What is brand equity? Brand equity is your brand’s value and power in your consumer’s minds. It is your consumers’ perception of your brand and how that perception affects their decisions.
Four main elements define brand equality:
Brand awareness is how well your brand is known to your consumers. How familiar are your consumers with your brand? Could they recognize and remember your brand when they see it? Brands with high equity are the first in their minds.
Brand distinction is how your brand stands out from your competitors. What unique characteristics or attributes set your brand apart from others? An excellent way for your brand to achieve brand distinction is through consistent brand identity. Your brand identity includes elements such as the brand name, color, logo, or tone of voice. Consistently presenting your solid and recognizable brand identity will help your brand stand out in your consumers’ minds.
Brand perceived quality is how your consumer regards the quality of your brand. Your consumer’s overall evaluation or judgment of your brand characteristics, such as performance, features, reliability, durability, and design, will determine if your brand meets or exceeds their expectations.
Brand loyalty is the measure of commitment that your consumers have to your brand. Are your consumers repeat consumers? Are they your biggest fans? Do they buy from you again, recommend your brand to their friends, or write glowing testimonials? Various factors, such as the brand’s perceived quality, influence your brand loyalty. Also, your brand loyalty is affected by your consumer’s emotional connection with your brand or your brand’s ability to align with the consumer’s values.
In conclusion, your brand equity is the value your brand holds with your consumers, and it’s important because it drives your consumer’s behavior and increases loyalty. Building and maintaining strong brand equity requires consistent messaging, good quality services or products, positive consumer interactions, and effective communication of your brand’s values and benefits.
Are you looking to build and strengthen your brand’s value and power? Contact us today to schedule a brand strategy to increase your brand equity. Our brand strategy package includes everything you need to build your brand equity.