A little introduction:
What is brand equity and how is it beneficial to a brand?
Increasing the brand’s market share
Creating the ability to charge more for a product than the actual market price
Creating a valuable asset that can be licensed, leased or sold to others
Making it easier to introduce new product lines
How to create brand equity
The Identity Agency’s recommended components for successfully building brand equity:
Association / Perceived Quality
Don’t forget, the aim is to make all of these positive!
Measuring brand equity:
Awareness (Functional and Emotional Associations)
Relevance – What specific benefit do you provide and how does this align your brand with this value?
Accessibility – How does your brand reach its target market? Is it able to provide the intended value?
Emotional Connection – How is your brand forming a relationship with consumers? Are these relationships positive to create loyalty?
Value – Are your customers getting what they pay for, if not more?
The key things you should be doing to maintain your brand equity:
The key to successfully maintaining brand equity? Brand identity. Some would say this is the most difficult (which isn’t entirely false) but we think this part is the most fun! Managing your brand equity is when you get to show off your brand and the value it can offer.
Consistency of brand message
Develop a strong marketing plan
Monitor trends and competitors
So, to summarise:
- Brand equity must be created and maintained, it can’t happen on its own
- The management of brand equity is intrinsically linked to brand identity
Book a free one-to-one appointment with an Identity Agency consultant by getting in touch. Just let us know a time, and a member from the team will be in touch with you very soon!