Brand equity can be defined in many different ways. I have developed a simple, yet powerful, definition of brand equity. For a brand to be strong it must accomplish two things over time: retain current customers and attract new ones. To the extent a brand does these things well, it grows stronger versus competition, and delivers more profits to its owners.
Breaking down the definition of "brand equity" into its two components, we can more easily determine a reliable way to measure brand equity, and to track changes in brand equity over time. The components of brand equity, retention and attraction of customers, stem from people's experiences with and perceptions of a brand.
The ability to retain customers is largely experiential. High equity brands exhibit stronger levels of customer satisfaction and loyalty. History has shown that consumers will continue to buy a brand that offers them "their money's worth."
The ability to attract new customers is largely perceptual. Because customers do not have actual brand experience, they must go by what they hear, see and believe about a brand. The two primary ways the market receives this information is through messages controlled by marketing, such as advertising and PR efforts, as well as uncontrolled messages such as press stories and "word of mouth."
To measure how strong your brand is copy and paste: (http://brandidentityguru.com/bightml/brandmasterpiece.html). Then click "Take the brand strength test". This is a short survey that measures the strength of any company's brand. It's a great tool to see where you are today.
Scott White is President of Brand Identity Guru (http://www.brandidentityguru.com), a leading brand consulting and market research firm located in Easton, Massachusetts, USA, near Boston.
Brand Identity Guru specializes in creating corporate and product brands that increase sales, market share, customer loyalty, and brand valuation. Over the course of his 15-year branding career, Scott White has worked in a wide variety of industries: high-tech, manufacturing, computer hardware and software, telecommunications, banking, restaurants, fashion, healthcare, Internet, retail, and service businesses, as well as numerous non-profit organizations.
Brand Identity Guru clients include: Sun Life Financial, Coca Cola, HP, Sun, Nordstrom, American Federal Mortgage, Simon (America's largest shopping mall manager) and many others, including numerous emerging growth companies.
Scott White is a very enthusiastic speaker and has the gift of being able to explain the principles of branding in a compelling and entertaining manner so that people at all levels can understand.
As a graphic designer, I can tell you something right... Read More
Franchisors often have issues when they own a brand which... Read More
Have you ever watched one of those home makeover shows?... Read More
That cross-trainer you're wearing -- one look at the distinctive... Read More
The Federal Trade Commission has an obligation to the general... Read More
1. It "sells itself." I don't need to market.Okay, you... Read More
The name of your business is important--it's one of the... Read More
Branding is one hot topic, although it is wildly misunderstood.... Read More
Starting Business Secrets will help you to start your own... Read More
"Just do it." "We try harder." "The Ultimate Driving Machine."... Read More
Q: How important is the name of a business? Should... Read More
Measuring brand equity allows a company to establish a baseline... Read More
If you had a choice, which one would you choose,... Read More
Well not everyone is aware that McDonalds also owns several... Read More
The best brands always try... Read More
Parades happen in every big city and many small towns.... Read More
Whether it's your business card, tagline, article title, web site... Read More
The absolute foundation of your small business is your image.... Read More
OK, so you took the plunge and purchased your internet... Read More
How many times have you heard of seen advertising for... Read More
Imagine if Yahoo! had been named TheInternetDirectoy. Or StarBucks was... Read More
Branding is an application of appropriate marketing techniques in the... Read More
Every day, the average person is exposed to millions of... Read More
In this highly competitive online marketplace, it can be difficult... Read More
Mascots are the unique dolls or puppets that help identify... Read More
Branding is perhaps the most important facet of any business--beyond... Read More
Every small business needs it, but not many have it.... Read More
Back to the era of the Hawaiian monarchy, the origin... Read More
Adored, respected and coveted by customers and organisations alike, corporate... Read More
Logo, graphic, icon, logotype, typogram, logoform, image?call it what you... Read More
I heard an advertisement on the radio the other day... Read More
Make A Bold Promise Then Back It Up With An... Read More
Have you ever watched 5-year-olds play soccer? It should be... Read More
My first year as a Cyberpreneur was a steeplearning-curve. I... Read More
We will discuss Brand Marketing for a minute. In this... Read More
Our experience as customers offers great instruction into the concept... Read More
7 Qualities Of A Strong Brand:1. Commands premium pricing while... Read More
June 13, 2005 -- Jane Chen (Producer) of the Red... Read More
Branding is an application of appropriate marketing techniques in the... Read More
What about me? Are you asking yourself this question? If... Read More
This is not a how-to design a logo. This is... Read More
To stand out in a cluttered world, become a recognized... Read More
Companies have been branding their collateral materials such as letterhead,... Read More
The world is not waiting for you?or your product or... Read More
It's the question that is on the minds of all... Read More
Successful Realtors know the importance of branding their identities into... Read More
If you think only big corporate names need to think... Read More
Good marketing positioning is like good lying. No, we're not... Read More
Visual elements are a major part of your business's brand... Read More
Every Christmas Eve, a burglar named Santa busts into homes... Read More
Feel that? The crisp tingle in the air? It's fall.... Read More
Try to avoid backing up whenever possible. Occasionally some one... Read More
1. Never send a letter that weighs less than 30... Read More
I have never been a fan of Paris Hilton.I see... Read More
People often come to me to assist them with developing... Read More
Sometimes, new entrepreneurs are in such a rush to get... Read More
Mascots are the unique dolls or puppets that help identify... Read More
"Can you hear me now?"You'd be hard pressed to find... Read More
The number of complaints to the Federal Trade Commission on... Read More
I was asked today by a group of students; What... Read More
Many CEOs and marketing directors find their time wasted evaluating... Read More
Ask any marketing executive and they will tell you that... Read More
The so called 'globalisation' has cluttered the world markets with... Read More
Franchisors often have issues when they own a brand which... Read More
The Sears-Kmart merger hopes to fabricate some sort of silver... Read More
McDonald's buys its potatoes from corporate farmers in Idaho not... Read More
Branding |