Building your Brand Equity
Updated: Jul 1, 2022
Brand equity, is the value or worth that consumers feel the brand has.
A great example of brand equity is when Apple launches a new product. Although there are other similar products (cell phones, tablets, etc.), consumers line up around the block to buy the latest Apple product (Hayes, 2021). Consumers value the brand so much they are willing to stand in a line to get the latest tech product. Hardly ever do brands develop a high brand equity overnight. This takes time in growing your target audience and brand awareness.
How is Brand Identity Different?
Brand identity is slightly different in how the brand portrays or represents itself through images, support, and even its logo/color theme.
One of my favorite brands is Microsoft! What an evolution the company has brought for education and the workforce through their new tools! Microsoft has taken to segmenting their target markets to develop the best products for each segment. In doing so this required some serious strategy through their marketing analytics.
Rebranding the Company Mission and Focus
In the first step, Microsoft changed their mission statement to “Empower every person and every organization on the planet to achieve more” (Adamska, 2019) making it their mission to grow through individuals and not through vague markets. Microsoft had previously marketed their products individually instead of marketing their brand along with corporate styled language (Adamska, 2019).