Have you built your brand correctly? There is a lot of knowledge that must be absorbed by a marketer, but sometimes they underestimate brand equity. In fact, they must know how to build and strengthen a brand because that's how any business they run will be successful. How about you? Do you really know about the brand? Have you built your brand correctly? If you are not too sure about what you have done in your business, then it is highly recommended to understand exactly what a brand is and how important a brand is for your business.
Understanding Brand Equity
There are many marketing experts who provide definitions about this brand equity. However, there are at least two important roles of a brand. First, brand as identity. People now don't have to think long to determine whether the blue "F" that usually appears on the interent because once they see it they immediately know that it is a symbol of Facebook. Brand equity dimensions in consumer satisfaction, this is just one example of how Mark Zuckerberg is very concerned about Brand Equity because he does not need to constantly explain what Facebook is. People will know right away even though there is only one letter "F". that's why the brand is considered as an identity.
Second, the brand acts as a market controller.
Do you know why tourists who vacation in Jogja mostly hunt Dagadu clothes? Because what's on their minds, is a distinctive clothing brand in the City of Jogjakarta. In fact, did you know there are lots of brands that are no less good? Or another example when you go to Bali, do you know of any other t-shirt brand besides Joger? well it means that each of these brands (Google and Bing) already has a very strong brand equity. This is exactly what Prof. said Kevin Keller about the definition of brand equity:
Understanding Brand Equity
The word Equity (Equity) must be familiar to our ears. But have you ever heard the term Brand Equity?
The following is an explanation of the definitions / definitions of the Brand Equity.
From the brief explanation above, it is clear that building Brand Equity is very important. Of these two important roles, Hermawan Kertajaya, a marketing expert from Indonesia, defines Brand Equity as an asset that creates value for customers by increasing satisfaction and appreciating quality
From this definition, there are two things that you must underline; namely increasing satisfaction and appreciating quality. Increasing satisfaction means that for brand owners, there is no word 'done' to innovate because only by always innovating can they always satisfy the customer.
And second, respecting quality means that both the brand owner and the customer know and realize which quality products are not just by looking at the brand alone.
At least that's a brief understanding of what is meant by Brand Equity. From here, you marketers understand how important a brand is. Therefore, you must know how to build and raise a brand. To be more passionate about building a brand, you need to know first what are the benefits of strengthening the brand.
Brand Equity is a brand asset asset and liability associated with a brand, name, symbol, which is able to increase or decrease the value given by a product or service to the company or to the customer. Brand Equity is an asset that provides its own value in the eyes of its customers.
The assets contained can assist customers in interpreting, processing and storing information related to these products and brands.
Brand Equity can influence consumer confidence in making purchasing decisions on the basis of past experience in use or proximity, associating with various brand characteristics. According to David A. Aaker (Managing Brand Equity, 1991), brand equity can be grouped into five categories, namely:
1. Brand awareness (brand awareness), shows the ability of a prospective buyer to recognize or recall that a brand is part of a particular product category.
2. Brand association (brand association), reflects the image of a brand of a certain impression in relation to habits, lifestyles, benefits, product attributes, geographical, price, competitors, celebrities, and others.
3. Perceived quality (reflecting quality), reflecting customer perceptions of the overall quality / excellence of a product or service regarding the intended purpose.
4. Brand loyalty (brand loyalty), reflects the level of consumer attachment to a product brand.
5. Other proprietary brand assets (other brand assets).