Answer: Equity is the ‘value’ assigned to your actual brand by what consumers really think and feel about it, and therefore the trust and belief that they carry for it.
Brand equity is an integral part of customer (product or service) trialling, loyalty and retention.
A consumer/customer may often choose another product or service over their preferred brand as part of their ongoing validation process for that brand. This can often be driven by price or a promotional offer etc.
Brand equity at this time is the cornerstone for bringing them back to their hero (or preferred) brand after the initial saving or offer experience is over from using the competitors brand. Through Brand Equity we hope to achieve this ‘coming home or back to their hero brand’ by creating a conflict in the psyche of the consumer that the newly purchased or trialled brand ‘X’ product, does not offer the same belief of quality, trust and value to the consumer or customer as their preferred ‘hero’ brand, hence they will purchase or visit us again, even if intermittently.
This loyalty is created through brand equity and brand building.
Current online/web trends (and for good reason!) are moving towards more User Generated Content as part of this equity building allowing consumers to create, post and comment about the positive experiences and opinions on a company, product or service as opposed to just what the companies/brand are saying themselves about them on their corporate websites.
This transparency between the consumer and the brand is infinitely more powerful as a persuasion tool then simply spoon feeding them corporate and advertising messages. Having said that, well crafted and placed Advertising and Communications messages are still a very relevant part of the overall mix. it’s a matter of balance through solid Channel Planning and Insight.
So what delivery channels should we use then to help build/increase Brand Equity?
The answer used to be “television”, you have to be on television! Technology has since brought us agency accountability and the metrics and opportunity to look deep into our markets psyche, the creation of the next generation of the database, the ‘true’ database, not just a bunch of population based anecdotal data.
Now, true and solid Channel planning comes from stepping back, assuming nothing, and using whatever mix of channels can deliver our message to our market, while also allowing for users to comment and herald our brand for us in the global web space. Sometimes our final plan will not included traditional delivery channels such as television, radio, press or print. Though for most brands they are and will remain for sometime to come, an important part of the overall mix. But without solid and unbiased planning you don’t really know, do you?
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