The physical value of your products may be easy to calculate, but your consumers’ perceptions are what really determine the value your brand and products have in the marketplace.
Because of this, your ability to build value into your brand and communicate that value to customers through your marketing is essential to the long term success of your company.
The benefits of building a good brand
Brand equity is the perception customers have of your products and services based on what they think of your brand. Apple, Google and Microsoft are all considered to have high brand equity.
It’s difficult to assign a monetary value to a brand, but no matter how intangible brand equity may seem, a strong brand reaps considerable business benefits from:
- Customer satisfaction
Those benefits serve as tools to marketers in the effort to attract that mindful consumer who wants to buy from a brand high in value.