How to Build Brand Equity
Brand equity is built through a combination of the marketing mix factors over time. The development of brand equity should NOT rely on promotional expenditure alone.
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Four brand strategies
When it comes to brand development, there are four main brand approaches, as shown in the following diagram.As you can see, this diagram is a matrix built around the two attributes of existing/new product category and existing/new brand name. This then determines one of the four boxes, namely:Product line extensionMulti-brandBrand extensionNew brandPlease note that the
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Brand name selection
Selecting a brand nameOne of the key decisions when bringing a new product to market, particularly if it is going to be under the umbrella of a new brand, is the brand name selection.There are two approaches to brand name selection.The first approach is to have a brand name that is somehow reflective of the
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What is a brand?
Definition of a brandA brand can be defined as a name, sign, logo, or design of a product/ service or a firm designed to identify ownership and to differentiate the offering in the marketplace.What are brand elements?Most products and/or firms will have some sort of brand identity materials. The elements of a brand may include:a
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Main branding decisions
In modern-day marketing, brand equity is generally highly sought-after. Brand equity can deliver financial benefits to the firm – primarily through greater market share, price premium, and increased customer loyalty.There are multiple decisions to be made however, when introducing a new product into the marketplace. This particular article provides an overview of this process, while
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Brand awareness metrics
Brand awareness: often the first marketing communications goalBrand awareness is fundamental to success in the marketplace; if consumers are unaware of the brand they are unlikely to become customers. This is why the first goal in a marketing communications plan for a new brand is to build awareness of the brand.What is brand awareness?As suggested
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Why Use a Brand Persona?
Brand personas are commonly used in customer journey mapping, but are generally helpful in most aspects of marketing strategy development. This is because a brand persona – which is a representation of the typical customer in a target market – helps the firm more clearly understand the consumer.Generally firms will develop multiple brand personas –
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What is a brand touchpoint?
Customer journey mapping is techniques that relies upon identifying and sequencing the touchpoints (exposures and interactions) that consumers (potential customers) and actual customers have with the brand.Therefore, as a simple definition for what is a brand touchpoint? A brand touchpoint can be considered as any interaction or exposure that a consumer has with a brand.
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When to use customer journey maps?
Customer journey mapping is a visual technique designed to outline how:The brand reaches a consumer’s consideration (evoked) setHow the consumer progresses through the buying decision process and selects a suitable brand, andThe consumer progresses through consumption and/or use of the product or service.When to use customer journey maps?Because of the nature and the role of
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What is a customer journey?
What is a customer journey?As the name implies, a customer journey is the series of steps undertaken by a consumer (that is, a non-customer of a brand) in their journey to becoming a customer of the brand. A consumer’s journey will include gathering information, reviewing marketing communications, visiting stores, reviewing product information, looking at competitor
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