Brand name is an important strategy when it comes to product marketing. Well known brands are those that have lasted over the years and it usually follows that the longer a brand has been standing the higher the quality it offers. This is viewed as so because of the logic that: No Brand Can Last if it is Not Well Loved by Its Customers.
Companies have either one brand under them or multi brand that they monitor closely. It could be the name of the company itself or it could be something different. An example of this is that of a famous car company that has been around practically since the time cars were invented. They market their cars under their name which is the same as the company itself. They have lasted as long as they have because people associate their name with experience and quality, and of course, the company has never faltered in the quality that they offer their clients.
The company also has several other products that they sell with different names. The brand names of their other products have become well known in their target markets because of their association to the company name. In short, this company has marketed itself not only with the use of their long years of experience, but also with the strength that their main brand name has built.
Like Brands and product names, Brand Metrics are also a very important strategy in marketing. Brand Metrics can be made to measure how a certain company brand is doing in general or how it is fairing with the competition. Most of the time, companies neglect the importance of this. Brand Metrics often melt into the Company Performance Metrics as a whole. Some companies think that their general performance would be enough to gauge their success. What they don’t see is the fact that different brands under the same company can perform differently.
An example that presents the need for the implementation of brand metrics is one of a Publishing House. This Publishing house can have several names under it. These names may cater to different demographics. One brand could be that of a women’s magazine while the other is a sports magazine. These are two completely different markets and the company’s performance cannot be quantified as a whole. Each has to be reviewed in order to get a good idea about how that brand is performing. Brand Metrics could also be established to compare one magazine brand to competing brand names in the same market.
Brand names and Brand Metrics should not be taken for granted. A good name could be made to sell itself. But, no matter how good it seems to be faring, performance reviews for it should never vanish into the computation of the company’s performance as a whole. It should have its own set of Brand Metrics in order for the company to have a specific view of its strengths and weaknesses.
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