Brand Equity and Brand Awareness
The coherence of a strong brand DNA can fuel the emotions that continuously impact your customers.
A brand with a strong and inspiring identity is worth much more than product quality alone, especially with ever-increasing competition, regardless of the sector in which it operates.
Often the concept that underpins a brand or product leaves a lot to be desired or is poorly developed. The creation of a mobilizing concept is all too important and must always take into account the brand equity in order to respect its legacy and identify the points of interest of its target audiences.
It's also important to be creative in capitalizing on current trends and understanding the direction of the tide of interest among our targets. Always being aware is the key to success.
According to the American Marketing Association brand can be defined as a sign, term, design, or association of certain elements that differentiate a service or product from the competition.
O Brand Equity refers to the value that a brand has with associated tangible and intangible aspects and the Brand Awareness refers to the awareness that the consumer builds about the brand, and they are both related to the strength of the brand, and it is increasingly important to have consumers who are loyal to brands, and this is achieved through engaging content.
When consumers recognize the value of a brand (brand equity), understand that when they buy a product, they are simultaneously acquiring the brand's values. This includes what the brand stands for - which usually goes hand in hand with the individual's personal values - and an emotional relationship that has been built up over time between the two.
Kevin Lane Keller, Professor of Marketing at Dartmouth College (Ivy League) argues that the meaning of a brand is divided into two parts: performance and image.
Keller argues that performance refers to the ability of the product or service to meet the needs of its targets and can be assessed using metrics such as trust, effectiveness or price, for example. Image, on the other hand, refers to the ability to meet consumers' psychological needs. These 2 factors together define the brand's personality.
This is also where the value of the brand can often override its price. This is because many consumers prefer to pay more for the emotional involvement they have with the brand.