What are the Key Elements Constituting Brand Value?

There was a time when business success was solely dependent upon the quality of the product. Back in the day, savvy consumers were able to easily distinguish between high-quality and shabby products quite easily. However, this age-old business mantra has already become obsolete, and businesses are doomed to fail if they neglect the significance of branding in the UAE. Customers are now making purchasing decisions based on the brand value.

Nowadays, you need to invest in brand value to attain your company’s desired goals and beat the competitors. Moreover, you need to carry out trademark registration in the UAE to protect your highly valued brands. Trademark agents in the UAE can help you with brand protection. Brand owners need to build brand value to satisfy customer associations. The brand value consists of influencing factors that can either increase or decrease the value of a product or service for both the customer and the company.

Here is a list of critical elements that constitute brand value:

Brand Loyalty

Brand loyalty is considered the fundamental element of brand value and is defined as the customer’s loyalty to a particular brand. Brand value is essentially the measure of the connection that a customer has with a specific brand. If customers are unimpressed by a particular brand, it constitutes lower brand value.

Brand value is a great indicator of the future profits of a business. To increase the brand value, brand owners need to ensure that the customers have a positive attitude towards their brand. If the customer is satisfied with a specific brand, it means the chances of repeated buying are high. For example, people who are loyal to Apple brands of mobile phones (iPhones) are highly unlikely to switch to an Android Phone (Samsung, Xiaomi, Oppo etc.)

Brand Awareness

Brand awareness is a measure of how memorable or recognisable a brand is to its target customers. Brand awareness has a great influence on purchasing decisions. Brand awareness yields result when the name or logo of a specific brand comes to a customer’s mind when he or she is out there to buy a particular category of product or service. For example, some people refer to themselves as “Nike People’, or ‘Apple People’.

Such people are well aware of the brands so that they do not need to think twice before buying a product. This is a prime example of successful brand awareness. It means brands like Apple and Nike have succeeded in embedding their brands into consumer lifestyles and purchase habits. Brand awareness can be achieved in the UAE through effective marketing campaigns. Conducting trademark registration in the UAE is also critical, as customers give more value to registered trademarks.

Perceived Quality

This is the measure of how customers feel about the quality of a product or service with respect to its capacity to satisfy their expectations as opposed to the intended purpose of the product or service. For a product, perceived quality depends on its performance, reliability, features, durability, and conformity with standards. For services, it depends upon responsiveness, tangibles, competence, reliability, and empathy.

Consider the example of Pepsi. It has built a brand image over a long time. Customers perceive Pepsi as a brand of youth, innovation, fun, cool, smart, and upbeat. Such perceived qualities have boosted the brand value of Pepsi.

Brand Association

Brand association measures the mental connection customers make between your brand and a concept/image/emotion/experience/person/interest, or activity. The brand association can be immediately positive or negative and greatly influences buying decisions. Disney mainly achieved brand association through its animated characters such as Mickey Mouse, Donald Duck etc. The slogan ‘Just Do It’ is critical to Nike’s brand association efforts.

Innovations

Innovation is a critical element of brand value, which is an essential service offered by companies. It may involve introducing new techniques or ideas or changing a product or service to meet customer needs. The goal of innovation in branding is to create a new purpose for the given brand. Brands that fail to innovate will become easily forgotten. Google is one of the most valued brands globally that never fails to come up with innovations. The Google Glass is one of the most innovative products from Google.

Protect your Brand Value through Trademark Agents in UAE

Trademark agents in the UAE play a great role in brand value, as they help to protect your valued brands. It is mandatory for foreign companies to hire trademark agents to conduct trademark registration in the UAE. Without a registered trademark, all of your efforts to increase brand value may go in vain. A competitor can create a confusingly similar brand and register a trademark in the UAE, jeopardising your trademark rights over the use of the brand name or logo.

Trademark agents in the UAE, such as Jitendra Intellectual Property (JIP), can help you develop a robust trademark protection strategy in line with your brand value strategy. We provide you with affordable trademark registration services in Dubai. JIP can ensure your trademark remains protected throughout its lifespan by carrying out a trademark search, trademark watch and trademark renewal services. JIP also offers international trademark registration services through the Madrid Protocol.