[{"data":1,"prerenderedAt":75},["ShallowReactive",2],{"i-material-symbols:language":3,"i-material-symbols:person":8,"i-mdi:instagram":10,"i-mdi:youtube":12,"i-ri:linkedin-fill":14,"i-ri:twitter-x-line":16,"i-ri:facebook-fill":18,"post-brand-equity":20,"i-material-symbols:person-outline":69,"i-material-symbols:calendar-month":71,"i-mdi:schedule":73},{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":7},0,24,false,"\u003Cpath fill=\"currentColor\" d=\"M8.125 21.213q-1.825-.788-3.187-2.15t-2.15-3.188T2 11.988t.788-3.875t2.15-3.175t3.187-2.15T12.013 2t3.875.788t3.175 2.15t2.15 3.175t.787 3.875t-.787 3.887t-2.15 3.188t-3.175 2.15t-3.875.787t-3.888-.787M12 19.95q.65-.9 1.125-1.875T13.9 16h-3.8q.3 1.1.775 2.075T12 19.95m-2.6-.4q-.45-.825-.787-1.713T8.05 16H5.1q.725 1.25 1.813 2.175T9.4 19.55m5.2 0q1.4-.45 2.488-1.375T18.9 16h-2.95q-.225.95-.562 1.838T14.6 19.55M4.25 14h3.4q-.075-.5-.112-.987T7.5 12t.038-1.012T7.65 10h-3.4q-.125.5-.187.988T4 12t.063 1.013t.187.987m5.4 0h4.7q.075-.5.113-.987T14.5 12t-.038-1.012T14.35 10h-4.7q-.075.5-.112.988T9.5 12t.038 1.013t.112.987m6.7 0h3.4q.125-.5.188-.987T20 12t-.062-1.012T19.75 10h-3.4q.075.5.113.988T16.5 12t-.038 1.013t-.112.987m-.4-6h2.95q-.725-1.25-1.812-2.175T14.6 4.45q.45.825.788 1.713T15.95 8M10.1 8h3.8q-.3-1.1-.775-2.075T12 4.05q-.65.9-1.125 1.875T10.1 8m-5 0h2.95q.225-.95.563-1.838T9.4 4.45Q8 4.9 6.912 5.825T5.1 8\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":9},"\u003Cpath fill=\"currentColor\" d=\"M9.175 10.825Q8 9.65 8 8t1.175-2.825T12 4t2.825 1.175T16 8t-1.175 2.825T12 12t-2.825-1.175M4 20v-2.8q0-.85.438-1.562T5.6 14.55q1.55-.775 3.15-1.162T12 13t3.25.388t3.15 1.162q.725.375 1.163 1.088T20 17.2V20z\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":11},"\u003Cpath fill=\"currentColor\" d=\"M7.8 2h8.4C19.4 2 22 4.6 22 7.8v8.4a5.8 5.8 0 0 1-5.8 5.8H7.8C4.6 22 2 19.4 2 16.2V7.8A5.8 5.8 0 0 1 7.8 2m-.2 2A3.6 3.6 0 0 0 4 7.6v8.8C4 18.39 5.61 20 7.6 20h8.8a3.6 3.6 0 0 0 3.6-3.6V7.6C20 5.61 18.39 4 16.4 4zm9.65 1.5a1.25 1.25 0 0 1 1.25 1.25A1.25 1.25 0 0 1 17.25 8A1.25 1.25 0 0 1 16 6.75a1.25 1.25 0 0 1 1.25-1.25M12 7a5 5 0 0 1 5 5a5 5 0 0 1-5 5a5 5 0 0 1-5-5a5 5 0 0 1 5-5m0 2a3 3 0 0 0-3 3a3 3 0 0 0 3 3a3 3 0 0 0 3-3a3 3 0 0 0-3-3\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":13},"\u003Cpath fill=\"currentColor\" d=\"m10 15l5.19-3L10 9zm11.56-7.83c.13.47.22 1.1.28 1.9c.07.8.1 1.49.1 2.09L22 12c0 2.19-.16 3.8-.44 4.83c-.25.9-.83 1.48-1.73 1.73c-.47.13-1.33.22-2.65.28c-1.3.07-2.49.1-3.59.1L12 19c-4.19 0-6.8-.16-7.83-.44c-.9-.25-1.48-.83-1.73-1.73c-.13-.47-.22-1.1-.28-1.9c-.07-.8-.1-1.49-.1-2.09L2 12c0-2.19.16-3.8.44-4.83c.25-.9.83-1.48 1.73-1.73c.47-.13 1.33-.22 2.65-.28c1.3-.07 2.49-.1 3.59-.1L12 5c4.19 0 6.8.16 7.83.44c.9.25 1.48.83 1.73 1.73\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":15},"\u003Cpath fill=\"currentColor\" d=\"M6.94 5a2 2 0 1 1-4-.002a2 2 0 0 1 4 .002M7 8.48H3V21h4zm6.32 0H9.34V21h3.94v-6.57c0-3.66 4.77-4 4.77 0V21H22v-7.93c0-6.17-7.06-5.94-8.72-2.91z\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":17},"\u003Cpath fill=\"currentColor\" d=\"M10.488 14.651L15.25 21h7l-7.858-10.478L20.93 3h-2.65l-5.117 5.886L8.75 3h-7l7.51 10.015L2.32 21h2.65zM16.25 19L5.75 5h2l10.5 14z\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":19},"\u003Cpath fill=\"currentColor\" d=\"M14 13.5h2.5l1-4H14v-2c0-1.03 0-2 2-2h1.5V2.14c-.326-.043-1.557-.14-2.857-.14C11.928 2 10 3.657 10 6.7v2.8H7v4h3V22h4z\"\u002F>",{"postType":21,"id":22,"author":23,"date":26,"modified":27,"title":28,"slug":29,"seoTitle":30,"seoDescription":31,"excerpt":32,"trimmedExcerpt":33,"content":34,"readingTime":35,"featuredImage":36,"postCategory":42,"relatedPosts":47},"post",37909,{"id":24,"name":25},"author-0301142015","Canto","2020-09-01T07:53:43","2025-12-18T12:42:16","Building better brand equity: The strategies and ideas you haven’t heard","brand-equity","Out with the old, in with the new: brand equity in 2020","Brand equity is a factor in whether or not a product will sell. As such, you’ll want to find every which way to increase yours. Here’s how.","It’s common to assume that if a product is of high quality, it will sell, and if it’s of low quality, it won’t. That’s just not how it works, though. In fact, products that are objectively better (higher quality, more durable, etc.) than others often fail while inferior products succeed. Why is that? It all […]","It’s common to assume that if a product is of high quality, it will sell, and if it’s of low...","\u003Cp class=\"wp-block-paragraph\">It’s common to assume that if a product is of \u003Cem>high quality\u003C\u002Fem>, it will sell, and if it’s of \u003Cem>low quality\u003C\u002Fem>, it won’t.