BUILDING BRAND EQUITY
Brand equity is the awareness customers have of your products and services and that your brand is identifiable as being well thought of. Apple, Google and Microsoft are all considered to have high brand equity.
The value of your products and services may be easy to calculate, but it’s your customers’ perceptions that really determine the value your brand and products have in the marketplace.
Because of this, your ability to build value into your brand and communicate that value to customers through your marketing is essential to the long term success of your company.
Because it’s difficult to give a pound value to a brand, and no matter how intangible brand equity may seem, a strong brand rewards a business admirably in benefits that include:
• Customer satisfaction
These benefits serve as gifts when marketing to attract that mindful customer who wants to buy from a brand high in value.
In developing your brand equity you will need to be mindful to create a strong brand story and brand personality, in order to make sure your customers see you the way you want to be seen.