In the world of marketing, brand image is an important aspect. The success or failure of a business can depend on this image. Generally, a brand does better business when it gains a positive brand image in public. Similarly, a negative brand image in public perception can bring devastation to the business.
For this reason, most companies spend a lot of money to develop a positive brand image in public. However, many people don’t understand what brand image is. Let’s take a deep dive and learn how does brand image work and what are the advantages and disadvantages associated with it.
How does it work?
Brand Image is a public perception by which anyone can determine the quality of the brand. As an example, the brand “Rolls Royce” is known as a luxury car brand. Or, the brand “Tesla” is known as one of the best electric car brands. In a competitive business environment, a positive brand image can help a company in many different ways.
Brand image widely depends on public perception. Hence, any positive news associated with the brand enhances its positive brand image. Similarly, any negative news associated with the brand creates a negative brand image. For this reason, positive and negative reviews can influence the brand image heavily. Brand image depends on various factors including the price, performance, and reliability of the product or service.
Developing a positive brand image is quite a difficult task. The business needs to devote lots of effort to make this image. They need to build reliable products or services and need to back them up with quality customer care. However, Irresponsible activities of the brand can diminish this image quickly.
For this reason, most companies around the world work very hard to maintain their positive brand image. A brand image helps the customer evaluate a brand easily. It is a fact that most people prefer to purchase a product or service from a company that has a positive image.
Advantages of Brand Image
The brand image helps a company build its perception in public. Over time this perception develops a public opinion about the brand. As a result, the public can trust the brand. The trust and faith of the customers is an important aspect of doing long term business.
Another benefit of developing a positive brand image is that the company can sell multiple products under one brand. In a long run, it saves the company from lots of expenditure.
Disadvantages of Brand Image
Many people believe that developing a positive brand image guarantees success. However, the reality is quite contrary. The public perception is quite finicky. Negative news or reviews about the brand can diminish its brand image quickly. For this reason, every company regularly invests heavily in positive brand image development programs.
Sometimes, these investments put pressure on the company’s product development and service delivery system. Hence, excessive reliance on brand image development can slow down the growth rate of the company.