As a brand Manager, building brand equity will be one of many responsibilities and perhaps the most important. As we all know, building equity is not an easy task and requires much work within the brand. Brand managers will have to find ways to meet customer expectations and build strong relationships to increase brand loyalty. Being that a brand is what the consumer thinks it is or what the consumer and close ones tell each other. We have to work even harder since this has changed from us telling them what it is.
What is Brand Equity?
Brand equity determined by customer perception is the value of a brand.
Strategies to Maximize Brand Equity
To maximize brand equity, a brand should establish a positive brand reputation. Companies like Apple have built a solid reputation, which took them years to do. Of course, this reputation can be destroyed, which is why companies have to craft a consistent image and message.
This is important for any company; it is how we teach, persuade, inform, and enrich the knowledge about the brand, its value, strengths, and the products and services.
Building a brand strategy is essential for long term success, “it encompasses specific goals to be achieved with the evolution of a successful brand’’.
When you create brand awareness, the consumer is familiar with your brand and can recognize it.
Build your brand’s equity, and you will enjoy the results of your hard work. You want to make your brand recognizable to consumers. A good strategy, awareness, a strong reputation, and a clear and consistent message can help you achieve and maximize brand equity.
Read my previous Blog: https://christerbelll.com/4-stages-of-the-brand-resonance-pyramid-brand-development/