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Learn MoreLearn MoreLearn MoreA brand is a product or service that is differentiated from others due to its distinct identity by its consumers. It’s exemplified through its name, logo, design, brand voice, packaging, and marketing. Consumers have different connections to brands which influences their purchasing decisions.
Brands have two types of attributes: hard attributes and soft attributes. Hard attributes are tangible characteristics as they focus on the physical features of brands such as their logos/symbols, taglines, sounds, etc. Soft attributes refer to intangible traits of brands, which include trustworthiness, uniqueness, relevancy, innovation, and convenience. These attributes help businesses exhibit a strong brand image and identity to their target audience. Consumers are more inclined to spend a large amount of money for a high-price product from a notable brand that they trust (Disney, Nike, etc).
A strong brand strengthens brand recognition, increases customer loyalty, and helps companies remain consistent in different aspects of their business, thus increasing their revenue. A weak one gives the opposite result, turning customers away as they don’t feel emotionally connected to it. Brands rely on their reputation as it draws in their customers, and could stand in the way between them if it’s ruined.
Looking to the coming year, we break down how the retail landscape is evolving to provide consumers with more personalized experiences and unparalleled convenience. Plus, we take a glimpse at how the circular economy can support a brighter, more sustainable retail tomorrow.
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