I think the best example on the importance of customer perception can be taken from Ford. This company may have done considerably better in sales, had their target audience not been influenced by a ‘faulty transmission’ reputation that held strong through the 1990s. When they finally started putting out a more durable product in 2004, most of their target audience looked for other brands. It took years before people began to have a more positive attitude toward the newer models. Things may have gone a lot better for them, had they changed their logo before putting the new cars out.
- Quality of product and service is not the only factor in the success of a business.
- Success of a company is measured by brand equity.
- Be prepare to meet all the needs of consumers.
“Emotional associations detail how your product or service makes your customers feel.”