In the contemporary market, three essential characteristics are required to manage the brand − brand identity, brand image, and brand positioning.
Brand identity is nothing but the belief fostered by the brand, its uniqueness and key values. A brand has an identity when it is driven by a goal different from competing brands and is resistant to changes.
A strong brand identity can be built when you have answers to these questions −
● What is the brand’s unique aim?
● What is the brand’s distinguishing feature?
● What need is satisfied by the brand?
● What are brand’s values?
● What is the brand’s field of competence?
● What is making the brand recognizable?
Brand image is the set of beliefs, real and imaginary shortcomings about the brand developed over a time and held in the consumer’s mind.
Brand image is built using communication media such as advertising, publicity by mouth, packaging, online marketing programs, social media, and other ways of promotions.