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">That’s just not how it works, though. In fact, products that are objectively better (higher quality, more durable, etc.) than others often fail while inferior products succeed.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"393\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-47.jpg\" alt=\"A compass with 'excellence' as a bearing.\" class=\"wp-image-49040\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-47.jpg 800w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-47-450x221.jpg 450w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-47-768x377.jpg 768w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Why is that? It all boils down to one thing: \u003Cstrong>brand equity\u003C\u002Fstrong>. It could mean the difference between a customer buying your product or picking another.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Sounds pretty important, right? Let’s make sure you do everything in your power to realize the full potential of your brand.\u003C\u002Fp>\u003Ccto-card blue=\"true\" shadow=\"false\">\u003Ch2 class=\"wp-block-heading\" id=\"toc-1--what-is-brand-equity\">What is brand equity?\u003C\u002Fh2>\u003Cp class=\"wp-block-paragraph\">Brand equity is directly related to how well customers trust a certain brand. Brand equity is a demonstrable value a company gets when putting a discernible brand name on a product. This value is swayed by consumer perception of a specific brand.\u003C\u002Fp>\u003C\u002Fcto-card>\u003Cp class=\"wp-block-paragraph\">Brand equity is made up of a combination of elements, including customer perception and the value this perception brings with it. It makes sense, then, that a customer’s positive thoughts about a brand turn into direct benefits.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Which leads us into the reasons why a strong brand equity is so important.\u003C\u002Fp>\u003Ch2 class=\"wp-block-heading\" id=\"toc-2--discover-the-many-reasons-why-brand-equity-is-important\">Discover the many reasons why brand equity is important\u003C\u002Fh2>\u003Cp class=\"wp-block-paragraph\">There are numerous different ways brand equity is valuable. Here are three reasons that I feel best show why you need to strengthen and maintain equity.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">1. Creates greater expansion possibilities\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">Brand equity adheres to the idea that the ‘rich get richer’, in the sense that once it rises, a brand expands their operations into new markets successfully.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"367\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-33.jpg\" alt=\"People forming an arrow.\" class=\"wp-image-46514\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-33.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-33-450x275.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">The concept is simple: good brand equity makes it easier and cheaper to sell products. As such, a new line of products won’t take as much advertisement, research or promotion.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This has a direct correlation with the potential for expansion. If a company wants to expand into a new market, it will be a lot easier if their brand is of the highest quality.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">The example I love to use for this is Apple. They’ve been successful with almost \u003Ca href=\"https:\u002F\u002Fwww.businessinsider.com\u002Fapple-focuses-more-on-emerging-markets-2016-12\" target=\"_blank\" rel=\"noopener\">each new market they’ve tapped into\u003C\u002Fa> – music, jewelry, television, etc.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-48.jpg\" alt=\"Apple products displayed.\" class=\"wp-image-49042\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-48.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-48-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Imagine that Apple decided to make a new line of workout gear. Even though it would be aimed at a new target market, there would be serious carryover thanks to the brand equity Apple has built up.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Potential customers would expect an innovative line of clothing from Apple, making it a lot easier and less of a risk.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">2. Positively affects pricing potential\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">“\u003Cem>Pricing is the final representation of your work.