How to grow brand equity [Fact Checked]

Last updated : Aug 3, 2022

How do you enhance brand equity?

1. Build Brand Recognition.
2. Build Brand Awareness.
3. Build Customer Experiences.
4. Build Brand Reputation.

What are the 4 elements of brand equity?

Brand equity has four dimensions—brand loyalty, brand awareness, brand associations, and perceived quality, each providing value to a firm in numerous ways.

What are the five elements of brand equity?

Brand equity is same to “brand valuation” or “brand value”. It is a value to the famous brand name, at the same time, it also have added-value to the brand. Basically it is structure by five basic assets of company — perceived quality, brand awareness, brand associations and brand loyalty.

What are the three steps involved in developing brand equity?

• Step 1: Establish a Brand Identity. Who are you as a company?
• Step 2: Communicate Brand Meaning through Products. Next up: How do you want your customers to feel and think when using your products?
• Step 3: Grow Your Relationships through Brand Response.

What are three qualities of strong brand equity?

There are three things your company needs to build brand equity. These are a quality product or service in a niche market, a recognizable name and logo, and most of all brand-loyal customers.

What are the sources of brand equity?

• Market Research: Market research is one of the important sources of brand equity.
• Quality: Quality of the brand is also a source of brand equity.
• Marketing Mix :
• Brand Extension:
• Customer Opinion:
• Customer Satisfaction :

What are the 7 Directives of brand equity?

Brand Equity is made up of seven key elements: awareness, reputation, differentiation, energy, relevance, loyalty and flexibility.

What are the 7 brand elements?

• Purpose-driven.
• Unique.
• Knows its target market.
• Stays on-brand at all times.
• Authentic.
• Thick-skinned.

How brand equity is built?

Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products.

What is positive brand equity?

When a company has positive brand equity, customers willingly pay a high price for its products, even though they could get the same thing from a competitor for less. Customers, in effect, pay a price premium to do business with a firm they know and admire.

What is brand equity model?

Brand equity models are designed to establish the way in which brand value is created for a brand. Each of the brand equity models offers a deep insight into the brand value concept and the ways to evaluate it. Brand equity models are used to design marketing strategies at various stages.

What makes a brand successful?

Have a distinctive personality that is appropriate for your target audience. Be consistent in its messaging and design, reinforcing the position, promise and personality at each touch point. Demonstrate the value that your company provides for the customer, and how that value is created.

How do you add value to a brand?

1. Be a customer. You could become a customer if you want to understand your company's business better.
2. Submit high-quality work.
3. Make a unique product.
4. Encourage faster production.
5. Adjust your marketing strategy.
6. Ask the right questions.
7. Become an expert.
8. Focus on what you can do.

What are the four benefits of brand equity?

The four benefits of brand equity are: Less-drastic declines in revenue when the team loses. Ability to charge price premiums. Greater corporate interest.

What is the first stage in building brand equity?

The first stage is about creating brand recognition. The goal is for your target audience to know who you are and also have the right ideas about you. You should make sure you're communicating your brand's unique selling proposition effectively so customer perception is correct.

What are 5 reasons you would want your brand to increase its brand equity?

• Branding improves recognition.
• Branding creates trust.
• Branding supports advertising.
• Branding builds financial value.
• Branding inspires employees.
• Branding generates new customers.

How do we measure brand equity?

1. Price premium over competition.
2. Local store sales.
3. Average transaction value.
4. Customer lifetime value.
5. Rate of sustained growth.

How important is brand equity?

Developing brand equity is vital as it allows companies to more effectively engage with their customer base in such a way that drives brand loyalty, allowing the business to grow further.

What is Keller's brand equity model?

According to Keller's model, performance consists of five categories: primary characteristics and features; product reliability, durability, and serviceability; service effectiveness, efficiency, and empathy; style and design; and price.

What are branding strategies?

A branding strategy (a.k.a. brand development strategy) is the long-term plan to achieve a series of long-term goals that ultimately result in the identification and preference of your brand by consumers.

