Why Brand Equity Matters More Than Ever
Customers are more stressed than ever when it comes to buying decisions. Whether it’s buying a carton of milk or investing in an ERP system the number of variables in the equation has grown significantly due to the pandemic, the election cycle and the economic landscape. Both the present and the future leave a degree of concern and in times like these brand equity becomes a truly integral part of buyer behavior and in turn one of the most valuable assets a company has.
When you think about companies like Apple, FedEx and Disney most of us have some kind of visceral reaction to them almost immediately. We create a picture of the company and the brand experience in our minds without even engaging with the brand directly. As marketers we aspire to that kind of positive equity with our own brands and need to do the things that create the amount of equity the market demands to do things like gain market share, charge a premium or extend a product line.
In order to maintain a growing, positive brand valuation marketing teams have to go beyond the mechanics of name, logo, image, product, service, advertising, packaging, and social media and drill down to the most important component of brand equity – the relationship with consumers. The culmination of several good experiences creates loyalty that not only endears a customer to a brand, but it often compels them to recommend it to others or it becomes the only one they will buy and use in that category. That brand comes to embody a promise about quality, performance and commitment and creates a bond that is tough to overcome, particularly for the competition. For example, Daily’s, a major southeastern convenience store brand and one of our clients, continues to see sales growth and market share gains while fuel sales nationally are dampened by the pandemic. The Daily’s brand and store experience keep customers coming both for typical c-store purchases and now day-to-day essentials because of the trust that customers have for Daily’s.
As we all work to navigate these uncharted waters, marketers must continue to take stock in their brand equity. Brands hold tremendous value not just for organizations but for customers as well. In uncertain times people will turn to the brands they trust and hold in high regard, so it’s imperative that yours is there.