Almost everything these days is available in a branded version. There are cola brands, electronics brands, clothing brands, car brands – in fact schools and educational institutions are branding themselves and so are people. You will find that independent consultants in any field need to make a brand name out of themselves to succeed. An interesting example is a famous dog behavior psychologist who works for celebrities and is known only by his first name now in Hollywood, on Oprah, throughout the USA. Brands set them up to rival other brands in their segment and in a sense ‘take them on’ by retaliating to their every move. This happens in telecom, colas, cars and many other sectors.
But what they are all fighting for is something called ‘mind share’. It is a similar concept to market share except that it is used to name a brand that becomes almost synonymous with the product or service sold. It is the highest possible recall value in a customer’s mind, which means that he or she will buy only your product or service. Let’s see what effect a good brand name will have on a customer’s behavior.
Inspires confidence –
A brand name tends to inspire trust in the product or service because the customer feels that ‘it sounds familiar’. It makes the customer think that this is an established product and this carries connotations of higher quality. Further, it makes people assume that a number of others have trusted and used the company’s products.
Sets a standard of expectations –
The customer will buy the product with a higher set of expectations from it. He or she will assume that due to its good brand name, the quality of the product is better and set a higher bar for its performance standard. The customer is more likely to be disappointed and put off the brand for good if the product develops problems early in its life.
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