Brand equity is the additional value a company gains benefit from having a product that enables a premium value when compared to competing products in the same market.
Companies create this equity by making a product that stands out, is recognisable and is perceived to be of better quality or value. Branding is the about how you help the consumers distinguish your product from the competitors. It is the process of developing a set of identifying marks, symbols and perceptions in the mind of your consumer. Ultimately it is about creating loyal consumers who speak and think favourably about your business.
Branding has a real affect on the bottom line when you have consumers that are more likely to pay more to brands, they know, like and trust and take less time/money to convince to purchase. How clear are you on the answers to each of the below questions. Strong brands know what they stand for, who they serve and how they want to be perceived.
Here are some good links to look at in relation to branding:
Importance of Branding in Business:
Brand Equity and Value
The Power of Branding:
Impact on Bottom Line
How a Brand Can Increase Profitability | Clutch.co
BRAND QUESTIONS TO ASK FOR YOUR BUSINESS
- What is our vision?
- What do you want people to Think, Know and Feel about you?
- Who are you trying to appeal to?
- What is important to our customers?
- What are your competitors currently doing? Where is the gap in the market?
- How can your brand stand out?
– What is the name?
– What is the personality of our brand?
– What image do you want to portray?
– What are the visual symbols you will use?