With a holistic view of employee experience, your team can pinpoint key drivers of engagement and receive targeted actions to drive meaningful improvement. Understand the end-to-end experience across all your digital channels, identify experience gaps and see the actions to take that will have the biggest impact on customer satisfaction and loyalty.
Deliver breakthrough contact center experiences that reduce churn and drive unwavering loyalty from your customers. Brand equity is the additional value that a recognizable brand name adds to a product offering. Brand equity is linked to brand recognition as a customer must be aware of the brand name initially, but it differs from it as brand equity emphasizes the added value that the brand-name provides to the product.
Drug stores have many different varieties of Paracetamol available to buy. Some versions are drug-store-owned brands, while others hold a recognizable brand-name that the brand-owning company created. Each Paracetamol product may have identical ingredients and produce the same outcome when used. The brand-owning company can further capitalize on brand equity if they raise the purchase price of their brand-name Paracetamol product. The cost of production for a brand-name version and a generic non-branded version remains the same.
However, as the customer opts to pay extra for the branding in addition to the base product itself, the brand-owning company increases its profit margin and gains a stronger market share of the pharmaceutical industry.
Brand equity is created as your customers becoming increasingly, and more personally, aware of your brand. They must first know that it exists , then form positive or negative opinions of it through their own interactions, and finally, arrive at a subconscious value they associate with your brand.
Brand perception is what customers believe a product or service represents, not what the company owning the brand says it does. This can happen during the following sub-stages:. The way a customer perceives a brand can directly impact their actions towards it. Their reaction will be subjective, and could be based on a number of factors:. The return from the effects of a positive or negative brand perception falls into two categories: tangible or intangible value.
You can develop greater market share : Developing your brand equity will give you a competitive edge in the marketplace. In some saturated industries, your brand needs to stand out and appeal to customers through your unique selling point or distinct branding. When you can be remembered by a customer at a point of sale, then you have given yourself a greater chance of successfully selling your product.
You can extend your product line easily : When you have a high level of brand equity, customers will be more likely to continue their business with you and be the first to try your latest products and services. You could ask your community of customers for testers at the product development stage, or launch directly into the market for customers to buy. You have a greater impact as a company : With your increased revenue and market dominance, you may find yourself in a powerful situation.
This could open the door to collaborations, business ventures, or investment opportunities that would otherwise not be available to you. Some products or services fall in and out of positive or negative brand perception, which then creates corresponding positive or negative actions and value results:.
Great brand equity means that a company can add to its product range within the brand, safe in the knowledge that customers will trust the brand enough to try the new products. Coke was able to do this through product expansion — and today they own over 20 brands. A word of caution to those of you that think changing your brand is easy. There have been some examples of companies that have faced backlash and negativity when trying to make a positive change.
While WW was reacting to the changing times, backlash against their changes caused negative customer experiences and took its toll on their share price. There are three core brand equity drivers that you need to track: financial, strength, and consumer metrics:.
Brand equity is the value of your brand for your company. When a brand is recognized and trusted to the point that the customer recognizes it and feels a deep psychological bond with it, your brand equity is valuable indeed. There are several ways you can do this:.
Consider how well your product meets the needs of customers — not just the physical ones, but their social and psychological needs as well. A company that produces a useful product, and genuinely commits to social or environmental responsibility will attract customers and employees who share those values and who will be sufficiently connected and enthusiastic to be advocates.
With feel-good eco-credentials like these, spending a Sunday afternoon assembling an IKEA flat pack seems more a pleasure. Positive feelings can be excitement, fun, peer approval, security, trust, and self-respect. A brand that can maintain positive judgments and feelings is a winner. For example, the iPad: did you think you needed one before you saw one and appreciated its capabilities?
This is a powerful, yet very difficult aspect of brand equity to attain. Loyal customers are customers that have formed a psychological bond with your brand. They make repeat purchases because of your positive brand. They may feel part of a community of fellow consumers. They will act as your brand ambassadors, inadvertently selling your products for you through social media, online forums, and even physical events.
Establishing a brand equity connection that borders on customer evangelism is invaluable. You have a few routes to help yourself find out if Brand Equity is a concern for your business goals now and in the future:. Brand Equity. Brand Experience. Market Segmentation. Learn More. Overview Watch Demo. XM Marketplace Integrations with the world's leading business software, and pre-built, expert-designed programs designed to turbocharge your XM program.
Whether this is based on geographic zone, country, product, culture is not relevant as long as marketers understand the relevance of each building block in relation to the target group Keller, Organizations are able to build a reputable brand by understanding the correlation between brand awareness and brand value. It is extremely important to create a consistent, unambiguous, transparent and recognizable balance between the internal qualities and external tangible and intangible signs without discrepancy in the association set in the mind of the stakeholders.
A reputable brand is the most efficient of external signals to create value Kapferer, This website uses cookies to manage authentication, navigation, and other functions. By using our website, you agree that we can place these types of cookies on your device. Details Written by Ronald van Haaften. Kapferer recommends four indicators of brand equity Kapferer, : Aided brand awareness, measures whether the brand has the power to evoke long-lasting images, memories, and emotions.
Spontaneous brand awareness unaided awareness , measure of salience Evoked set, also called consideration set. Previous consumption of the brand. Aaker formed his brand equity model around the five categories of brand assets: Brand loyalty. Brand awareness. Perceived quality. Brand associations. Other proprietary assets. International markets will vary in many aspects and brands can loose easily their local relevance due to local consumer behaviour and local competitive market forces.
Local brand awareness and positive brand image come first, before successful marketing programs can be exported into new local markets to build sustainable long term brand equity. Establish marketing infrastructure. Logistics are very important, the product needs to be manufactured, distributed, sold and consumed.
Marketing infrastructure encompasses international chain distribution for products and market intelligence. We are a full service marketing and branding company in Nairobi Kenya that helps companies build innovative brands and boost sales through results-driven advertising campaigns, and digital marketing.
With branding and strategy at our core, we will fully evaluate where you are today to create highly targeted, cost-effective marketing initiatives that get you to your goal. From Creating the Brand, Marketing the Brand to Advertising the brand, we build brand experiences that convert prospects into loyal customers. From As a white-glove creative and development firm, we thrive on crafting strategic plans and attention grabbing end products that engage your customers and generate ROI.
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