29 November 2011 - 17:39What is Brand Equity?
If your company has been busy crafting its corporate brand development, it may be important that, as you move forward, you are constantly checking in on your brand equity.
Brand equity is simply the value your brand brings to your business. Is it doing its job in creating an emotional connection between your clients and your business? Is it turning potential clients into purchasing clients? But how do you measure brand equity?
Brand equity is measured by how great the value of a certain product is by a consumer. Will a consumer consider a purchase based on the name and the connection they’ve made to your company? If so, that is positive brand equity. If a consumer will make a purchase based on the fact that they like other products provided by your company, that is also positive brand equity. If they will spend extra money instead of purchasing a cheaper brand because they trust your company that is truly positive brand equity.
With consumer surveys and market research a company can gauge how well their products are viewed over the years. If they are continually measuring positive results they know that they have achieved brand loyalty. A company must always remember that because they have brand loyalty and positive brand equity today, does not mean they can relax their efforts on brand development. Customers are fickle and it is crucial if you want to remain their number one choice to always listen to what they are talking about and make changes, within reason, to keep them happy. This is how your business will continue to have many loyal customers.
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