Brand Equity: Key Aspects, Benefits & Drivers
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Brand equity refers to the added value provided to products and services due to their brand. It is represented by the assets and liabilities linked to a brand's name and symbol. Brand equity creates value for both customers and firms through improved perceptions, greater loyalty, and additional opportunities like extensions. Building strong brand equity requires careful planning and long-term investment in areas like the brand's elements, marketing activities, and customer knowledge. Measuring brand equity can be done through audits, tracking, and valuation to manage brands effectively over time.
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Brand Equity: Key Aspects, Benefits & Drivers
- 1. Brand Equity 13TH AUGUST 2014
- 2. What is Brand Equity? Brand equity is the added value endowed on products and services, which may be reflected in the way consumers, think, feel, and act with respect to the brand.
- 3. Brand equity Brand Equity is a set of assets linked to a brand’s name and symbol that adds to the value provided by a product or service to a firm and/or that firm’s customers Brand Equity is a set of liabilities linked to a brand’s name and symbol that subtracts from the value provided by a product or service to a firm and/or that firm’s customers
- 4. Brand equity: Key aspects Brand equity is a set of assets Management of brand equity involves investment to create and enhance these assets Each brand equity asset creates value in a variety of very different ways It is imperative to be sensitive to the ways in which strong brands create value Brand equity creates value for customer and firm For assets or liabilities to underlie brand equity, they must be linked to name/symbol of the brand
- 5. Brand Equity as a Bridge • The quality of investment in brand building is the critical factor, not necessarily the quantity Brand Promise • Marketer’s vision of what the brand must be and do for the consumers.
- 6. Key Benefits of Brand Equity Improved perceptions of product performance Greater Loyalty Less vulnerability to competitive marketing Less vulnerability to marketing crises Larger Margins More inelastic consumer response to price increase Additional Brand extension opportunities
- 7. CREATING BRAND EQUITY BUILDING A STRONG BRAND REQUIRES CAREFUL PLANNING & GREAT DEAL OF LONG-TERM INVESTMENT. AT THE HEART OF A SUCCESSFUL BRAND IS A GREAT PRODUCT OR SERVICE, BACKED BY A CREATIVELY DESIGNED & EXECUTED MARKETING.
- 8. Drivers of Brand Equity Brand Elements Marketing Activities Meaning Transference
- 11. Brand Element Choice Criteria Memorable Meaningful Likeability Transferable Adaptable Protectible
- 12. Slogans Like a good neighbor, State Farm is there Just do it Nothing runs like a Deere Save 15% or more in 15 minutes or less We try harder We’ll pick you up Nextel – Done Zoom Zoom I’m lovin’ it Innovation at work This Bud’s for you Always low prices
- 13. Designing Holistic Marketing Activities Personalization Integration Internalization
- 14. Internal Branding Choose the right moment Link internal and external marketing Bring the brand alive for employees
- 15. Figure 10.4 Secondary Sources of Brand Knowledge
- 16. Measuring Brand Equity Brand Audits Brand Tracking Brand Valuation
- 17. Table 10.2 The 10 Most Valuable Brands Brand 2006 Brand Value (Billions) Coca-Cola $67.00 Microsoft $56.93 IBM $56.20 GE $48.91 Intel $38.32 Nokia $30.13 Toyota $27.94 Disney $27.85 McDonald’s $27.50 Mercedes-Benz $22.13
- 18. Managing Brand Equity Brand Reinforcement Brand Revitalization Brand Crises
- 19. Interbrand’s Steps in Calculating Brand Equity Market segmentation Financial analysis Role of branding Brand strength Brand value calculation
- 20. Devising a Branding Strategy Develop new brand elements Apply existing brand elements Use a combination of old and new
- 21. Branding Terms Brand line Brand mix Brand extension Sub-brand Parent brand Family brand Line extension Category extension Branded variants Licensed product Brand dilution Brand portfolio
- 22. Brand Naming Individual names Blanket family names Separate family names Corporate name- individual name combo