Your brand is in the eye of the beholder.
Merryn Bourne
Marketing + Communication Strategy, Senior Living, Aged Care and Construction Specialist
Understanding your brand equity is paramount for any business aiming for long-term success in a competitive marketplace. It should guide your brand strategy - according to your business goals and objectives. Brand equity represents the value and perception your brand holds in the minds of consumers - what they think about you. Understanding this concept can help you steer your brand strategy. It is a multi-level, but critical concept that requires consideration and analysis for future plans. Here we will dive into the fundamental aspects of understanding your brand equity for your consumers.
Defining Brand Equity
Brand equity can be defined as the commercial value that is derived from consumers' perceptions, attitudes, and experiences associated with a brand. It is not merely the financial value of a brand's assets but also encompasses intangible factors such as brand loyalty, awareness, and reputation.
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Components of Brand Equity
To fully understand brand equity, you need to break it down into its basic components:
We can help you adjust and enhance your brand equity - through targeted strategies, written for you. Sector specialised, results driven, and tailored. What are your business objectives for 2024? Contact me for a no-obligation discussion.