\u003C\u002Fem>“\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">If a customer thinks the price of a product or service is reasonable, they may make a purchase. This is a fair statement to make.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">However, brand equity turns the idea of a ‘fair’ price on its head. Similar products, no matter how equal in quality, are often priced differently.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"320\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-31.jpg\" alt=\"A graph of customer tendencies.\" class=\"wp-image-46517\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-31.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-31-450x240.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">The main factor in these more expensive products is the brand behind them. A good example of this in action is at the grocery market, where name-brand products go for sometimes twice the price of a generic offering, despite being the exact same thing.\u003Cbr \u002F>This tells us that the higher we build our equity, the more reasonable it is to price our products and services at a premium. This in turn also increases revenue.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">3. Boosts customer retention\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">“\u003Cem>All of your customers are partners in your mission.\u003C\u002Fem>” – Shep Hyken\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Brand equity has a direct effect on customer retention, which in turn makes it cheaper to market different products and services (since sales will be made based on the brand anyway).\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Harley Davidson, for example, sells luxury motorcycles. However, it’s a general truth that their customers purchase \u003Ca href=\"https:\u002F\u002Fwww.bizjournals.com\u002Fmilwaukee\u002Fnews\u002F2020\u002F04\u002F28\u002Fharley-davidson-strategy-overhaul-will-include-new.html\" target=\"_blank\" rel=\"noopener\">more than a motorcycle\u003C\u002Fa> from the company.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">They also buy any new parts, gear and apparel. On top of this, when they need to upgrade their bike, they go through Harley Davidson as well. Many customers even seek out and discover information about new products Harley comes out with.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"355\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-38.jpg\" alt=\"A Harley Davidson motorcycle.\" class=\"wp-image-46519\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-38.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191531\u002Fbrand-equity-38-450x266.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">It’s fair to say that Harley’s customers are extremely loyal. This \u003Ca href=\"\u002Fblog\u002Fbrand-loyalty\u002F\">brand loyalty\u003C\u002Fa> means the customers don’t need some kind of expensive marketing advertisements to bring their current customers back. There is no more convincing that needs to be done.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This type of retention is truly powerful and speaks to the importance of brand equity.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">With these benefits in mind, I’ll next move on to some of the unique ways to increase and strengthen your brand equity.\u003C\u002Fp>\u003Ch2 class=\"wp-block-heading\" id=\"toc-3--unique-dynamic-strategies-to-boost-brand-equity\">Unique, dynamic strategies to boost brand equity\u003C\u002Fh2>\u003Cp class=\"wp-block-paragraph\">Now comes the fun part: building up your brand equity. I’m going to provide a simple approach to bolster your own equity.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This should help get the creative juices flowing, and you’ll soon be visualizing your own brand in each of these processes.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">These strategies will show you the possibilities of all the helpful tools working in unison and make it simple to imagine how you would fit into them.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">Discover your audience. Build awareness.\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">“\u003Cem>Who are you? (Who am I?)\u003C\u002Fem>” – Elvis Presley\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Though he was referencing something completely different, Elvis was actually asking the right question here for anyone looking to increase brand equity.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Brands reflecting on their identity are doing the right thing, but they’re missing out on such a huge part of this step – discovering their target market.