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in our introduction we defined brand equity as the measurable value that your brand brings to your business based on the perception and customer experiences brand equity can be positive or negative brands with negative brand equity would be better off with no name on it at all if consumers think highly of a brand it will usually have positive brand equity simple enough right every marketer should be after having a more positive brand equity why positive brand equity allows you to set your product or service at a higher price point gain competitive advantage especially in a commodity market increase the success of a new product or service launch gained attention from bloggers press and industry leaders and convince investors that your business is worth investing in just to name a few the goal for any brand building program is to increase brand equity now imagine having a brand with a horrible reputation you'd have a really hard time convincing consumers that you're worth the purchase getting people's attention introducing a new product or getting someone to invest in your business it's clear why you want to have a positive brand equity now let's go into exactly what builds it building brand awareness is the very first step that a marketer needs to take to build brand equity around their brand like we said before it's the extent to which consumers are familiar with your brand and its qualities this is what you will focus on the most when your brand is getting introduced to the market having high brand awareness is absolutely necessary in getting more sales and a higher revenue but why according to author and Harvard professor Gerald's Altman our purchase decisions are 95% subconscious when a consumer is ready to purchase something they're going to go with what's most familiar the brand they know and trust the most this is especially important for big-ticket items like a car when consumers know your brand and see it it plants the seed of you in their minds when your target audience has a problem you want them to think of you as the solution you can increase brand awareness through using search engine optimization also known as SEO to get your business's page to the top of the search or the search engine results page you can host events what better way to attract potential clients and get them familiar with you than throwing an event it could be purely for fun or more of an educational workshop for potential clients you can become a sponsor you can also find an event someone else is hosting and sponsor it make sure that the company or the person that you're partnering with is relevant to your target market sometimes you do have to pay the coordinator to be a sponsor but for smaller local events you can even become a sponsor by providing free samples of your product and having an activation during an event you can provide free content your website should be a massive source of information for your target market through blogging ebooks or other free content you give people the opportunity to experience your brand before they even make a purchase you can become an authority on a subject and a trust source of information in our branding mastery course you'll learn exactly how to create branded content that will bring in thousands of readers social media having a social media presence is absolutely essential in building brand awareness you want to make the best impression you possibly can on your target audience and the power of social media gives you the ability to capture the attention of consumers who may have never learned about you otherwise different people will associate your brand with different things once consumers become aware of your brand they'll begin to associate it with different things or attributes this can happen before or after a purchase brands like Apple are associated with design BMW is associated with sophisticated and superior engineering and being fun to drive as a brand manager you will have a great influence on what consumers associate with your brand so why do I say influence and not ownership well it's because you can't choose how people will react to your brand this is why it's so so important to understand your target market and what their needs wants and desires are you'll never have total control of what people associate with your brand but when you know what your audience wants from you you'll be able to create stronger positive brand associations as you'll know how to solve a customer's problem before they even have to ask consumer culture today has our brands blended seamlessly into our lives we use brands to represent who we are and what we stand for as naturally social creatures humans want to belong to something to be part of a group the most successful brands out there have built communities around themselves to bring their buyers together for example motorcycle brand harley-davidson has a group called hog an exclusive membership only available to the proud owners of a Harley brand associations are formed by a customer's contact with your business through the advertisements and promotions that you put out the communities you build around your brand word-of-mouth your price the quality of your product or service if you have any influencers or endorsers working with your product your brand's visuals and logo and your brand's personality you will learn how to establish and develop your brand's personality and visuals in chapters 4 & 5 of our branding mastery course forming positive brand associations is necessary to help build your brand's equity the more good memories a consumer has with your brand the butter is for you repeated positive interactions between a consumer and a brand be it direct or indirect bring a person one step closer to the ultimate brand managers dream brand loyalty brand loyalty loyalty is a powerful word brand loyalty happens when a customer becomes committed to your brand and becomes a repeat buyer sometimes even for life once a person becomes loyal to your brand it is extremely difficult for a competitor to break that link meaning you should develop strategies to increase brand loyalty among your consumers consumers are loyal to brands not products the purchase decision is highly complicated and a great deal more based in emotions and perception than cold hard facts the Pareto principle explains that 80% of your future revenue comes from 20% of your current customer base that is huge businesses spent five to twenty five times more to acquire new customers than to retain their existing ones repeated customers are cheaper to market too they spend more and they make purchases more often why wouldn't you want that for your business but it won't come without an effort on your part consumers aren't loyal to brands out of the goodness of their hearts you're really gonna have to earn that loyalty first and foremost the number one key to building brand loyalty is to always be providing something of value people don't want to be sold something they want to see the value of something this means always creating high quality content and offering truly quality products or services secondly

