In most business circles, the idea of building brand equity is anything but tangible. How do you assess brand assets associated with your brand name? How do you measure brand loyalty, awareness, and value?
When it comes to brand equity, businesses can find themselves a bit in the weeds, yet it’s critical to be conscious and deliberate during every step of their marketing strategy.
Understanding brand equity is crucial for many reasons, one being that it helps you gauge the value of your product or service and measure brand loyalty and awareness.
But how do you build brand equity?
Building Brand Equity: How do You Build it?
Understanding brand equity is one of the key factors to ensuring that your business is thriving — and stays that way for the long term. According to Investopedia, brand equity is defined as:
What exactly does this mean?
In layman’s terms, brand equity is what customers think when they hear your name and it’s composed of three distinct qualities:
Building a Brand Name
And it’s not just something you have. It’s something you build. And all of this happens through the customer experience.
Here are 3 keys to keep in mind when thinking about your brand: