Competitive Edge: Does Your Brand Measure Up?
Brand equity is a marketing term that is used to describe the power and influence a brand has over consumers. It is bed on the idea that a more well-known brand will be able to generate greater revenue then a less-known brand, and that consumers will eventually only turn to more well-known brands for their choices.
Brand equity also generates more revenue for a business when its name becomes synonymous with a service or product. For example, it is common for someone to say “just Google it” when they want you to perform an Internet search instead of saying “use a search engine.” Another great example is Band Aid. When you have a cut to cover, you ask for a Band Aid, not an adhesive bandage.
Building your brand through effective marketing can take your business from one of many in your field, to the top of your field. It takes specific strategic planning and excellent service to achieve this type of recognition.
Marketing and Customer Service
A top marketing strategy can make your business a common household name. However, your company must be prepared for the influx of business from this marketing plan or the entire strategy may backfire. It is essential that your company can produce the product quickly, ship the items fast if necessary, and that they perform as expected when they arrive.
If you are marketing a service, you will need to make sure that your service providers are exemplary and their work reflects well on your company. If you are unable to meet demands or quality standards, your marketing campaign will only provide negative equity to your company.
Negative brand equity can happen for two reasons. The first is when a majority of the consumers learn that your product or service does not meet the standards of your advertising. This will cause your company to lose customer loyalty and repeat business. It will also promote a bad-will campaign in word-of-mouth advertising. It will take quick and creative marketing to bounce back from this type of negative brand equity.
The second type of negative brand equity can occur when a disaster takes place and it is directly connected to a company. For example, when you think of the name BP (British Petroleum,) the company is hoping that you are thinking of their gas stations and oil refineries. However, after the oil platform explosion and subsequent oil spill in the Gulf of Mexico, many people think of BP as a danger to the environment.
Your brand is the most important thing your company owns. It is what people think of when thy think of your product or service. Your brand can make or break your company. Marketing your brand is crucial to creating band equity. If the marketing is done correctly, and you can respond to the needs of the consumers, you will create a lot of positive feelings about your company and build the value of your brand. Who knows, you may even be the next Band Aid.
Jamica Bell is a blogger and entrepreneur. As a small business owner, brand equity has become a goal for her company maintaining a competitive edge.
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