Why do people choose a specific brand of beer when they know all are basically the same product? No, wait a minute, let's talk about it. You have 2 televisions, almost identical. One, however, has the LG logo on it while the other cannot be recognized. The price of LG TV is $100 higher than the other one. It's the brand image. So what gives? It may seem superficial at first glance, but as we delve deeper into branding, you'll fully understand why LG TV is so much more expensive. What is the brand? Starting from the basics, what is branding?
As defined by the Cambridge Dictionary, trademark is: “the act of giving a company a particular design or symbol in order to advertise its products and services”. So, from this, we can determine that a brand has its own unique aspect that sets it apart from its competitors. But that doesn't answer the question of why putting a $3 logo on something skyrockets the employee data price. Well, that's the problem, most people reduce branding to just a visual aspect . When in reality, it's so much more. A symbol of trust The approach should not be: “The brand defines the product” but “the product defines the brand”.
In order to have a successful brand, you must have a commendable reputation, the product you are selling must be widely regarded as worthy so that your brand name can become a household name. If generations have enjoyed your product (mostly) to their satisfaction, people will immediately make good correlations when they see your logo/symbol. The price increase is not because of the logo itself, it's because of what that logo means and what it stands for. When you buy a product from a brand you deem worthy, you have some trust in the brand.