Focus: Brand Equity

Consider the following 5 points on brand equity: 

1.     Define your Brand in terms of the basic branding elements of :

·        Brand name

·        Slogans

·        Logo

·        Symbols

·        Pictures

·        Marketing messages

2.     Define your brand positioning statement and ensure that your employees can clearly articulate what your brand stands for. Is your brand image relevant, clear and unique? Ensure that your brand positioning is defined in your Strategic Plan.

3.     Review the top Global Brands according to Business Week Magazine. What do they have that you don’t?

4.     Brand Equity is consumer brand knowledge and is in the mind of the consumer. Build a brand that is high in awareness and easily recognizable. When consumers/businesses need your service, your brand should be the one they think of first.

5.     What is the financial value of your brand, can you identify it on your balance sheet?  If you were selling your business today, how much would you ask for the brand which might be termed “goodwill.”

·        Does your brand have the ability to create a positive response in the marketplace?

·        Would customers be willing to pay a premium price for your brand’s offering?

·        Is your brand well-known and trusted enough for customers to give referrals?

·        What would your customers think if your brand didn’t exist?