Brand equity is a marketing term used to refer to the marketing impact of a given product or service in association with a brand name.

1. Brand Equity
BY: NICOLE K. LUNDY
It’s that time of the year again, where usually, a lot of small business
CEO’s and entrepreneurs are looking at the revenue goals they set
way back in January to what is actually happening now.
And then, create a 911-emergency-plan to actually make that
revenue goal happen before New Years Eve.
This in my opinion, is precisely why a lot of businesses fail within 5 years
or less of conception.
I don’t want this to happen to you ever again.
So, I’m going to talk to you about Brand Equity, because like I
insinuated, I’m not here to entertain you until your business is no longer
in operation.
Nope. Not on my watch. So, let’s get to it.
FIRST - Brand Equity Defined
Brand equity is a marketing term used to refer to the marketing impact
of a given product or service in association with a brand name.
It tries to examine how a given product or service will perform in the
market if it did not have the privilege of that brand name.
Therefore, the basis for brand equity and its impact on a business is
based on the knowledge of the customer about that product or
service.
And yet, brand plays a vital role in helping build that knowledge and
awareness, as well as the choices they make based on that
knowledge.
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2. 2
Profitable Personal Brand
Brand strategy
Brand equity, then, reinforces the significance of a brand's value and
produces that positive type of recall in the mind of consumers.
Marketing research has revealed that brand equity is one of the most
important assets to your company.
THREE PERSPECTIVES OF BRAND EQUITY
As an intangible asset, brand equity only gets its meaning out of the
perceived quality and associations made by a consumer on a given
product. Brand equity can be viewed in three different perspectives:
#1 Financial
One way to understand the value of brand equity is to calculate the
premium that is placed on a product or service.
To further understand, take for example two types of products: one
that is of a recognized brand, and the other is unrecognized brand.
Consumers are willing to pay a bigger amount for the branded
product over those that they are unfamiliar with.
#2 Brand Extensions
When certain products or services attain a certain level of success,
most companies consider extending their line by introducing newer
products under their brand.
Because of the existing brand awareness, these companies will no
longer invest on large advertising expenditures just to make that newly
introduced product known.
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3. 3
Profitable Personal Brand
Brand strategy
#3 Consumer-Based
The trust and attitude exhibited by a customer towards a given
product or service and the associations they make with that brand
impact service.
Oftentimes, these associations are a product of their own experience
with using the brand.
Therefore, actual experience plays a crucial role in the marketing
strategy, especially in a developing brand.
BENEFITS OF A STRONG BRAND EQUITY
• Establishes a more reliable stream of income.
• By increasing brand equity, companies are also able to increase
their profits through increased market share and premium pricing
for less promotional costs.
• If you have established a good brand, then you can sell that
brand name at a given price.
MANAGING BRAND EQUITY
There are three stages involved in creating, building, and managing
your company's brand equity. Here they are below:
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4. 4
Profitable Personal Brand
Brand strategy
1.) You must establish a certain standard for your brand to be able to
launch products and services in the future that will sell in the market.
Your aim here is to produce a positive response from the consumer to
build trust among consumers.
2.) Produce a brand that is unique and yet memorable. The attitude of
your brand must be accessible to consumers and must also provide
benefits to satisfy its users. (You clearly know already I’m about
standing out and standing tall!)
3.) Consistency is the key. Your message must be synchronized with
your company's overall image and reinforce the value espoused by
your organization. This is one of the most effective ways to build strong
brand equity.
money-making RESOURCE
And now I would like to invite you to claim your Free Instant Access to my "Hot
Brand Action: 5 High-Performing Strategies to Dominate Your Market and Add an
Extra $1K-$10K to your Bottom Line" training when you visit
http://www.profitablepersonalbrand.com/hot
You'll get one "plug-n-play" workbook AND a 60-minute Audio Replay of a
teleseminar about using the exact strategies to get more clients, increase your
impact and get paid.
From Nicole K. Lundy - the Money-Making Brand Strategist.
WWW.PROFITABLEPERSONALBRAND.COM | 646-397-6095 |