Brand equity is the value of a brand. It is the difference between the price of a generic product and the price of the same product with the brand name. Brand equity can be positive or negative. A strong brand name can increase brand equity. A weak or damaged brand name can decrease brand equity.
Brand equity is important because it can increase sales, market share, and profitability. A strong brand name can attract new customers and keep existing customers loyal. It can also help a company charge more for its products and services.
There are many ways to build brand equity. Some companies focus on advertising and promotion. Others focus on creating a strong emotional connection with customers. Still others focus on providing excellent customer service.
There are many ways to measure brand equity. Some companies use customer surveys. Others use financial measures such as market share or profitability. Still others use measures of customer loyalty such as customer retention or customer satisfaction.
There are many ways to increase brand equity. Some companies focus on advertising and promotion. Others focus on creating a strong emotional connection with customers. Still others focus on providing excellent customer service.