We have already been talking about the importance of branding for your business and we introduce you to achieve good results. Today we are going to see if everything we have done so far is valid or not.
Is your brand valuable to the public? How do consumers perceive your products? Are you managing to create the expected image? These are issues that are attributed to a marketing concept known as Brand Equity.
What is Brand Equity?
Translated as “brand equity”, this concept refers, in a nutshell, to the added value in your product or servicewhich goes beyond the material or the marketing actions themselves.
Kevin Keller, a specialist in the area, has a very specific definition:“are the marketing effects attributable solely to the presence of a brand”.
What does this mean? That your brand represents all the sensations caused in the consumer, how he understands the proposal and what elements he associates with it. The Brand Equity It is then composed of factors that will guide the purchase decision of your potential client and the reasons why they will choose your product over a similar one from the competition. It is, basically, the greatest work of branding.
How to use the Aaker model
Although this brand value cannot be measured in numbers or in an absolute way, it is possible understand which causes are stronger and which ones have less impact on the construction of the image. To do this, we can apply the model proposed by the branding specialist, David Aaker.
Its model defines 4 value characteristics to take into account when analyzing your branding. You can address them directly with the audience, simply by asking the right questions on or inviting potential customers to fill out questionnaires. Another more “superficial” alternative is to follow what people say about your brand in the .
Quality
Let’s start with the simplest point to be evaluated and, at the same time, one of the most subjective by customers. It’s about the perceived quality: Is it low, medium or high? Is it present in all the services you provide? Is the best?
Next, let us also consider the leadership of the brand in its niche: Is it gaining popularity? Is it innovative? Does your proposal seem more evolved and attractive than that of your competitors?
Loyalty
Another important factor for Brand Equity It is public loyalty. To do this, we analyze the price premium and consumer satisfaction: Would your customer be willing to pay more for your product? Were your expectations of him met? Would you buy again and recommend to your acquaintances?
These issues are directly related to the loyaltyan important part of marketing that is often left aside when companies only prioritize winning new consumers.
Brand Associations
Leaving the “product” question a bit, we must also observe how the public perceives the product. worth (cost / benefit) and the brand personality (the and the cultural principles defined above). Thus, we will understand if your communications and campaigns are being interesting and if people identify with them.
We can also consider the organizational associations (if the consumer trusts the manufacturing company and partners) and the differentiation (how unique the brand is and how similar it is to the competition).
brand awareness
The last concept measured for the Brand Equity is known as Brand Awareness. It is about the proportion of people who really know your brand and know what you sell.
Is your brand the top of mind? (the first thing people think of when searching for a product category?) Are your principles and values easily identifiable? Listen to the personal opinion of each consumer in relation to your company and, thus, you will arrive at a general average.
It is understood?
The way in which your potential clients understand and judge your brand is decisive for its success, therefore, there is nothing better than understanding what is going through their heads.
By doing research that takes into account the issues mentioned above, you will have a clear idea of what needs to be reinforced and even modified in your company and, thus, improve your brand image and increase your sales.
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