(Source: Mr Frederick Chan, Marketing Manager of San Miguel Brewery Hong Kong Limited)
Three concepts that help a company build and maintain brand value:
Concept 1: The Process of Brand Molding
Brand value is formed by three parts, namely:
1. popularity
2. brand message
3. concrete image
If a brand has high popularity, clear brand message and concrete brand image, its brand value will be higher.
Concept 2: The Thinking Process of the Consumers
Consumption occurs only when the consumer has the desire to consume which is determined by two factors:
1. The psychology of the consumer group
The individual beliefs of the consumer may affect his perceptions on different
brands.
2. External factor/Market factor
Social norm will also affect the attitude of a person, which may also affect his
desire to consume.
Concept 3: The mode of brand acceptance
Before a consumer accepts a brand, he has to undergo the process of awareness, trial, and re-trial. Since the process takes time, it may take a long time for a brand to be accepted by the consumer. Therefore, the brand owner should persist in his goal and keep improving the brand to fit the market needs so that the brand can be accepted by the consumer.
Recommendations for building a successful brand:
l It should make the consumers believe that the brand can give them some unique experience/feeling. For example, to make the consumers feel that the brand is trendy.
l Exploring the product uniqueness and promote it constantly so as to impress the consumers
l To start with the packaging so as to make the product different from others
l To extent the life of the brand or to defy the brand from ageing, the brand owner can link the brand with youth activities so that the brand can be revitalized
