Brand Equity: Definition, Advantages and How to Beach it

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Brand Equity: Definition, Advantages and How to Beach it

Brand Equity Definition Advantages and How to Beach it

There are a lot of knowledge that must be known by each marketer or marketer, but some of them sometimes underestimate the brand equity.

In fact, they must know how to build and also increase the strength of a brand, because with that any business becomes successful to run.

Then, what is meant by Brand Equity, here we provide a special review specifically for you.

Understanding Brand Equity.

There are many marketing experts or marketers who explain brand equity. However, there are two important roles in a brand. First, the brand as an identity. At present, the community no longer has to think long when they see the blue “F” symbol on the internet, because they already know that the symbol is Facebook.

This is just one example of why the founder is very concerned about Brand Equity, because he cannot continue to explain what Facebook is to many people. Everyone must know even though there is only one letter F. That is why the brand is considered an identity.

The second brand function is a market controller. Did you know, most tourists who vacation in Jogja are currently hunting for Dagadu clothes. Because, the community already knew that Dagadu clothes were the original clothing brand from Jogjakarta. In fact, there are lots of brands that are no less good than Dagadu.

Or, do you know another shirt brand from Bali besides Joger? Well, that means the two brands have a very strong brand equity. This is in line with the explanation of Prof. Kevin Keller who stated that Brand Equity was the desire of someone to continue using a brand or not.

Well, from the explanation above, it is clear that Brand Equity has a very important role. A marketing expert from Indonesia named Hermawan Kertajaya even explained that Brand Equity is an asset that creates more value for customers by increasing satisfaction and appreciating product quality.

Based on this explanation, then in this case there are two things you must always remember. First, improve customer satisfaction, and both appreciate the quality of consumers. Increasing consumer satisfaction means for brand or business owners, there is no word already or enough to continue to innovate, because only by continuing to innovate they will always satisfy their customers.

Second, appreciate quality. That is, the owner of the brand, businessman, and customers know is true which products are of good quality and are not only seen from the name of the brand only.

That is the complete understanding of Brand Equity. In this case, your marketers must know what the brand is. For that, you must know how to increase the strength of a brand. To make it more enthusiastic to build a brand, then you must know what benefits you can get from increasing a brand.

Another understanding of Brand Equity is a value that describes how strong it is or how far is a brand based on theory has a strong brand name will be more able to produce a sale of its product value.

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Because, some consumers will prefer and also believe brands that are more famous than the Less Famous Brand.

The advantage of having a strong brand

Actually, you can feel a lot of benefits when you already have a strong brand. However, there are some things you need to know and many people know about how the brand that is currently large can remain in the midst of increasingly strong business competition. What are this? This is the reason.

1. Resistant to competition

Did you know the reason there is still a lot of gadget lovers who are more happy with the iPhone or Samsung? Even though there have been many new new smartphones that have sprung up. That’s because the iPhone and Samsung are two brands that are most trusted by customers.

So, what can we conclude from both of these things? That is, by building a strong brand, you will be able to get customer loyalty. Whatever happens, your business will be able to operate without having to worry about the number of competitors, because you have loyal customers.

2. No need to fear raising prices

People who are afraid to increase the price of their products can be ascertained that the businessman is still doubtful about its own products. It will be different from the brand that has been famous for its quality. Even though the selling price is upgraded, everyone will be willing to pay bigger because they already know the quality of their products.

Therefore, the brand is very close to the relationship with customer trust. By building a good brand, then you will get the trust of your customers. So, you don’t need to worry about lag if one day you have to increase the selling price.

3. Different product differentiation

Large companies that can defeat their competitors are companies that are able to do product differentiation. When there is a sense of trust of the customer, then they can not only increase the price for the benefit of the semenatar.

However, they make product differentiation, so they will become a company that increasingly controls the market and defeats all of his partners.

See you, what else makes you feel hesitant? Although the facts related to the benefits of the brand equity above are still far from what you have imagined. However, you must now immediately build a brand so as not to inferior to other competitors who compete in the same field.

Well, here is a powerful way to increase your brand strength.

How to Increase Brand Strength

Before discussing how to increase strength in a brand, you need to know that there are four dimensions of the equity of a brand. Knowledge related to the dimensions of equity in this brand is very important so you can better understand the best ways to strengthen the brand and do not affect the negative direction.

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The four dimensions of the brand are brand quality, associations, and brand loyalty. The first dimension to the third determines how strong your brand is when customers buy your product. If the three dimensions have succeeded, then the fourth dimension is a bonus.

The four dimensions of the Brand Equity are the most basic things in increasing brand equity. The following is how to apply it.

Variations in terms of marketing activity

This first way is a suggestion given directly by Prof. Kevin Keller in a seminar called Indonesia Brand Summit 2014. In the seminar, Prof. Kevin said the importance of doing several types of marketing, ranging from conventional marketing to modern marketing using social media.

One thing to keep in mind in doing marketing is that you must be able to ascertain the value that consumers can get if they buy the product you offer. So, marketing activities are not only used so that the more people know, but also attract many people.

Build networking

Increasing brand strength does not always have to be done with marketing activities, but also can be with networking. That is, you must be able to interact with many people without any intention to offer products. Because if you interact, there will be many people who know about you and also the business you are running.

Make events

Make events is the most subtle and most effective way to improve a brand. You can make a brand that is able to make many people interested in coming. Well that’s when many people are aware of the brand you bring.

Refuse Brand Equity (Brand Equity)

Well, have you done branding activities? If already, you must be able to evaluate whether the activities you do have a strong influence on the brand or not.

Reject measuring that you can use to measure it is very easy to know, if there is a diversity of responses, then you can be happy. Because, the product of your brand has offered different things than other brands.

However, if the community has not responded, then you must be even harder to do the three ways above in increasing your brand equity.

So how, don’t underestimate the importance of Brand Equity again. Hopefully this information can further increase your awareness of how important to build a brand so that the business or whatever you do can be increasingly known, more trusted by the community and growing.

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