What is Brand Equity?
Brand equity refers to the intangible value that a brand adds to a product or service. It represents the total of a brand’s perceived value, consumer trust, and overall market position. Strong brand equity contributes to customer loyalty, positive brand associations, and increased market share. Essentially, brand equity is the result of how a brand is perceived by its audience and the emotional connections it creates.
Brand Equity: Definition, Importance, Elements and Examples
In the highly competitive world of product management, building and maintaining a strong brand is crucial for long-term success. Brand equity is a key component of a brand’s overall value, encompassing various elements that contribute to its perception of the market.
Table of Content
- What is Brand Equity?
- Importance of Brand Equity
- What Factors Affect Brand Equity?
- Elements of Brand Equity
- How to Create Brand Equity
- Benefits of Creating Brand Equity
- Effects of Brand Equity on Profit Margin
- Real-World Example of Brand Equity
- Brand Equity vs. Brand Awareness
- How to Measure Brand Equity
- Conclusion