Positive Brand Equity
Do you have positive brand equity? The concept revolves around the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name. We've talked about positive brand reinforcement before, but not the equity that comes from the marketing efforts put forth.
Huh?
It's simple, and without using industry jargon, it might make more sense. How do your customers think of you? Take a look at all aspects of brand equity includes: brand loyalty, awareness, association, and perception of quality. Over time, do they recognize your company logo, it's name, colors, etc.? If they do, then your building equity in your brand. It's really hard not to build some type of positive equity as long as your marketing your company consistently and effectively.
Next week we'll touch on the idea of family branding and how positive brand equity plays a part in how a company can extend their brand.