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"555\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-49.jpg\" alt=\"Kids walking down the street with large shadows showing.\" class=\"wp-image-49044\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-49.jpg 800w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-49-450x312.jpg 450w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190752\u002Fbrand-equity-49-768x533.jpg 768w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Creating awareness is all about being noticed by distinguishing yourself as something unique and positive. So, how do we go about doing this? We first need a deeper understanding of our audience.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This entails more than simply knowing your key audience demographics. It requires a comprehensive understanding that includes details such as their perception of your brand, how they arrive at purchasing decisions and how they enter into purchasing processes.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Once you’ve gathered this important information, it’s time to take action! Consider your overall \u003Ca href=\"\u002Fblog\u002Fbrand-image\u002F\">brand image\u003C\u002Fa> with this specific market group and decide if you should make adjustments.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-51.jpg\" alt=\"Blurred images of people.\" class=\"wp-image-49046\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-51.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-51-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Next, determine what needs to be changed: Your messaging? The product they’re thinking of buying?\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">These reflections and consequent adjustments are sure to get you onto the right track, and propel you into the next part of the process: improving upon your current product or service.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">Consider customer perceptions and expectations. Adjust products or services accordingly\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">This part of the process boils down to how customers feel about your brand and what they expect from it. Be willing to make changes based on these expectations.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">The customer is going to compare and contrast brands (yours with competitors’). They’ll also consider how useful the product your selling is to their specific needs. Finally, how much they trust you is a huge factor here as well.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-50.jpg\" alt=\"Someone comparing different colored apples.\" class=\"wp-image-49048\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-50.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-50-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">So, how can we make positive adjustments based on our potential target market? Addressing all possible concerns before acting is key. I’ll break it down into two separate sections, customer perception of your brand and how it affects customers.\u003C\u002Fp>\u003Ch4 class=\"wp-block-heading\">Customer expectations based on perceptions\u003C\u002Fh4>\u003Cp class=\"wp-block-paragraph\">First, consider the level of separation (even if only the perceived level of separation) your product or services have from your direct competitors. This is a factor of \u003Ca href=\"\u002Fblog\u002Fbrand-differentiation\u002F\">brand differentiation\u003C\u002Fa>.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Next, examine your trustworthiness, authority and reliability. Then, measure how well you’ve marketed your product as something that meets the audience’s needs.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Finally, consider the character, excellence and quality your product displays.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"599\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-52.jpg\" alt=\"A multi-colored train station.\" class=\"wp-image-49050\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-52.jpg 800w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-52-450x337.jpg 450w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190751\u002Fbrand-equity-52-768x575.jpg 768w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">With these considerations in mind, you’ll be able to make a powerful adjustment that boosts each one. Aim to create differentiation between you and competitors, increase your authority, focus your brand to meet customer needs and boost the quality of your product.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This addresses a large part of customer expectations, but now you need to focus on their internal expectations.