If we are asked to name brands that comes to our mind within a minute; we will not choose, rather name the ones with greater brand value. Top 10 brands which are an integral part of our lives are :
- Amazon
- Apple
- Uber
- Netflix
- Youtube
- Gmail
With everything including traffic being online, brands have subscribed to the digital mode. The number of audience on the internet has increased remarkably during the pandemic; which is why the brands that didn’t have an online presence suffered terribly.
The popularity of the above mentioned brands is so much, that people have started using the brand names as phrases. Instead of saying ‘search online’ people say ‘Google it’, ‘Netflix and Chill’ is a mood defining phrase, WhatsApp has replaced the traditional messaging mode, and ‘Insta-worthy’ has become an important criteria for pictures. People use or see these brands without realising the impact it leaves behind. Factors such as reliability, performance, innovation and Marketing has helped these brands to evoke extreme consumer reactions. You either love the brand or you hate it. The emotions that these brands generate is so strong, that it has the potential to change a want to a need. For example: Google has managed to establish itself as trustworthy brand. Even if someone doesn’t like Google, he/she has either used it or will use it at some point in their lives.
The brand value or the financial worth of a company is a reflection of its ability to influence the consumers through product/service or promotion. The higher the brand value, the larger the audience’s awareness. The brands which are listed above, they all command high brand value. This is because a lot of factors; Facebook for instance, is constantly developing and growing its business. It bought Instagram and Whatsapp, all of which has billions of users individually. Amazon has an e-commerce website, an online music streaming platform, video streaming platform, e-reading, payment option etc.
Both Facebook and Amazon, in their own way has tried to expand their market and reach to a larger section of the audience. This has resulted in more visibility and increased in conversations about the brand. Premium brands like Apple which mostly targets the millennials, has a high brand value because of the quality and features of its products. Even if you cannot afford an Apple product, you know about an iPhone or a Mac book. Apple has managed to create an atmosphere of luxury and exclusivity around its products, and consumers keep demanding more of it. For Apple, premium pricing works in its favour as consumers want to ‘show’ their products, and value it as an investment.
Although each brand is different in its own way, there are a few commonalities between the above mentioned brands. All these brands allow the users to connect or socialize, and need internet for better functioning. Amazon allows people to shop, read, watch whatever they want or feel is trending; this helps the audiences to connect better globally. Similarly, WhatsApp gives users the chance to reach out to people, send pictures and talk.
Every brand is different when it comes to target audience, mission, vission and ideologies. For instance, Netflix targets 20-40 age group primarily, it operates online so the marketing is mostly done through social media. Google on the other hand is completely different and has a broader target audience.
Thus, creativity and development are two primary factors which help a brand in establishing a good brand value.
Shivangi 