What is brand equity?
Brand equity describes the value of having a recognizable brand. McDonald’s, Coca-Cola, and Apple are great examples of companies that excel at brand equity. When you see the logo or think about their commercials you recognize the brand immediately. They make you feel happy, you get excited about the launch of a new product or you have a taste for those fries or that cold beverage.
Brand equity factors
Building and Managing Brand Equity
One way to do it is to use surveys, this is why you always see at the end of store or restaurant receipts a link to measure their products or services. This is a way they measure brand equity.
Qualitative and quantitative metricsHow often do your customers purchase your products? What are your numbers on social media? What is your most popular product? By using metrics you can find out these numbers.
Brand auditThis can help you understand how your brand is doing, that way you know how you measure against the competition and this will zoom in on your strengths and weaknesses and put you in the right direction for improving your brand equity.
3 Steps to improving brand equity
- Work on your brand identity: stay consistent on the look of your brand, which includes the colors and font of your logo, and even brand voice. Make sure you stay consistent everywhere you market, including newsletters, website, e-mail marketing, and social media.
- Have a clear vision: Have a clear understanding of what your brand stands for and how it relates to the products or services you are selling.
- Inspire good feelings: people are always going to remember how you made them feel. Did you offer good customer service or do you have a rewards customers? Have you encouraged people to share on social media?
Need help with your brand equity? Contact A&B Consulting Group and we can help guide you in the right direction.