Brand equity: an Explanation Based on Expert and Powerful Tips to Increase it

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Brand equity: an Explanation Based on Expert and Powerful Tips to Increase it

Brand equity an Explanation Based on Expert and Powerful Tips to Increase it

Brand equity is the added value of the given on the product & service. This can be reflected in how consumers think, feel & act with respect to the brand, and price, market share & profitability of the company’s brand.

Brand equity is one of the factors that is able to suggest the decision of the customers in terms of choosing and buying a product.

With the brand equity that high, You will receive a loyalty or customer loyalty. This is because brand equity is able to make consumers believe in the quality of Your products.

Understanding Brand Equity According To Experts

There are several opinions about the notion of brand equity based on the experts, here is the explanation:

  • David Aaker

According to David Aaker, brand equity is a term used to describe the value of the recognised and owned by the brand, from the notion that a strong brand & reputation are more successful.

In more detail, David Aaker mention that the definition of brand equity is to be here.

Brand equity is a set of brand assets and liabilities that are linked using the name & symbol of the brand, which increase or decrease the value provided by a product or service.

  • Kotler – Keller

In his reply of marketing management, Philip Kotler and Keller describe about the notion of brand equity.

In the book, in chapter 11, page 324, Kotler and Keller reveals the definition of brand equity as follows.

Brand equity is the added value of the given on the product & service. This can be reflected in how consumers think, feel & act with respect to the brand, and price, market share & profitability of the company’s brand.

  • Wikipedia

According to wikipedia English-speaking, the notion of brand equity is to be here :

Brand equity is a phrase used in the marketing industry which refers to the perceived value of a brand in itself — namely, the social value of a brand name that is famous.

It is based on the idea that the owner of the brand name popular could make more revenue simply from brand recognition, because consumers suspect the products with the popular brand is better than the brands that are less known.

The Benefits Of Brand Equity

All company or business would want their brand has the power that can be trusted by consumers. Here are some of the benefits or earnings have a brand powered or claimed to be the brand equity, including:

1. Resistant To Competition

How the impact of brand equity in the business competition? The answer can You see on the brands of iPhone & Samsung who are still in practice despite a lot of brand new much cheaper.

By establishing a strong brand, the consumer will give you the confidence and loyalty in the brand. Brand power brand does not need to be uncomfortable with competitors because they have loyal customers.

2. No Need to be Afraid or Worried Raise the Price

Today, more and more brand new Phone that showed a very cheap price using the full facilities. However, for a brand that has been great and has brand equity, raising the price will not be a problem.

Companies that use brand equity high will be more known by the public. So, with a price which is expensive no matter, consumers are still willing to buy one to understand the quality is good.

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3. Beat The Competitor Is Using Product Differentiation

The brand with the equity that is strong, not need to be uncomfortable again in enhancing the price of a product or launch a new product that is more expensive compared to competitors.

This is because the customers they already believe using the quality of the equity of the brand.

Furthermore, the company has good brand equity will create product differentiation to dominate the market, so that the competitors of the business will be uprooted by itself.

The Four Dimensions Of Brand Equity

In an article in the Prophet.Com David Aaker mention about the dimensions of brand equity :

1. Brand Awareness

Brand awareness is the ability of a customer to recognize or recall a brand & associate them with a particular product category.

2.Perceived Quality

Perceived Quality is to describe the response of a holistic customer to the quality & excellence that offered by the brand.

3. Brand Associations

Is that with respect to everything that is associated in the memory of customers towards a brand.

4. Brand Loyalty

that is a strong commitment to subscribe or buy back a brand consistently in the future.

The dimensions of the first to the third is the foundation that need to be filled in and become a benchmark brand You will be acceptable to consumers or nir. While the fourth is an incentive that You get if the third dimension is met.

A Model Of Brand Equity

A Model of brand equity is designed to define how the rate of a brand. Each model of brand equity shows the profound insight about the concept of the value of the brand and the way in evaluate it.

1. Appraisers Brand Assets (Brand Asset Valuator/BAV)

Brand Asset Valuator is a metric that is applied to measure the brand value of an entity. Brand Asset Valuator is first developed by an agency named “Young and Rubicam”.

2. Model BRANDZ

This Model was developed by the research consultants marketing Millward Brown and WPP. According to this model, brand development involves a series of sequential steps, while every step of the way will depend more on the success of completing the previous step.

3. Model AAKER

Model Aaker is the blue print brand developed by a marketing expert named David Aaker. Model Aaker emphasize on the importance of identity or proof of self-brand & show a unique solution for t build a stronger brand powered.

How To Increase Brand Equity

Here are some of the implementation that is able to do for raising brand equity, among others:

1. Make a Variation in the Activity of Marketing

Variations on the activities of the marketing activities is expected for attract more consumers are interested in buying Your product. Marketing activities that can be done is to start from the marketing conventional to modern & take advantage of technology & the internet.

For that, try the note value would You get according to the different types of marketing that You do in order to measure how much consumers who are interested.

2. Networking

In addition to marketing, networking is also crucial undertaken for expanding the network of Your business. You must begin to accustom themselves to interact with many people without any purpose of the promotion or the sale and purchase of products.

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3. Hold Events

Make or hold events can be said to be a surefire steps to forming brand equity. By holding the event, You are able to do activities of buying and selling, promotion, product introduction, even just as a sponsorship & others.

So, in the future, more people will see, recognize and remember Your brand more widely.

What are Digital Tools that Can be Utilized?

In digital strategy in the marketing plan, the efforts of appeal can be done using the focus in all of the components that can encourage the growth of business in the form of leads and sales. This can be achieved through channel online.

Digital strategy need to be the consideration of a tool that is perfect for achieving brand equity. Planning a digital strategy can use something like:

1. User Experience Website

The user is king. The Website I made for an effort to prioritize user experience, so that people who visit and use of the website can be feel comfortable.

2. SEO & Content Marketing

Even if you have a content that is good, users will have no trouble finding your business when the content of that there can not be found using a search engine. For that, find the keyword perfect & up content that can put your business on top of search engines so as a result is easy to make found.

3. Social Media Marketing

Social Media of course can still be used as a medium where all the people gathered. By doing marketing on social media, you can connect with the target audience.

Through social media, a marketing campaign can be a success through by using the interesting of mouth (word of mouth) from the user. You can use Facebook, Instagram, Twitter, and also Youtube to be a vehicle for marketing.

4. Email Marketing

Through email, you can show the product to the prospective customers or those who have become consumers of your business. With email, messages can be personalize so that the offer can be more effective because it is based on the data you already have.

5. Paid Advertising (PPC)

Paid advertising is certainly is one of the elements most crucial. This is because with paid advertising, you can reach more audience so that the opportunity for raising awareness becomes higher. Need to note whether the impression was obtained has a corresponding conversion of the target that you set.

Conclusion

Thus the explanation of us about brand equity. So, we can draw conclusions that brand equity is the added value given on products & services. High brand equity is a dream of business people, because high brand equity is able to bring a lot of profits that end up increasing the value of the company’s profits.

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