Brand analysis: peculiarities of evaluation
Brand analysis is necessary to understand whether a business is headed in the right direction. Not every company name becomes a brand, but it is a status that should be aspired to. For example, Apple has reached a level of recognition and trust from consumers that they hardly need to advertise their products, and people are willing to stand in line to buy them.
Before conducting a brand analysis, it is important to understand the goals of the process. In this case, the study is comprehensive, assessing not just a combination of letters or words, but the message that the name carries, and its impact on consumers. When choosing a name, a company focuses on several important factors – it should be simple, easy to remember, and evoke positive emotions in people. Let’s go back to the example of Apple – in a survey of respondents, most said that this word is associated with joy and pleasure.
Marketing brand analysis also includes the logo and its combination with the name and slogan. Each of these elements should be a continuation of each other, then a harmonious picture will form in people’s minds. A good move to attract the attention of consumers would be to create a legend of how the name of the company originated, and its interpretation, presented by management. Even the simplest word can be played around with so as to interest users. When analyzing a brand, the sentiments of the target audience should be taken into account. An example of this is the huge number of companies whose names contain references to their favorite books or songs. Such facts are always of interest to consumers. A phrase from a song, the name of a famous scientist, or the name of an ancient god – this information already exists somewhere in most people’s heads, and marketers simply bring it to the surface and associate it with a particular business. As a result, the brand is remembered and the level of trust grows.
A brand analysis includes a set of tools, an important element of which is the opinion of the target audience. It is not enough to find a simple word, it is necessary to wrap it in a successful idea that will translate the values of the company and help promote it. Then it is necessary to check how consumers will perceive the idea, and it is important to take into account the peculiarities of nationalities, cultures, ages, and other factors. When choosing a methodology for brand analysis, it is important to understand whether your name is relevant to the market and whether it is relevant. The long-term success of your business depends on the extent to which the idea behind the name reflects the mood and needs of the audience. It’s a good idea to look at your competitors’ brands and their value-added mechanisms.
