Brand value. This simple two-word phrase is absolutely vital to your fashion business.
What is branding?
Branding is the process of creating a particular design, symbol or name that is immediately identifiable to consumers and distinguishes this brand from its competitors with a coherent theme that builds a loyal clientele.
The successful brand means that an opinion or an emotional thought comes to the mind of consumers when they recall a certain brand.
What does brand value mean to consumers?
Past and present marketing experts believe that purchases are made – and that future customers are guaranteed – when the values or sensations emanating from a brand create a satisfying connection between consumer and product. This is the essence of brand value.
The characteristics associated with a brand allow the consumer to express himself. This is because the brand expresses values that the consumer already has or wants to possess.
How to increase brand value
Nike is the perfect example of why branding is a valuable asset.
Nike does not produce products with expensive leathers and luxury furs, so the value of the brand does not necessarily mean high-priced goods. This does not mean that part of the value of the Nike brand cannot be attributed to the quality of their products. Most of their value comes from the attributes of the Nike brand such as “realization”, strength and determination.
The desire to connect with the personality of a brand dominates the desire to buy a product just because it is a popular color or fabric.
Does this also apply to my small business?
Yes, branding is the reason why there is mutual satisfaction between company and consumer. This is why customers can be trusted to be loyal to you and not your competitors. As we saw in the previous articles of our blog, we at Fashion mind strongly believe that the creation of the brand value depends above all on the story that tells of the brand itself (see storytelling article)
You must constantly invest time to ensure that your brand is doing what you said.
We advise you to “treat your brand as a person” Ask yourself: if the brand was alive, what personality traits would it have? The brand could be as fun and carefree as Jim Carrey, or maybe rebellious like Steve McQueen
In any case, create a list of at least five customizable traits that not only accentuate the product but embody the way you want the brand to be perceived.
Second tip: insured of the target market.
Who sells is as important as what you sell, so it determines a target market – the specific demographic band of consumers – that the brand should attract. This determines the value of the brand and is a no less important component.