Managing brand equity starts from understanding your market well, being on their shoes and try to see things the way they do. Sometimes, there are differences between how a business owner would understand the value or quality of a product and how the customer perceives it. But a customer-value driven marketing strategy always focuses on the customers’ perspective. When you are about to manage your brand, keep in mind the concepts present in this infographic.
1. Brand equity cannot be built on mere improving product performance, developing distribution strategies or intensive advertising campaigns. It should take the customers’ perspective first because they are the ones to decide on the status of your brand. Sometimes, reaching out to them after a sale will make your brand equity better than products with extensive research and development.
2. What is your competitive edge that can be directly associated with your brand? Does it reflect satisfaction, excitement or delight? No matter what you sell, it has to be valuable for the customers. Though the price is one of the primary considerations of the customer, it’s not always the case if you are targeting the high-end market.
3. How significant is the brand to your customers? The symbolic significance of a brand could be related to status, lifestyle, personality, and attitude. That’s why marketing to the low-end market will mean difference in the upscale market. If you can properly position your brand image to your primary target market, it can also lead to brand loyalty.
4. What is brand loyalty? When a customer buys your product from different business units, he or she must have been loyal to the company. This is an indication that the lifetime value of that customer can positively impact your current and future sales.
5. Brand awareness. The truth is some customers buy a product, not because of the brand but simply because it’s the one that’s available when their need arises. It is not a sign of brand loyalty because they can easily switch brands. Brand awareness means that your customers have created an attachment with your brand and they will have doubts buying products with different labels.
6. Perceived quality. This refers to the customers’ perception of quality. In the marginal sector, quality simply means survival. But, in the high-end markets, quality is about product features, performance, and status. It requires an understanding of the market being served.
7. Brand associations. Your brand can be easily recalled if it can be associated with something your customers always hear. That’s why some companies use repetitive words to be easily retained in the customers’ mind.
8. Leverage your brand equity by building it, borrowing it or buying it. Building it requires more effort because you will need to develop the brand image consistently. However, you can also acquire a brand through a buyout or simply franchise. When you buy a brand, choose an established one so that you can be benefited from its positive image. Revamping a not so known brand would be more expensive than building it from scratch.
source: https://www.wishinguwell.com/managing-brand-equity-infographic/
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