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BENEFITS OF DOCUMENT
Driving Profitable Growth Through Your Brands
1. Elements of Brand Equity
2. Aaker Brand Equity Model
3. How To Build Brand Equity
4. Brand Loyalty Pyramid & Factors
5. Measuring & Enhancing Brand Loyalty
6. Strategic Value of Brand Loyalty
7. Brand Awareness Value & Hierarchy
8. How to Achieve Brand Awareness
9. The Value of Perceived Quality
10. Brand Association Framework
11. The Value & Types of Brand Associations
12. Maintaining Brand Associations
13. Criteria for Brand Name Selection
14. Brand Management
15. What Influences Perceived Quality of Product & Service?
16. A Strong Brand Positioning
17. How To Write Your Best Brand Positioning Statement
18. 3 Primary Components A Well-Crafted Brand Positioning
19. The 5 Principles of Effective Positioning
20. A Brand Contract
21. Successful Brand-Based Communications
22. Some Metrics to Measure Return on Brand Investment
23. 5 Drivers For Creating Brand Insistence
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.
By offering consumers loyalty incentives such as points that can be exchanged for discounts or a free product on their birthday, they are more likely to continue to purchase from your brand rather than move on to a competitor. Awareness and experience are the two key tenets of brand equity:
• 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. Positive brand awareness is a large contributor to positive brand equity.
• Brand Experience: 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.
Why is Brand Equity Important?
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 premium prices. When consumers believe in the values put forth by a brand and the quality of its products, they will pay higher prices to purchase from that brand.
Increases Profit Margin
When a company has high positive brand equity, the perceived value of its products and services goes up compared to those of competitors and/or a generic alternative. Whether those goods and services are actually superior is almost irrelevant, as it's the perceived value created by positive brand equity which drives the brand's ability to charge higher prices. The capacity to charge higher prices for goods and services obtained at the same cost as the competition puts the company with high positive brand equity far ahead of the pack by increasing profit margins without increasing costs or reducing sales.
Similar to the case for strong brand equity to create higher profit margins, it can also drive increases in sales. Whether a company's brand equity relies on its products or services being the cheapest, most efficient, longest-lasting, flashiest, or almost anything else, everyone wants the "best" of whatever it is. This drive to get the best increases sales as buyers flock to buy the company's popular offerings, regardless of the competition.
Maximizes Customer Retention
High positive brand equity also creates high customer retention, allowing a company to spend less on marketing to attract new customers, as their current ones just keep coming back. Think of a company like Apple: customers often buy an interconnecting constellation of products from the brand, and don't simply use them until they wear out, but instead go back for the newest version as soon as they can. Whether it's Apple's innovation, ease of use, aesthetic, or another element that keeps customers coming back, one thing is for sure: their high positive brand equity definitely helps their customer retention.
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Source: Best Practices in Brand Strategy PowerPoint Slides: Driving Profitable Growth through Your Brands PowerPoint (PPTX) Presentation, UJ Consulting
ABOUT THE AUTHOR: UJ CONSULTING
Untung Juanto ST., MM. Founder of UJ Consulting. He is professionally experienced business and management consultant in several local and multinational companies. [read more] He has an experience in managing an effective and efficient company with various approach methods adapted to different industries because He had a career from the lower management level as Supervisor before finally being at the top management level. His Top Management experience started from the position of General Manager, VP Operation, HR Director and Business Development Director
He completed his undergraduate education majoring in Architecture at Diponegoro University, Semarang, Central Java, Indonesia. After that, He continued to Master of Management level majoring in Human Resource Management with cum laude predicate with a GPA of 3.94 at Mercubuana University, Jakarta, Indonesia.
His last work experience as Deputy President Director at Hutahaean Group in charge of 14 business units engaged in various industries including CPO Production, Oil Palm Plantation, Cassava Plantation, Tapioca flour production, 4 and 5 star hotels, waterparks, golf courses and housing with a total of employees more than 3,000 employees.
His biggest achievement was in 2021 when He served as Deputy President Director at Hutahaean Group Indonesia by increasing the company's revenue from IDR 700 billion to IDR 1.1 trillion (y/y) and increasing the profit margin by more than 20%. Doing a turn around on business units that have lost in the last 5 years become profits. In addition, He have also succeeded in creating an efficient and effective management system by redesigning the Business Process Management (BPM), reviewing Standard Operating Procedures (SOP) and Work Instructions and compiling the appropriate Key Performance Indicator Management (KPIM) to increase employee productivity.
He is currently active as a part-time business and management consultant (online) at Enquire Corp. and Flevy Corp. In addition, He also teach part-time at several universities for courses in strategic management, human resource management, project management, entrepreneurship and business.
UJ Consulting has published 168 additional documents on Flevy.
This business document is categorized under the function(s): Strategy, Marketing, & Sales
It applies to All Industries
File Type: PowerPoint (pptx)
File Size: 9.3 MB
Number of Slides: 51 (includes cover, transition, & marketing slides)
Related Topic(s): Brand Strategy
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Dec 12, 2022
Most recent version published: Dec 12, 2022
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