\u003C\u002Fp>\u003Ch4 class=\"wp-block-heading\">Customer expectations based on internal sentiment\u003C\u002Fh4>\u003Cp class=\"wp-block-paragraph\">When someone sees your product, they react to their perceptions listed above (you vs competition, brand authority, how you meet their needs, product quality). They’re also swayed by how well your brand sparks different emotions.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-53.jpg\" alt=\"Someone showing peaceful emotions.\" class=\"wp-image-49052\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-53.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-53-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">This is a lot harder to influence than their other perceptions, since it’s about their internal feelings, but it is possible. If your target audience wants peace of mind, create marketing strategies that calm their nerves. If they want safety, keep them safe, so to speak.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">The next part of the process deals more with the effectiveness of the product and your image.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">Delivering product efficiency and brand values consistently\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">Brand values represent the kinds of things you stand for. When building brand equity, consider how these values meet customer needs beyond a product or service.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">There are two different ways to accomplish this. The first is through the service or product directly. For example, if you’re committed to keeping the environment healthy, a new product line that doesn’t use any eco-dangerous materials helps relay this value.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"355\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-37.jpg\" alt=\"A plane flying over a 'recycle' sign.\" class=\"wp-image-46521\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-37.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-37-450x266.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Another way to do this is through types of marketing and messaging. Using the above example, this could be done through an environment-friendly slogan.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Next, it’s time to tackle product efficiency, or how your product is able to meet the unique and specific needs of the target market.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Many different factors enter into this, including things like product longevity, style, pricing and more.\u003Cbr \u002F>It’s easy to say that your product should meet all these factors. In fact, I’m sure most companies do. However, a more focused approach is needed.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-54.jpg\" alt=\"A lighted sign that reads 'focus'.\" class=\"wp-image-49054\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-54.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-54-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">By first identifying your specific customer’s needs, you can focus on improving product effectiveness in those areas.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Finally, the last part of this process that brings everything together is building a meaningful relationship with customers.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">Creating and maintaining meaningful customer relationships\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">The final phase of this process is the concept of building relationships so that our customers feel deeply connected to us.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"212\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-46.jpg\" alt=\"An infographic about customer service.\" class=\"wp-image-49035\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-46.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-46-450x159.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">This goes far beyond simply a conversation or a repeat sale, though these are included. Also included are the feelings customers attribute to purchasing your brand, the feeling of involvement and social connection they link to you and their overall commitment to it, even when not making a purchase.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">In order to create and maintain meaningful customer relationships, we need to look for ways to encourage them further in the areas they care about.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">So for example, connecting with audiences on social media or other forums boosts their involvement. Incentivizing different purchases could encourage a repeat sale. Adding something special to a purchase could make it feel more unique.