feedback etc. via online social media.
• An impression which is honest and correct in the terms of customers viewpoint plays a vital role in analysing the brand perception.
• Market research for a brand helps in administering the true identity. But sometimes methodologies for the research conducted may have some loops which may result in inaccurate opinions and feedback.