The Values of a Brand Name!

Have you ever think about the value of a brand name? After all what is so important about developing brand name on which companies invest so much amount? What is so special about brand name that the companies invest their useful resources? What is the return which they get from a Brand Name?

Well business is all about brand name. One of my friends who is a CEO in an MNC told me that it is the brand name which actually sells its product or services and through which we can check the value of that particular brand. Means the ability of selling the product or services of a company is directly proportional to its brand name, and that is why all the companies invest so much on developing brand name.

One of my friends who work in an Immigration consultancy company told me that almost 70% of the budget spends by their company on marketing goes to developing brand name of the company. After all what is so important in developing a brand name?

Well, let me tell you the simplest value of a brand name. If you are a brand then you have the power of charging a higher price of the same product which was earlier coming to market for a less price. If the company is unable to charge higher price from the customers for the same product then the company name is not a brand name so far for their particular field.

This one paragraph defines the importance of a brand name. After all, it’s the value of that brand, depending on which many users purchases the product from that company or the services offered by that company, without asking a question. Basically branding is something which plays with the mind of the customers and compels him/her to think about that this particular product or services are best among the industry, and this impact cannot be generated within nights.

You need continuous effort to generate this impact on the mind of the customers and that is why companies invest so much on developing the brand name for its product or services. You can get better quality from a low name company’s product, but the brand name always comes in your mind while purchasing anything.