Foremost, consumer perception, which includes both knowledge and experience with a brand and its products, builds brand equity.
A company's brand personality elicits an emotional response in a specific consumer segment, with the intention of inciting positive actions that benefits the firm.
Examples of Brand Personalities There are five main types of brand personalities: Customers are more likely to purchase a brand if its personality is similar to their own. Examples of traits for the different types of brand personalities are as follows.
Excitement is synonymous with a carefree, spirited and youthful attitude. Sincerity is highlighted by a feeling of kindness, thoughtfulness, and an orientation toward family values. Ruggedness is thought of as rough, tough, outdoorsy and athletic.
Competence, in the mind of a consumer, is considered to be successful, accomplished and influential, highlighted by leadership. Finally, sophistication makes a brand seem elegant, prestigious and sometimes even pretentious.
Luxury brands, such as Michael Kors and Chanel, lean towards sophistication. Their brand personality focuses on an upper-class, glamorous and trendy lifestyle, which attracts a high-spending consumer base.
Choosing Brand Personality A company's brand personality should not be confused with its imagery. A company's imagery is a series of creative assets that communicates the tangible benefits of its brand.
Conversely, a firm's brand personality directly creates an emotional association in the mind of an ideal consumer group. It is extremely important for a company to accurately define its brand personality so it resonates with the correct consumer. This is because brand personality results in increased brand equity and defines the brand's attitude in the marketplace.
It is also the key factor of any successful marketing campaign. In order to choose a brand's personality, companies consider the five personality types and select the one the company wishes to convey.
If, for example, a new outdoor apparel company wants to resonate with consumers, the natural inclination is to create a brand personality that is rugged. However, it is possible that the company's competitor may have already positioned itself as the rugged outdoor apparel brand.
Instead, the new apparel company can position itself uniquely in the mind of the customer by adopting a brand personality of sophistication.
This differentiates the brand as an upscale, high-end option to outdoor apparel, which attracts a specific type of consumer.how the Disney brand reaches their success in terms of some main sources of their brand equity like brand awareness, brand images, as well as brand elements.
Most Words: — Pages: 6.
Their source of brand equity comes from NIVEA Crème, which is their best selling product. The NIVEA brand is best known for care, protection, mildness, reliability, simple, and pure.
Consumers continue to purchase and trust this product based upon the quality they gave come to know. The brand image and source of equity does vary across product class. Brand equity is a value that a business holds or receives through Brand awareness,peoples perception,competitor advantages,brand recognition & advocacy.
In simple terms, Brand equity means a company has successfully differentiated itself from other products in the market through superior product.
This view suggests that brand equity arises from the strength and favorability of the two components of consumer-based brand knowledge structures: brand awareness and brand image. Brand awareness relates to the strength of a brand in memory, and the likelihood and ease with which the brand will be recognized or recalled under various conditions.
Aug 22, · The sources of brand equity typically are either financial, brand extensions or consumer-based perceptions. Identifying and measuring brand equity allows for better income and cash flows or converting the brand equity into goodwill.
The Indian e-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second largest e-commerce market in the world by India’s e-commerce industry is expected to grow from US$ billion as of to US$ billion by India’s.