Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity. These brand identifiers are referred to as brand identifiers. Brand identification can be done through various ways; for example, Unique Selling Proposition (USP), Logo, Style, Brand Ambassador, Etc. Brand elements facilitate the process of consumer brain mapping and play a key role in building brand equity. Consumers over period of time are able to identify the brand through brand elements. The idea is to develop brand elements, which can properly communicate about brand and its point of difference from competing brands.
There are various factors, which add to a good brand element. Brand element should be such that they can have a great recall power; for example, half eaten apple, it steadily identifies with brand Apple. These sort of logo stays in memory for long time. So the brand element should be such that it can be easily recalled. Another factor is significance and application, is brand element conveying either of this two for consumer? Significance here means that brand element should be suitable for that given product category. Consumer should not be left guessing
about brand by looking at the element. Another factor for a good brand element is design and appearance, of course it depends on product category company is operating (industrial product v/s consumer products). For example, Apple products I-pod and Mac, design and appearance are such; anyone would be attracted towards them.
Another factor is the application of brand element. For example, Virgin, this brand is applicable to airlines as much as to financial services, on other hand, Toys r us, this brand can only be valid to sell toys, games, etc. In this globalize world it is very important to respect diversity and culture. A word or symbol can have various meanings, for example, Swastika symbol is associated with Nazi's movement but in India symbol means luck. So the choice of word or symbol should not be without research. Another factor is flexibility; an openness to change. This flexibility could be in the form of demographic, society, etc., for example, TV ads during the super bowl show Asian, African American, Hispanic drinking beer together, even though football is all American game. The reason been American society has a good mix of people from different race and culture but has a strong passion for the game. Ads15 years never showed this kind of mix of different race and culture. The last important factor is intellectual property rights, brand element should have a legal cover from piracy and copiers in which countries they operate.
The most elementary part of brand element to achieve brand equity is the brand name. For example, in meeting a stranger, a formal introduction starts with name, so that next time you see person again you greet her by name. Similarly brand name can convey much about brand itself, example, Pepsi-cola or common name Pepsi. Brand name is easy to remember and recall making pronunciation easy for non-English speaker. Brand name could also be suggestive into what brand is offering, for example, Kentucky Fried Chicken. The brand name itself is sufficient in conveying that for fried chicken KFC is the brand.
Another elementary part is the brand slogan because it can again convey the whole existence of brand. For example, Wal-Martâ€™s slogan is â€œSave Money Live Betterâ€; it conveys lot about offering at brand stores. But again as time change slogan also have to evolve. Earlier Wal-Martâ€™s slogan was â€œAlways Low Priceâ€, but in tough economic times the new slogan is more relevant. Packaging also plays important part as brand element in building brand equity. For example Kelloggâ€™s cereals; itâ€™s packaging as evolved responding to modern needs (healthy diet) to new technologies.
It can be easily concluded from above the importance of brand element in creation of brand equity. Various elements like brand name, packaging, slogan symbol individually and collectively play important in creating long lasting impression and relation with consumer.