Brand equity is the added value element of your brand. I often refer to as “emotional margin”. It’s frequently measured as the gap between the price your brand can command through its very presence compared with how consumers value non-branded products in your category.
Every established brand should have a clear understanding of its brand equity. The Blake Project’s BrandInsistence brand equity measurement system measures the five things that cause customers to insist upon specific brands: awareness, relevant differentiation, value, accessibility and emotional connection.
Nobel Prize winning research in neuroscience and behavioral economics proves that all humans are irrational, emotional creatures. Both marketers and consumers believe they are in control of their decisions, but research is increasingly proving that assertion wrong. There is something deeper going on at a subconscious emotional level. Marketers that understand this and that harness the power of emotions are today’s true brand builders and are uncovering new opportunities for growth faster than their competitors.
Branding Strategy Insider helps marketing oriented leaders and professionals like you build strong brands. BSI readers know, we regularly answer questions from marketers everywhere. Today we hear from Robert, a Director of Brand Strategy from New York, New York asks this about how one brand should address different needs and mindsets for different customers.
There are a lot of things that brands keep doing that put their value at risk. By way of a checklist, here are ten threats and how marketers can counter them.
