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Today more than ever, brands face the challenge of capturing and maintaining their market share and building customer loyalty. That is why today we are going to learn what brand equity is and the importance of building and managing it in the long term.<\/span><\/p>\n

Brand equity is a complex and multi-dimensional concept, but understanding it remains critical for a brand to develop its competitive potential.<\/span><\/p>\n

Let's learn more about this concept and how it contributes to the success of your business<\/span><\/p>\n

What is brand equity?<\/strong><\/h2>\n

Brand equity refers to how familiar consumers are with your company and your brand measurement<\/a>. When it comes to promoting your products and services, it is one of the first important steps you need to take.<\/span><\/p>\n

It is a concept that tries to explain and quantify the fact that consumers respond better to the marketing campaigns of a product or service of a certain brand than of another.<\/span><\/p>\n

From the consumer's point of view:<\/strong> the value of a brand is the sum of the positive and negative associations towards a brand.<\/span><\/p>\n

From the organization's point of view:<\/strong> value is the consumer's perspective perceived as an intangible asset in the income statement.<\/span><\/p>\n

What are the components of brand equity?<\/strong><\/h2>\n

For some specialists, brand equity is made up of certain elements, including: brand loyalty, brand awareness, perceived value<\/a>, brand association, and other proprietary assets.<\/span><\/p>\n

Brand loyalty<\/strong><\/h3>\n

Brand loyalty<\/a> dictates that a consumer who truly believes in the value of a brand's offerings typically makes frequent and repeat purchases from it rather than switching brands.<\/span><\/p>\n

High brand loyalty ensures that the business is stable and consistent, and enables the organization to capture a greater market share.<\/span><\/p>\n

LEARN ABOUT:<\/strong> Brand health<\/a><\/em><\/p>\n

Brand awareness<\/strong><\/h3>\n

Brand awareness<\/a> refers to the degree to which a brand is known or recognizable to a consumer.<\/span><\/p>\n

A brand with a high value will come to a customer's mind when looking for a specific product.<\/span><\/p>\n

Perceived quality<\/strong><\/h3>\n

This element focuses on the brand's reputation for the high quality of its products and the customer experience.<\/span><\/p>\n

Good quality is valued more than product features, and consumers are often willing to pay more for high-quality products than other brands.<\/span><\/p>\n

Brand association<\/strong><\/h3>\n

Brand association implies anything related to the brand, evoking positive or negative feelings, for example, the functional, social or emotional benefits of a product.<\/span><\/p>\n

More generally, this relates to the overall image of the brand and what consumers associate with that image: if consumers predominantly associate positive attributes with the brand, then the brand possesses high brand equity.<\/span><\/p>\n

Other owned assets<\/strong><\/h3>\n

Assets include patents, trademarks, and channel or business partner relationships.<\/span><\/p>\n

These assets are vital to ensure that other brands cannot compete by operating under a similar name or using very similar packaging, which can confuse consumers and compete with a brand's customer base.<\/span><\/p>\n

social media (both with the brand and with the members of the brand's community).<\/span><\/p>\n

How to build brand equity?<\/span><\/h2>\n

Creating strong value is the foundation of an organization's long-term success. Here are some ways to do it:<\/span><\/p>\n

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  1. \n

    Create brand awareness<\/span><\/h3>\n<\/li>\n<\/ol>\n

    This can be done by creating positive, strong and unique brand attributes that consumers will retain in their minds, for example.<\/span><\/p>\n