Brand equity is usually referred to as the name of the company in the market which is more than the records of the company. Brand Positioning is used by marketers for projecting brands to differentiate with the competitors among customers. Building and maintaining brand plays a critical role in the communication between companies and customers.
Product Differentiation for Brands
Product differentiation involves developing something that is bigger and better than other competitors which can be distinguished easily. Product Differentiation can create a big difference in the decision making of consumers in the market. Creating brand that is having distinct features clearly helps customers getting attracted to the products.
Market Segmentation of Brands
As far as brand is concerned with targeting the right customers and market segmentation is also important. A benefit of the product which can be distinguishable from competitors for each segment of the market will make the brand message clear to the customer. Often lower price and higher quality in the segment can make customers feel confident in buying the product.
Customer Loyalty for Brands
The customer loyalty factor is closely related to the brand position and brand equity. As far as communication of brands are concerned customer loyalty should be the ultimate goal. Every customer having loyalty will be having an emotional bond with the brand. This loyalty can be build up using various methods by providing unique customer experience. Having a customer base of loyal customers is the foundation of many businesses.