Now imagine a person with an iPhone 6s without the apple logo behind it. Or imagine a person driving a Mercedes without the symbol on the car. The value of the product in each case suddenly drops because then others seeing it wouldn’t know what phone or car you own. You know yourself that you have an iPhone, but others do not. Hence, branding is done so that other people are aware that you possess a branded product and for this you pay a premium price.
Hence, a person (customer) makes a statement when they use a particular brand. This gave rise to the concept of having models. When you have an Amitabh Bachchan or a Sachin Tendulkar endorsing your product, the customer can attain a persona that is already attained by a known figure. The company facilitates the customer to attain this role through the process of branding. ‘Christiano Ronaldo endorsing Nike football shoes’ is an attempt by Nike to appeal to aspiring football players across the world who idolise Ronaldo to buy the shoes. Therefore, this is the significance of a brand.
Originally Published on: Learning Curve
https://www.youtube.com/watch?time_continue=91&v=G5bKREqtnAI
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