Sure, we all have magic Googlé machines where we can look anything up. But defining is not the same as explaining.
What Is Brand Equity?
Check out our latest tellthetruths video where Rebeca explains some questions she asks to define Brand Equity.
Please let us know if you find this explanation helpful.
This video originally appeared in LinkedIn.
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TRANSCRIPT:
Hey, guys, it’s Rebeca with BrandTrue. And today I want to do another one of those videos where I’m defining a term Because they seem to go over really well. I want to talk about brand equity. So brand equity is defined as, it’s a little squishy to get your hands around, but it’s defined as that appeal, that connection with a brand that leads people to prefer it over another that’s offering the same products, even potentially to pay more for the same product because of that. So it’s like what the brand name adds to the value, and I think that that’s helpful, but I also think that it can be a little abstract. And so I wanted to share with you guys how I think of it, which is in a series of very concrete hurdles, a series of questions.
Brand equity is: do they know who you are as a brand? If they know who you are, do they like you, right, and like/prefer you? Can they recognize you? So this is maybe some of the visual elements, you know. Do you have consistent colors? Do you have a logo? You know, it’s…might seem complicated, but it’s not. Can they recognize you? “Oh, that’s from Brand X. I can tell.” That’s an element of brand equity. Can they find you? Meaning, “Oh, I need such and such, I want it from Brand X. This is how I’ll get it.” Do they know that connection? And then the last one is, can they remember you? “Oh, I need such and such.” Will they think of Brand X? Will they think of your brand to get it? So just some simple, pretty concrete questions that hopefully make this idea of brand equity a little easier to wrap your head around. Anyway, that’s what I think. Let me know what you think. Thanks. Bye!