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">In fact, when a customer is able to freely connect with a brand on social media, it raises the likelihood of them re-purchasing items by about 30%. Offering rewards, gamifying sales and extending other perks increases the chances of a repeat purchase by nearly 40%.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"472\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190829\u002Fbrand-equity-41-1.jpg\" alt=\"An infographic about social media and purchases.\" class=\"wp-image-48752\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190829\u002Fbrand-equity-41-1.jpg 800w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190829\u002Fbrand-equity-41-1-450x266.jpg 450w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190829\u002Fbrand-equity-41-1-768x453.jpg 768w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Think about the ways you could push for these relationship-boosting ideas.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>Brand equity-building recap\u003C\u002Fstrong>\u003Cbr \u002F>In order to build your brand equity, it helps to:\u003Cbr \u002F>1. Identify your audience and boost awareness\u003Cbr \u002F>2. Adjust products based on customer perceptions\u003Cbr \u002F>3. Maintain product efficiency and values\u003Cbr \u002F>4. Boost customer relationships\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">You’re now ready to start increasing your equity. But how do you know if it’s strong or not? It seems rather abstract sometimes. Fortunately, I’ve tackled this issue in the next section.\u003C\u002Fp>\u003Ch2 class=\"wp-block-heading\" id=\"toc-4--how-to-evaluate-your-current-brand-equity\">How to evaluate your current brand equity\u003C\u002Fh2>\u003Cp class=\"wp-block-paragraph\">“\u003Cem>We should always be ready to explore our positive and negative traits by evaluating our real self from time to time.\u003C\u002Fem>” – Dr. Prem Jagyasi\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Before we dive into the ‘how’, we first need to understand the ‘what’ we are evaluating here. There are competing ideas on how to determine brand equity. The best way going forward is to combine these processes into a comprehensive strategy.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-55.jpg\" alt=\"Someone evaluating different button options.\" class=\"wp-image-49056\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-55.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190750\u002Fbrand-equity-55-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">First, there are methods like brand awareness that are more abstract. This contrasts with the concrete method of evaluating the financial value of the brand.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">So, in order to strongly and sufficiently evaluate our brand equity, we’ll combine these unique methods and come up with conclusions for each.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">1. Determine your brand awareness\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"\u002Fblog\u002Fbrand-awareness\u002F\">Brand awareness\u003C\u002Fa> is how someone reacts or internalizes emotions when they experience a brand element. This includes things such as logos, styles, color schemes and jingles.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Brand awareness is essentially how popular your brand is. This popularity gives you a good example.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"212\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-45.jpg\" alt=\"An infographic about brand impressions.\" class=\"wp-image-49037\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-45.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190753\u002Fbrand-equity-45-450x159.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">The most direct method to measuring brand awareness is by measuring searches to see data about how a brand is performing. This process is typically supplemented by \u003Ca href=\"https:\u002F\u002Fahrefs.com\u002Fblog\u002Fhow-to-use-ahrefs\u002F\" target=\"_blank\" rel=\"noopener\">software systems like Ahrefs\u003C\u002Fa>.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Though this is the most direct way, there are a few others with similar but unique value. These evaluation methods also require some estimation and aren’t always 100% accurate, but they’re still valid and widely-used.