What is Brand Equity?
“Brand equity encompasses consumers’ individual and collective levels of brand awareness and knowledge.”
The above definition is an article excerpt from Harvard Business Review on “Brand Equity Explained: How to Build and Measure Success”. You can read the full article here.
The excitement, emotions and feedback a consumer has about your product explains what brand equity is. A typical instance is how we feel having conversations about Nike products, Louis Vuitton or the Apple brand. Brand equity simply refers to the different levels of familiarity consumers have with a product.
How to build brand equity
- Find your audience: Everyone in your niche is not your audience. You can further define them based on their demography, interests, etc. We wrote something on How to identify your target audience that you will find useful.
- Focus on creating awareness about your product or service to your audience: Focus your communications on who you are, what you do, what you do not do.
- Let people (consumers, stakeholders, investors) know what your unique selling point is. What differentiates you from other brands providing a similar solution
- Focus on value-based content. Your communications contents across social media and other channels should emphasize your brand’s value. One way to achieve this is through creating contents that speak to the pain points of your audience.
Brand equity is largely based on the customer’s perception of a brand. Catch up on our previous article on How to develop a unique brand voice.
4 Stages of Brand Equity
- Brand awareness
- Brand association
- Perceived quality
- Brand loyalty
If you want to learn more about Brand equity or undergo a CPDSO-Accredited professional training on brand strategy and marketing communications as a whole, then you certainly need to enroll for our course. Register your interest here.
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Some Reasons Why Brand Equity is Important?
- It influences purchasing decisions by consumers
- It enhances a positive brand perception and association beyond just your brand identity symbols
- Consumers become marketers of your brand value
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Sola Abulu & Associates is a strategy and communications consulting and training firm committed to enabling businesses, brands and organizations to achieve their objectives through strategic communications, organizational effectiveness and reputation risk management
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