Brand equity describes the value of a brand in the marketplace. What is brand equity? A high equity brand, has a high value - which allows the brand to command a higher price point, and demonstrates that the market is responding positively to its differentiation. This movie explores the definition of brand equity and how many companies use this measurement.
- Brand equity describes the value of a brand in the marketplace. A high equity brand has a high value, which allows the brand to command a higher price point and demonstrates the market is responding positively to its differentiation. A high equity brand means that among your target market your brand is easily recognizable and well understood. It's typically the first to someone's mind if they're asked to recommend a product or service from within your category. Your brand equity comes about through market share, profit margins, customer recognition, and the various associations consumers make about your brand.
To generate brand equity you'll establish your brand and then work to build strong market awareness. But as you develop this market awareness, pay careful attention to your brand promoters. These loyal customers contribute more to your brand health than passive customers. If you have a smaller market share but a more loyal customer base, you'll still achieve high brand equity.
Explore best practices for researching, developing, visualizing, and managing your brand, and learn about incorporating your brand throughout various customer touchpoints and keeping tabs on your brand as your company grows.
- Components of branding
- Creating a brand strategy
- Conducting a brand audit
- Crafting your vision statement and selling position
- Evaluating brand visuals, colors, and language
- Enhancing brand touchpoints
- Measuring brand loyalty and equity