{"id":20551,"date":"2016-06-27T18:23:57","date_gmt":"2016-06-27T22:23:57","guid":{"rendered":"https:\/\/webhostinggeeks.com\/blog\/?p=20551"},"modified":"2021-10-19T06:51:40","modified_gmt":"2021-10-19T10:51:40","slug":"brand-value-most-powerful-brands-2016","status":"publish","type":"post","link":"https:\/\/webhostinggeeks.com\/blog\/brand-value-most-powerful-brands-2016\/","title":{"rendered":"Brand Value & the Most Powerful Brands (with Infographic)"},"content":{"rendered":"

Brand value \u2013 everyone wants it, however, only few are able to achieve it. The subject of “brand value” holds a significant position amongst marketers, executives, and entrepreneurs. Let’s discuss what makes a brand unique, and how it is evaluated.<\/p>\n

Brand makes your business unique. It sets the company apart and has the ability to position the business on the top in their specific industry. Sometimes, a brand is the company\u2019s most valuable assets. In fact, many companies are often referred to by the name used in their brand \u2013 and they become one and the same. A strong brand identity drives customer loyalty, for the simple fact that once a customer uses your services and has a positive experience, your brand will bring them back.<\/p>\n

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A brand can be any name, symbol, word, sentence, or logo that is used to distinguish the product from other similar products available on the market. Everyone knows the most powerful brands just by glancing their logos: Apple, Google, Facebook, Mercedes-Benz, BMW, Disney, McDonald’s and Coca Cola are just a few.<\/p>\n

However, there is more to it than just a nifty logo and a catchy name. Everything you do within your business adds to your brand equity – the choices you make in product design, the quality of service that customers receive, the handling of customer complaints and any other services that your company offers – all of these things can add to credence to your brand equity.<\/p>\n

What is Brand Equity (Value)?<\/h2>\n

Well, brand equity can be best defined as the phrase that is used inside the industry of marketing that defines the significance of having a well-established and recognized brand name, based on the concept that the owner of the brand is capable of generating more profits from products registered under that brand name over those products of a not so popular name. This justification is based on the perspective of many customers that a product which has a well-known name is much better compared to those products from a less popular brand name.<\/p>\n

The main principle behind brand equity is the relationship between a consumer and the company selling the products\/services. If the customer prefers a specific brand over the other, it is mainly because of his or her perception of the brand and its value regardless of the price tags on the product.<\/p>\n

Of course, the company must strive hard to earn and maintain the consumer\u2019s loyalty for their brand. To establish a brand value, the company must earn name recognition for its product, encourage the customer to actually try their product\/service and convince them that their product is acceptable. Only after that the company can expect to secure a few preferences for their brands.<\/p>\n

Having solid brand equity not only increases the profits and revenues for the company but it lower costs as well. the companies that already have an established brand equity are likely to spend less on marketing since the existing as well as potential consumers are already aware of their product. They don\u2019t have to go into the hassle of educating the general public about their company and its products\/services. Having brand equity also helps the company expand into different product lines. Since the customer is already following the brand, they are more likely to try any new product that is created by them.<\/p>\n

Whether through a quality product line, excellent consumer service, and\/or exceptional marketing techniques used by the company \u2013 having a strong brand equity symbolizes that the company has gained enough recognition and respect from their consumers that guarantees they will spend more on products created by that brand.<\/p>\n

The Benefits of Brand Value<\/h2>\n

Simply put, “brand equity” is the construct which is specifically designed to replicate the actual value which the brand name is holding for products and services which it accompanies. Measuring brand equity has been considered important mainly for the reason that brands are regarded to be powerful influencers of crucial business results like market share and sales.<\/p>\n

“Branded products invariably command a higher price than so-called ‘store brands’ or ‘generic’ \u2013 even when the product itself is a commodity such as sugar. In these cases, the higher price is due almost entirely to the power of the brand.”<\/p>\n