Positive Brand Equity
Do you have positive brand equity?
The concept revolves around the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name. We’ve talked about positive brand reinforcement before, but not the equity that comes from the marketing efforts put forth.
Huh?
It’s simple, and without using industry jargon, it might make more sense. How do your customers think of you?
Take a look at all aspects of brand equity includes:
- Brand Loyalty (Do your customers like your products or services? Do your customers come back to you?)
- Awareness (Do your customers know who you are?)
- Association (What is the association your customers make with your brand? Do they think low cost, great customer service? Do they associate your business with what you offer?)
- Perception of quality (Do they perceive your products or services t0 be high quality or low quality?)
- Over time, do they recognize your company logo, it’s name, colors, etc.?
If they do any of the above, then your building equity in your brand. It’s really hard not to build some type of equity as long as you are marketing your company consistently and effectively. The key is building POSITIVE BRAND EQUITY and making sure that all of the above bullet points are pointed in the right direction, leaving your customers with a good feeling.
