Brand equity describes the level of influence a brand has on consumers' minds . Organizations establish brand equity by creating positive experiences that encourage people to continue buying from their brand rather than from competitors who make similar products.
This is done by generating awareness , through campaigns that speak to the values of the target audience , fulfilling promises and qualifications when consumers use the product.
So, by offering loyalty incentives to consumers, such as points international mailing list that can be exchanged for discounts or a free product on their birthday, they are more likely to continue purchasing from your brand .
The messages and images around your brand should be cohesive so that consumers can easily identify it. What values do consumers associate with the brand? This is where you should be concerned!
What is the difference between Branding and Brand Equity?
First of all, Branding is the process of creating a brand, starting from a product that already exists or is going to be launched . But, don't think that branding is just having a brand name, a logo, a visual identity or a typographic composition. In fact, it is about creating a storytelling around the brand, which is rooted in the functional and emotional benefits of the product , which serves as a solution to improve the lives of its consumers.
On the other hand, brand equity is a long-term benefit that you gain through consistent brand-building efforts. In other words, it is the emotional mindshare that a brand commands among its consumers, which allows it to have strategic differentiation, strengthens loyalty and provides an emotional advantage in highly competitive categories.