The brand image is the general impression of a product held by real or potential customers.
In other words, brand image is an aggregate of beliefs, impressions, and ideas that a consumer holds thinking at the brand. This image can be perceived in various ways by different customers.
That’s why, building a strong and consistent brand image is key for any business.
A strong brand image has several advantages:
With a long-term coherent pricing strategy, Apple has been able to build a strong brand image. Compared with other computers’ brands offering a wide range and complex pricing going from 100 EUR to 2.500 EUR.
Pricing is key to brand equity, as other differentiators. Prices are source of meaning and identity.
Building a strong pricing strategy has positive effect on the brand image, while a poor strategy can do exactly the opposite. Finding the right pricing strategy is vitally important for the brand equity of your business.
Imagine a brand following a premium pricing strategy. Right after releasing a brand new collection, online resellers discounts prices and enter into an online prices wars. What would be the effect on your brand images, thus your business?
An everyday low pricing can create an image of second-rate products, which could have a negative effect on the brand’s equity. It could fail to capture your target audience.
Several studies examine people’s perception of Price versus Value.
One of those examines actual neurological responses to a wine tasting activity (2008, Goldstein & team). When told that a wine was more expensive, study participants experienced higher activation in the brain regions associated with feelings of pleasantness. To some extent, consumers are letting price influence how they feel about products and services.
Koopol gives brands control back. We give premium brands the monitoring and analytic tools they need to build a strong and coherent pricing policy with their online resellers.
Our mission consists in simplifying your life, by automating data monitoring ,collection, and analysis.
Based on advanced Machine Learning algorithms, Koopol is able to provide
Easily, brands know when their prices are dropping, by how much, and who dropped first.
Koopol’s key benefits