Brand Equity is a terminology that is used by the marketing industry to describe the value of a company having well-recognized the brand name. This is explained by the idea that one can have much revenue by the use of a well-known brand than one who uses a less recognized brand. This is because most consumers believe that products from a well-recognized brand are much better than those from a less known brand name. In marketing, brands are considered to be the most valuable asset of a company and the brand equity is one of the many factors that can increase the brands’ financial value to the owner of the brand. Certain elements are considered in the valuation of brand equity. These include; profit margins, the perception of quality by consumers, how market share is changing, recognition of logos and visual elements by consumers and the language association of the brand by consumers.
For one to build a strong brand name one need to understand how to introduce, elaborate and fortify their products. The first step is to introduce products that are of superior quality and which will have a positive evaluation by consumers with an eye for using that brand as a pillar to launching your future product. Secondly, you need to come up with a brand that will develop repeat usage and be easy to remember whereby the consumer will be able to remember his or her previous positive brand evaluation. Lastly, the brand needs to have a consistent image throughout to cement its place in the mind of consumers and also develop a relationship with the consumer that is special. Also, brand extensions can be used to fortify the brand but in a way that the related products have a perceived fit in consumers’ mind.
The used market mixing technique can really help in both the building and protecting the brand equity. For example, once a product has strategically positioned itself as a premium product, the quality of the product should remain consistent with the expectations of the consumer on that brand. What is required is consistency from both the promotional campaigns and distribution channels and not the reduction of prices so as to compete with other brands. Also, brand extensions that seem to be inconsistent with the perception of the brand by the consumers should be avoided. In case of a core brand that is not yet strong enough, extensions should be avoided at all cost.
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