Brand equity is a graphic design and marketing term that defines a brand’s value. There are several factors that come into play when determining a brand’s worth and it can effect what a company can charge for a product, it’s reputation and more. Read on to find out how your brand’s equity can work for you.
Brand equity can work for or against your brand. If a company has a good reputation, it has positive brand equity. This allows companies to charge more for their products and boost their stock price.
Negative equity, on the other hand, can work against a company. A company that underdelivers and disappoints customers consistently will be one that consumers will stay away from.
How to Develop Brand Equity
There are several things you can do to develop brand equity. These include the following:
· Promote Brand Awareness:
Promotion is a very important step in developing equity. A brand with a recognizable name will be one people are most likely to buy from. Having a good website and logo design package will help to build awareness.
If a customer is familiar with the brand, he or she is likely to purchase it to see how they like it.
If the customer has a good experience with the brand, it will become their preferred choice.
Once a customer decides the product is best for them, they will continue to buy it and may even recommend it to a friend.
Examples of Positive and Negative Brand Equity
A company like Apple is a great example of an organization with positive brand equity. Their computers received such a positive response, they were able to grow their company moving on to sell iPhones, another successful product.
On the other hand, financial brand Goldman Sax experienced negative brand equity due to its involvement in a financial crisis in 2008. Toyota had a similar experience in 2009 when it had to recall over 8 million vehicles due to defects.
While building brand equity can involve several factors, one place to start is with a great looking product that is marketed through the right channels. You want to represent your brand with a great packaging and logo design. For this kind of help, you might want to turn to a professional design branding agency like Lien Design.
The Lien Design agency is located in San Diego, California. Their years of expertise guarantee that they have the knowhow to get your brand noticed. They will also see your company through making sure it remains relevant so that it continues to build equity throughout the years.
Brand equity is a very important part of growing your brand. Do your best to build positive brand equity by consulting professionals like the experts at Lien Design. Then watch as your brand’s reputation grows in the best way possible.