Elements of Brand Equity
Brand equity fulfills the needs and promises of its customers and maintains a good relationship with the customers. Elements of brand equity are as follows:
Brand Awareness: This is the initial step of the brand equity in which the brand-building process is creating awareness of the brand name in the customersâ€™ minds. That means that the customer is already aware of the brand and can associate with the other category. Brand awareness building helps marketers increase brand value in the target audienceâ€™s sight by organizing different advertisement campaigns.
Brand Association: By brand association, the customer relates it to the preferred brand. Getting more attraction with the brands leads to such associations. Good brand association is necessary as it leads to repetitive and constant sales and provides word-of-mouth marketing to the business. Such associations give tough competition to the new entrants in the marketing.
Brand Experience: This is the accumulation and overall customer experience with the comprehensive brand. After getting a good experience with a good brand, the customer considers that brand superior over the other. For example, how an individual feels when eating at McDonaldâ€™s? How is the staff behaving? How is the internal environment of the outlet? To provide such experiences, they maintain uniform standards all over the world in their outlets.
Perceived Quality: This is the most important key to brand equity which is fulfilling the brand promise. Customers tend to assess brands with other similar brands based on certain quantitative and qualitative parameters. Quality perception also impacts the pricing decision of the company. If a company is providing good product qualities in the market, it will also enjoy premium pricing.
Brand Loyalty: Brand loyalty means the preference of a customer over the other brand or product, which is also helpful in repetitive sales and is the best way to spread word of mouth. Higher brand loyalty helps the company to reduce marketing costs. If a product has good brand loyalty, it can introduce new products by targeting the same audience in the market.
Brand Preference: This is the last element of brand equity. Because of this, elements charge more for the same product. This element tells us that customers have a good experience with that product.
Importance of Brand Equity
Brand equity is an important tool that increases the market share along with the marketplace.
Increased market share means that those with good brand equity help increase market share over loyal customers who preferred one brand over the other. Whereas, in price premium, the brands with positive brand equity charge more for their product than the actual market. In assets, the brand equity is the intangible asset, so as the other assets were putting on a lease, licensing, or sold to the other in the same way brand equity also does the same things. However, in product extension, the brand with a positive reputation can easily extend its product line by introducing a new product in the market.
Brand Equity Building and Managing
Following three stages play a crucial role in brand equity building and managing:
Introduction: This is where a high-quality product is introduced in the market and used to launch a future product. This positive evaluation comes from the customerâ€™s view point.
Elaboration: This stage says that the brand must be used on a repetitive basis by making it easy to remember. The brandâ€™s attitude should be easily accessible to remember its positive evaluation of that particular product easily.
Fortification: A brand needs to carry a consistent reputation to fortify its reputation in the customerâ€™s mind. Additionally, a brand extension can also reinforce the brand but only through comparable products that enjoy a perceived fit with customersâ€™ minds.
Many other social networking sites came and gone, but Facebook never loses its brand loyalty. Most of the customers do not give more attention to the other social media platforms. Maggi is also a good example of brand equity. Even though a long ban over Maggiâ€™s flagship noodles product in India, it has a huge demand after relaunching in the market. Maggi is the best example that tells us how strong brand equity can help the organization develop different market situations.
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