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Brand equity refers to the intangible value a brand holds beyond its tangible assets. It is the accumulated perception and experiences that consumers associate with a particular brand. This includes brand awareness, loyalty, perceived quality, and overall brand image. Essentially, brand equity represents the added value a brand brings to a product or service, influencing consumer choice and willingness to pay a premium.
Brand equity is often assessed through consumer surveys, market research, and by monitoring factors such as brand awareness, perceived quality, brand loyalty, and associations.
Yes, even new companies can begin building brand equity by creating a strong brand identity, delivering quality products/services, and cultivating positive customer experiences.
Improving brand equity involves consistent branding, delivering exceptional products or services, engaging in effective marketing, and actively managing customer perceptions and experiences.
No, brand equity is relevant for businesses of all sizes. Even small businesses can build and benefit from positive brand equity by focusing on customer satisfaction and building a strong brand identity.