Appco Group India: Brand equity Or Product attribute??

An era of advertising, which we live in, has opened the doors to brand building as never before. Today a particular product is better known with its brand image or brand element more than the actual product’s attribute itself. In a market situation like this, brand equities of different products will soar and fall in a flash. What remains is the brand awareness that the consumers have in their minds which is responsible for forming its equity.

However as the brand equity increases (classic/big brands), does the real attribute of a product get sidelined due to the marketing gimmicks, image and other advertising gimmicks! As a brand matures in the market, consumers start associating the product with its brand value or brand image. It’s no surprise that a food product gets identified with prefixes like ‘instant-meal’ or catchy phrases. The whole image of the product gets in the background and what survives is the brand association- all the factors that are associated with the brand like consumer’s perception, brand image, brand loyalty to name a few. The rise and fall of many brands have been a result of these factors.  We also come across many levels of a brand’s life cycle which is quite contradicting to that product life cycle. An age old or consumer favorite brand prevails irrespective of its market-age or even competition.

However many a brands falter in their lifecycle owing to many factors like competition, newer trends, market value etc and what impacts the brand equity more than anything else is the failed perception of the brand in the eyes of the consumer. Because it is the consumer ultimately who builds and collapses the brand equity in the market. In the long run, as far as the hype surrounding brand equity is concerned, it is up to the strategists to turn the tide towards the consumers and associate the product to their perceptions and preferences.

It can be fairly concluded that firms should revolve their strategies and focus around the brand and its association with the consumer for it serve as an effective medium to capture the consumer’s mind by recognizing the necessities and demands and recalling of the brand through various initiatives.

“A brand is as mature in the market as it is in the consumer’s mind”