Brand association is the theme, image, or symbol that customers associate with your brand for example the dark color of Coca-Cola, the MS Windows sound, Nike Swoosh, etc. While brand associations may not be the reasons customers buy, they differentiate your brand from replicas. Brand associations are what clients relate your brand to. Customers must associate your brand with positive attributes.
Brand awareness is a concept used in marketing to describe the degree to which a product name is recognized by customers. It is often used to revive an older product or promote a new one. Ideally, brand awareness encompasses all the qualities that make your product stand out from its competition. You are likely to generate more sales if your brand awareness is on a top-notch level. It is a known fact that consumers spoilt for choices are more likely to buy a brand-name product than the one they are not familiar with.
This is the premium value that firms realize from a product with a popular name. Companies often develop a product’s brand equity by ensuring that they are reliable, super quality, memorable, and easily identified. Also, they can use mass marketing campaigns to improve brand equity. Customers are often willing to pay a high price for products with positive brand equity even if they can get a similar product from a competitor at an economical price.
A competitive business environment offers both opportunities and threats. Brand commitment is an effective and flexible tool that is used to determine the psychological relationship between customers and the brand. It estimates the potential of your brand and forecasts the threat of leaving to other brands. Brand commitment is important because it allows you to control the way customers perceive your company, product, or services.
Brand experience sums up the thoughts, reactions, and feelings that customers have towards your brand. It is a lasting impression that sticks to a person who has encountered or used your product in any environment. Today, brand experience is seen as a marketing tool. Also known as experimental marketing, companies now combine various tactics that are experience-centered to reinforce the identity and values of their brands.