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">The first method is through determining customer perception of your product. Do they have a clear understanding of it, including all its lesser-known functions and\u002For features? Are they generally satisfied with everything it offers?\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Understanding the answer to these questions is key.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">The second method involves exploring customer emotions about your product. Did they have a strong emotional reaction while they used your service? Did the purchasing process make them happy? Stressed? Frustrated?\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"355\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-35.jpg\" alt=\"A child studying graphs using binoculars outdoors.\" class=\"wp-image-46523\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-35.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-35-450x266.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">If you’re able to research all three of the above evaluation methods, it will become pretty clear how strong or weak your brand awareness is.\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">2. Consider how well your brand does vs competitors\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">This evaluation phase explores the ultimate power your brand has to win over your customers purchasing power.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Essentially, you’re attempting to determine the customer inclination to select your brand. There are quite a few ways to measure this, as well.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-56.jpg\" alt=\"Hands making a pinky promise.\" class=\"wp-image-49059\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-56.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-56-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">The first is to evaluate the extent of your outreach overall. That is, how well does it connect with its intended audience and deliver the value it promises.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Most of this is decided based on convenience and availability. For example, it’s \u003Ca href=\"https:\u002F\u002Fappleinsider.com\u002Farticles\u002F20\u002F05\u002F17\u002Fapple-details-retail-changes-in-global-store-reopening-plans\" target=\"_blank\" rel=\"noopener\">not hard to find\u003C\u002Fa> an Apple store globally. Even if there isn’t one in your area, there are certainly Apple products inside other stores, markets and malls.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Next, look at how well you implement a unique selling proposition (USP). This is the ultimate way to differentiate from the competition.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">A USP validates whether or not your product or service belongs within its current market. It gives reasons why a brand is different from competitors, expresses innovative capabilities, durability, value and more.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">An example of a strong USP is from the American brand \u003Ca href=\"https:\u002F\u002Fwww.bustle.com\u002Farticles\u002F139281-where-to-buy-death-wish-coffee-now-that-their-super-bowl-ad-has-made-you-a\" target=\"_blank\" rel=\"noopener\">Death Wish Coffee\u003C\u002Fa>. Their USP asserts that they are the “World’s strongest coffee”.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"355\" src=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-36.jpg\" alt=\"A bag of 'Death Wish' coffee.\" class=\"wp-image-46525\" srcset=\"\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-36.jpg 600w, \u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191530\u002Fbrand-equity-36-450x266.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">Partnered with the name, it’s clear that any potential buyer realizes the type of differences they’re getting when they buy a batch (highly-caffeinated!).\u003C\u002Fp>\u003Ch3 class=\"wp-block-heading\">3. Learn the overall financial value of the brand\u003C\u002Fh3>\u003Cp class=\"wp-block-paragraph\">Finally, we come to our most direct, data-driven way to evaluate brand equity, and that is through the overall financial value it retains.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">This is calculated based on a brand’s price premiums, revenue, scalability and more. A combination of these factors give companies a detailed appraisal of \u003Ca href=\"\u002Fblog\u002Fbrand-value\u002F\">brand value\u003C\u002Fa> and equity.\u003C\u002Fp>\u003Cfigure class=\"wp-block-image aligncenter\">\u003Cimg loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"350\" src=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-58.jpg\" alt=\"Someone counting money.