Do you know which one is your brand equity? In a hectic business battlefield, the excellent quality of a product or service is not enough to succeed. Brands must compete fiercely for a unique position that sets them apart from the competition, making their offerings the most coveted by customers. This is what we call “competitive advantage” and it is the key to building powerful brands.
Brand equity or value brand equity In English it refers to the intangible value that a brand has in the market.
To achieve this, companies must nurture and strengthen their brand equity wakes up in customers. These elements are intertwined with the brand’s recognizable symbols, such as its logo, slogan, distinctive colors and iconic characters. When customers sight these symbols, they immediately associate them with particular attributes and experiences, profoundly affecting their perception and purchasing choices.
Take as an example the company McDonald’s, a brand whose positioning is so dazzling that it is even used as an economic indicator by The Economist. A fascinating topic that can be investigated further.
Four elements to generate brand equity
If what you want is to build powerful brands, I recommend that you focus on four main elements:
Brand awareness
This implies that customers can easily identify and remember the brand, forging a high awareness that keeps it present when they think about products or services in its category.
Brand identity
It is the personality and image that the brand projects towards its customers, including its logo, slogan and communication. A strong identity creates emotional bonds with customers, distinguishing yourself from the competition.
Brand loyalty
It refers to the inclination of customers to repeat purchases with a specific brand. Loyalty generates recurring customers and promoters who recommend it.
Perceived quality
It is the customers’ perception of the excellence of a brand’s products or services. When they perceive superior quality, their purchasing decision and satisfaction are positively influenced.
Building powerful brands is essential in the competitive business world. Only with determination and passion can strong brands be built and stand out in the market.
Adriana Gallardo riana Gallardo is an international speaker, Mexican author and leader of the Adriana’s Insurance emporium. Business and Life Coach, author and producer. She is the creator of “Chingona Circle”, a group that empowers women and the “Empodérate” conference series, which helps entrepreneurs and business owners achieve their goals. She lives in California.