Every business or every identity is a brand itself. By definition a brand is just an identity of something. Commonly, it is believed that brand is only something with prestige involved in it. A brand or a brand image is just something with a name that can be distinguished from others.
Brand and Differential Effect
According to American Marketing Association, the brand equity is actually a differential effect brand knowledge may have on customer response towards marketing activities of a company. The differential effect is all about creating difference. If someone can distinguish between two similar-priced products of different manufacturers, then differential effect is there.
Differential effect always exists when an individual can distinguish two products in relative terms. Consequently, the higher the differential effect will be, the higher will be the brand equity. Both these are directly related to each other.
Customer Based Brand Equity
Customer Based Brand Equity (CBBE) is a new term is building brands. Customer based brand equity is a combination of three major components; differential effect, brand knowledge, and customer’s response. The concept of building brand is misunderstood that most of our clients don’t even know the basic terminologies of it. For instance, brand knowledge, brand recognition, and brand image are primary elements in building a brand knowledge.
Brand Image – A Challenging Task
To be very specific about brand knowledge, there are two further sub-categories; brand awareness and brand image. Brand image is basically a perception of individuals about the brand’s attributes or benefits. Moreover, it can also be defined as the difference between the desired image (manager’s points of view) and the actual image (customer’s point of view). Building a brand image is one of the most challenging tasks for brand managers.
We Love Challenges
Being a challenging task, building brands is one of Freedom Media’s specialty. We have startups gain recognition in the market. Our team of professionals focus on building brands. We offer special services to businesses who really want to make things get successful.