Thanks for your comment Ariel Trush, have a nice day.
- Filomena Barreda, Staff Member

what's up brand builders Steven Han here are promised our Academy calm and in this video you're gonna learn how to build powerful brand equity so you can increase the willingness of your audience to not just choose your brand but to happily pay a premium now if you're a subscriber welcome back great to have you as always if you're new to the channel and you want actionable brand strategy tips and techniques to grow your business then hit that subscribe button and the notification bell and you'll be well on your way now if you're not sure what brand equity is if you haven't come across the term before you just want a little bit of clarity then check out my earlier video what brand equity is I'll leave a link in the description below and a card above and that should clear it up for you but in summary brand equity is essentially the value we place on the willingness of our audience to either choose our brand or to pay a premium for our brands so when it comes to branding brand equity is kind of a big deal so if you're building a brand for yourself or for your client you should be doing everything in your power to build strong brand equity and luckily for you it just so happened to have ten step process going on the share with you you ready step number one build visual awareness now your logo and your overall visual identity is often the very first touch point that your audience will have with your brand and as humans we're able to remember visuals in as little as 13 milliseconds so it really is an advantage that your brand has if you have a very unique brand identity so make sure you leverage that and give your audience something to remember so they're able to easily recall your visual brand step number two go after your position now there's absolutely no point going into the market and trying to be the same as everybody else we're trying to follow the trendsetters and to offer something similar to what they are offering your job as a brand builder and as a brand strategist is to clearly define the position that you want to own in the mind of your audience and go after that position you want to make sure that they understand what is that you represent so that they can place your brand in the right position in their mind step number three stand for something now consumers are really switched on today and there are a lot more conscious than they used to be and they push back from brands that are all about the sale that are all about the push marketing so if you can show your audience that you're there for more than just that revenue then you're gonna earn a soft spot in their mind and that will help them to remember your brand step number four communicate the value of your difference now to many brands today go into the marketplace and make assumptions they assume that their audience knows what they're all about they assume that their audience understands why they're there and why they're different but if you don't tell your audience clearly why you're there if you don't tell them clearly why you're different and the value of that difference they're not going to know too many brands assume that their audience knows what they're all about they assume that they know the value of their difference so take the time to clearly articulate why you're different and the value of that difference to your audience and you'll give them a reason to remember you step number five engage with personality now going back a few years brand personality was a bit of a nice-to-have for brands but today it's an absolute non-negotiable you cannot go into the market today whether it's through your social posts or through your website copy and speak like a corporate entity and sound like an entity that has no real people behind it you need to go into the marketplace and show that you have characteristics and engage with your audience on a human level so take the time to understand who your audience is what characteristics they're attracted to make sure you use personality going into the marketplace step number six leverage a unique tone of voice now what you say as in your messaging has always been very very important it tells your audience what you're all about but the way you say it the way you communicate is becoming increasingly different and if you have a unique tone of voice that you can engage your audience with coupled with those characteristics from your personality then your audience is going to feel that you are familiar it's gonna feel like there are people behind that brand and that they're talking to an actual person not this corporate entity so really take the time to understand again who your audience is and to clearly define a tone of voice and a language profile that your brand can use consistently step number seven deliver consistent messaging so I just covered earlier the way you say and the way you deliver your messages is really really important but what you say has always been really really important now there's this idea that your core message for your brand is all you need is a foundation for your brand communication but really when you think about it a core message is a single paragraph and today there are literally hundreds of touch points that your brand might have with your audience so you need more than just a core message you need a set of key messages that you want your audience to understand about your brand and over time delivering those consistently is what will shape your audience's perception of your brand step number eight tell stories now over the last 10 to 20 years neuroscience has uncovered the details about what we've known to be true for literally millions of years and that is that we as humans love stories now if you're able to tell stories about a journey that represents your audience's journey and a journey that they can relate to well then they will resonate with your messaging they will resonate with that story if you're able to then weave your brand throughout that story they will align your brand with the idea of success step number nine be accessible now growing a brand and therefore growing your brand equity is all about building relationships and nurturing those relationships and I can't tell you how many times I've seen brands grow quite quickly they get some revenue coming in they get some sales coming in and then they put a barrier between themselves and the customers and they become less accessible so make sure that you grow organically and you take the time to keep those relationships going to keep the nurturing going and be accessible be accessible through social media be accessible on email and don't put call centers or BOTS between you and your audience on step number 10 show up consistently building a brand takes time building Brown equity takes time it is brick-by-brick and every single message every single social media post email it all builds those relationships and in turn it influences your audience perception over time that influence of your audience's perception turns into influencing their willingness to buy their willingness to choose your brand of your competitors and their willingness to pay

Thanks Exie your participation is very much appreciated
- Filomena Barreda

About the author

Filomena Barreda

I've studied biomechanics at University of Houston-Downtown in Houston and I am an expert in behavioural genetics. I usually feel content. My previous job was employee training instructor I held this position for 27 years, I love talking about pool and dambe. Huge fan of Kelly Preston I practice rugby league and collect film posters.