Brand equity can be definite in many dissimilar ways. I have developed a simple, yet powerful, definition of brand equity. For a brand to be strong it must achieve two things over time: retain present customers and attract new ones. To the extent a brand does these things well, it grows stronger versus rivalry, and delivers more proceeds to its owners.
Contravention down the definition of “brand equity” into its two mechanisms, we can more easily decide a consistent way to measure brand equity, and to track changes in brand equity over time. The components of brand equity, retention and magnetism of customers, stem from people’s experiences with and awareness of a brand.
The aptitude to retain customers is largely experiential. High equity brands exhibit stronger levels of customer approval and loyalty. History has shown that consumers will continue to buy a brand that offers them “their money’s worth.”
The ability to pull towards you new customers is largely perceptual. Because customers do not have definite brand experience, they must go by what they hear, see and believe about a brand. The two primary ways the market receives this in sequence is through messages controlled by marketing, such as advertising and PR efforts, as well as abandoned messages such as press stories and “word of mouth.”
Scott White is President of Brand uniqueness Guru a leading Corporate Branding and Branding Research firm in Boston, MA.
Brand Identity Guru Concentrate in creating corporate and product brands that increase sales, market share, customer loyalty, and brand valuation. This Article may be generously copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.
Over the course of his 15-year branding career, Scott White has worked in a wide variety of industries: high-tech, built-up, computer hardware and software, telecommunications, banking, restaurants, fashion, healthcare, Internet, retail, and service businesses, as well as frequent non-profit organizations.
Product uniqueness Guru Clients include: Sun Life Financial, Coca Cola, HP, Sun, Nordstrom, and American Federal Mortgage, Franklin Sports and many others, including numerous emerging enlargement companies.
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