Building Brand Equity (PowerPoint PPT)

Building Brand Equity

Contents
1. Attributes of Strong Brands
2. The Role of Brands
3. Brand Equity, Knowledge and Associations
4. Marketing Advantages of Strong Brands
5. Brand Promise
6. Brand Equity Models
7. Asset Valuator (BAV)
8. Aaker Model – Brand Identity
9. The BRANDZ Model
10. Brand Resonance Pyramid
11. Drivers of Brand Equity
12. Brand Elements & Slogans
13. Designing Holistic Marketing Activities
14. Secondary Sources of Brand Knowledge
15. Measuring Brand Equity
16. Interbrand's Brand Equity Formula
17. Managing Brand Equity
18. Surviving a Brand Crisis
19. Devising a Branding Strategy
20. Branding Terms & Brand Naming
21. Brand Roles in a Brand Portfolio

Brand equity is the level of sway a brand name has in the minds of consumers, and the value of having a brand that is identifiable and well thought of. Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products. Brand equity is typically attained by generating awareness through campaigns that speak to target-consumer values, delivering on promises and qualifications when consumers use the product, and loyalty and retention efforts.

A key benefit of establishing positive brand equity is the benefits it can have on ROI. Organizations that leverage the power of branding often earn more money than competitors, while spending less – whether on production, advertising, or elsewhere. For example, positive brand equity enables brands to charge price premiums. When consumers believe in the values put forth by a brand and the quality of their products, they will pay higher prices to purchase from that brand. Additionally, should an organization want to add new product offerings, marketing them under the same umbrella brand will help the new product take off faster, as trust has already been established.

David Aacker created a model which features all the components of brand equity. We aren't going to break down all of them, but here are four of the most important ones:

1. Brand Awareness: Can consumers easily identify your brand? Messaging and imagery surrounding your brand should be cohesive so consumers can always identify it, even for a new product. What kinds of values do consumers associate with the brand? Perhaps they think of sustainability, quality, or family-friendly qualities.

2. Brand Attributes: How have first hand experiences with your brand gone? This could mean that the product performed the way it was supposed to, that encounters with brand representatives and customer service teams have been accommodating and helpful, and that loyalty programs have been worthwhile.

3. Perceived Quality: Elevating perceived value will enhance the customer experience and increase sales. Perceived quality is when customers judge the product quality based on the overall brand experience. The product itself might be good, but if the customer did not have good past experiences with the brand, they are less likely to react positively to the product and the brand.

4. Brand Loyalty: Brand loyalty is made up of past and current experiences with the brand, brand awareness, and the brand's attributes. Though brand loyalty is mostly customer preference, building up these other brand qualities will allow you to increase your profit margins and gain more control over your customer influence.

Combining all of these assets will ensure that your brand is always focusing on the consumer and you in turn, will retain a loyal customer for life.

Regards,

UJ Consulting