Definition of Brand Assets
Brand Assets are the consistent signals that make it quite easier for the consumers to recognize and identify the brand and recall the associations related to the consumer and the brand. They are a set of unique elements of the brand that make it more familiar and distinguished giving the brand an edge of exclusivity and distinctiveness in the market and in the minds of the consumers, and when such unique elements are tied back to the brand working as its integral part, they are called as Brand Assets.
They are quite indifferent from the product features, functions, and the unique selling propositions of the brand and in fact, Brand Assets are quite valuable to the brand as they are used to assess on how established and unique the brand is to the consumers.
Below mentioned is the list of unique and distinguished Brand Assets that works as the core elements of the brand
Types of Brand Assets
- Brand Name
- Advertising Style
- Celebrities endorsing the brand
Advantages of using Brand assets
They are a very crucial and vital part of the brand management and offer the host of advantages to the brand mentioned below:
1. Unique Identity:
Having the Brand Assets that are distinguished in nature gives a unique identity to the brand in the market creating an emotional connection with the consumers. With the unique colour palette, mascot, tagline, and other such brand elements, the consumers recognize the brand with just one look amidst the tough and growing competition.
2. Competitive Edge:
With the market policies, business dynamics, and the ever-growing competition in the market with the onset of the new brands, the brand gains the competitive edge in the market owing to the fact that the consumers very well recognize the brand and are aware of its assets, values, strengths, and the offerings of product and services.
3. Customer loyalty and more profits:
With the higher level of brand awareness and the superior and aesthetically designed brand assets of the company, the consumers always prefer to go with the brand that is always in the sight and is known to their family, friends, and social circle; hence, there is a higher amount of sales of the products and services offered that gains higher amount of profits resulting in the customer loyalty.
Examples of Brand Assets:
Whenever we think about the beverage brand Coco-Cola, there is an instant recall of its brand colours having a bright red background and the brand name written in the white shade over it in a curvaceous font. It works as one of the vital assets for the brand with the high recall factor due to its consistency of using and showcasing the same brand elements in all the packaging and marketing and promotional tools.
The sports brand Nike has a swoosh logo with the brand slogan of ‘Just do it’ and both the elements are quite distinctive in their identity and works perfectly for a sports brand. The swoosh element or a mascot is recognized even if it is without the slogan having a strong recall factor.
The famous burger brand and an eating joint outlet are quite popular all across the globe and the golden arches in the logo depicting the first alphabet of the brand are well recognized by the children’s and adults alike.
What is Brand Asset Management?
The concept of Brand Asset Management is a holistic approach towards the entire brand management including the tools to preserve, manage and communicate the brand’s DNA, assets and the brand standards.
How to manage the Brand Assets:
To start with, the brand needs to have a distinctive and a catchy logo, a font family tree, and an inspiring palette of colours that are curated especially for the brand as its core elements. Also, they need to be in line and tandem with the goals and objectives of the brand and the company as a whole.
The marketing and the branding department needs to organize the brand assets such as name, logo, slogan, tagline, mascot, and typeface amongst other crucial brand elements in a professional manner by formulating the corporate identity rules, guidelines, and regulations that showcases when and how to use the above-mentioned Brand Assets. At the same time, it is also important to know the difference between the files and the Brand Assets of the organization.
Consistency is the key in the Management of the Brand Assets and it is vital to use the same assets in all the marketing collaterals such as brochures, leaflets, hoardings, signage’s, print advertisements, television commercials, and digital and social media creative’s along with the packaging to have the consistent message across all the media and marketing channels. Doing this facilitates the registration of the Brand Assets and its elements in the minds and psychology of the consumers that results in the increased brand awareness and the higher recall value.
It was always beneficial for the brand to rely on what the consumers think, feel, perceive, and say about the brand and its uniqueness as compared to the competition in the market. The same can be done by conducting the primary and secondary research. Another significant point to be noted is to never really rely on the marketing department about the brand assets and their uniqueness as they tend to be biased.
It is always important to have a competitor check on what are their Brand Assets, core elements, values, ethos, and strengths as it should never happen that the one company’s Brand Assets have a similarity to the ones of the other company, especially the one that is contemporary of the brand. Hence, it is essential to conduct the market study along with the competitor research to avoid such aforementioned situations.
If the brand wishes to introduce a new element to the Brand Assets, it should be in line with the current ones and should match and be in parallel with the brand objectives.
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Very insightful read.