\" class=\"wp-image-49063\" srcset=\"\u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-58.jpg 600w, \u002Fcdn\u002Fen\u002F2020\u002F07\u002F19190749\u002Fbrand-equity-58-450x263.jpg 450w\" \u002F>\u003C\u002Ffigure>\u003Cp class=\"wp-block-paragraph\">For anyone interested in numbers, this way of calculating brand equity will certainly feel the most comfortable. It is a concrete method, that when partnered with the other two methods, results in a strong understanding of overall equity.\u003C\u002Fp>\u003Ch2 class=\"wp-block-heading\" id=\"toc-5--start-increasing-your-brand-equity\">Start increasing your brand equity\u003C\u002Fh2>\u003Cp class=\"wp-block-paragraph\">Putting out a great product or service is only half the battle. Though it’s important to create quality services, customer perception of your brand is just as valuable. Follow these important methods to keep your brand equity strong.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Remember that target audiences make quick decisions – keep your brand equity high so that they pick you.\u003C\u002Fp>\u003Cp class=\"wp-block-paragraph\">Check out our complete \u003Ca href=\"\u002Fblog\u002Fbranding-guide\u002F\">branding guide\u003C\u002Fa> to learn more.\u003C\u002Fp>",13,{"url":37,"url_md":38,"alt":39,"height":40,"width":41},"https:\u002F\u002Fwww.canto.com\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191529\u002Fbrand-equity-34.jpg","https:\u002F\u002Fwww.canto.com\u002Fcdn\u002Fen\u002F2019\u002F12\u002F19191529\u002Fbrand-equity-34-450x266.jpg","A group of different brands.",355,600,[43],{"id":44,"slug":44,"title":45,"path":46},"branding","Branding","\u002Fpost-category\u002Fbranding\u002F",[48,55,62],{"featuredImage":49,"postId":50,"slug":51,"title":52,"description":53,"path":54},"https:\u002F\u002Fwww.canto.com\u002Fcdn\u002Fen\u002F2018\u002F09\u002F19195837\u002Fadult-beautiful-blur-935756-450x300.jpg",18836,"build-a-great-brand-inside-and-out","Build a great brand inside and out","You need to organize your content so you can narrow in on the perfect shot and quickly select the best images for your marketing projects.","\u002Fblog\u002Fbuild-a-great-brand-inside-and-out\u002F",{"featuredImage":56,"postId":57,"slug":58,"title":59,"description":60,"path":61},"https:\u002F\u002Fwww.canto.com\u002Fcdn\u002Fen\u002F2020\u002F12\u002F19190147\u002Fbrand-safety-450x263.jpg",52069,"brand-safety","An effective, creative approach to brand safety in 2021","Brand safety is different today than it was yesterday, and the same thing will be true of tomorrow. Use this guide as a way to empower your approach.","\u002Fblog\u002Fbrand-safety\u002F",{"featuredImage":63,"postId":64,"slug":65,"title":66,"description":67,"path":68},"https:\u002F\u002Fwww.canto.com\u002Fcdn\u002Fen\u002F2020\u002F02\u002F19191103\u002Fbrand-compliance-33-450x283.jpg",25438,"brand-compliance","Brand compliance: How to protect and enforce your brand standards","Brand compliance paves the path to important branding principles, such as consistency and image. Here are five strategies to guide you.","\u002Fblog\u002Fbrand-compliance\u002F",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":70},"\u003Cpath fill=\"currentColor\" d=\"M9.175 10.825Q8 9.65 8 8t1.175-2.825T12 4t2.825 1.175T16 8t-1.175 2.825T12 12t-2.825-1.175M4 20v-2.8q0-.85.438-1.562T5.6 14.55q1.55-.775 3.15-1.162T12 13t3.25.388t3.15 1.162q.725.375 1.163 1.088T20 17.2V20zm2-2h12v-.8q0-.275-.137-.5t-.363-.35q-1.35-.675-2.725-1.012T12 15t-2.775.338T6.5 16.35q-.225.125-.363.35T6 17.2zm7.413-8.587Q14 8.825 14 8t-.587-1.412T12 6t-1.412.588T10 8t.588 1.413T12 10t1.413-.587M12 18\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":72},"\u003Cpath fill=\"currentColor\" d=\"M12 14q-.425 0-.712-.288T11 13t.288-.712T12 12t.713.288T13 13t-.288.713T12 14m-4.712-.288Q7 13.426 7 13t.288-.712T8 12t.713.288T9 13t-.288.713T8 14t-.712-.288M16 14q-.425 0-.712-.288T15 13t.288-.712T16 12t.713.288T17 13t-.288.713T16 14m-4 4q-.425 0-.712-.288T11 17t.288-.712T12 16t.713.288T13 17t-.288.713T12 18m-4.712-.288Q7 17.426 7 17t.288-.712T8 16t.713.288T9 17t-.288.713T8 18t-.712-.288M16 18q-.425 0-.712-.288T15 17t.288-.712T16 16t.713.288T17 17t-.288.713T16 18M5 22q-.825 0-1.412-.587T3 20V6q0-.825.588-1.412T5 4h1V2h2v2h8V2h2v2h1q.825 0 1.413.588T21 6v14q0 .825-.587 1.413T19 22zm0-2h14V10H5z\"\u002F>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":74},"\u003Cpath fill=\"currentColor\" d=\"M12 20a8 8 0 0 0 8-8a8 8 0 0 0-8-8a8 8 0 0 0-8 8a8 8 0 0 0 8 8m0-18a10 10 0 0 1 10 10a10 10 0 0 1-10 10C6.47 22 2 17.5 2 12A10 10 0 0 1 12 2m.5 5v5.25l4.5 2.67l-.75 1.23L11 13V7z\"\u002F>",1789479965162]