I was asked very recently over a online chat as to what I understand by Brand Equity. I said it is the value of the brand both tangible and largely intangible. A brand can survive changes as the image, attributes, goodwill it has changes over time. Hence we have to invent ourselves as Brands.
What a Brand does now may not be different much from what it did six months ago but it certainly would be different in every 5 years if not a year. The vital part in a brand is brand associations but the problem many brands face is that they are extremely hard to change.
Reinventing the brand is equal to repositioning it. It takes a lot of time and money and all this has to be visible. So one has to first understand change . Then the Brand has to engage the people involved to develop a new skill sets and implement them.
Brand has to change slowly and not have high expectations out of the change. The results will take time.
A older a brand becomes higher would be its intangibles and a new brand will have tangibles which are valued higher than its intangibles. - A Brand Rule.
A Brand which remains Static while the world changes dies. And this happens even though a brand by nature is immortal.
So when the time for change comes, a Brand has to Grab it. No change means no growth. Both are synonyms.
By Ninad Tatke.
What a Brand does now may not be different much from what it did six months ago but it certainly would be different in every 5 years if not a year. The vital part in a brand is brand associations but the problem many brands face is that they are extremely hard to change.
Reinventing the brand is equal to repositioning it. It takes a lot of time and money and all this has to be visible. So one has to first understand change . Then the Brand has to engage the people involved to develop a new skill sets and implement them.
Brand has to change slowly and not have high expectations out of the change. The results will take time.
A older a brand becomes higher would be its intangibles and a new brand will have tangibles which are valued higher than its intangibles. - A Brand Rule.
A Brand which remains Static while the world changes dies. And this happens even though a brand by nature is immortal.
So when the time for change comes, a Brand has to Grab it. No change means no growth. Both are synonyms.
By Ninad Tatke.
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