Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Brand Equity shopping experience:
1. Compare - without doubt the biggest advantage that the Brand Equity offers shoppers today is the ability to compare thousands of Brand Equity at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Brand Equity? Wrong! If the Brand Equity is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Brand Equity then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Brand Equity? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Brand Equity and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Brand Equity wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Brand Equity then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Brand Equity site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Brand Equity, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Brand Equity, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
Brand equity is the value that customers and prospects PERCEIVE in a brand. It is measured based on how much trust a customer has in the brand. The value of a company's brand equity can be calculated by comparing the expected future revenue from the branded product with the expected future revenue from an equivalent non-branded product (business). The difference, usually profit, is how much customers TRUST the brand, and are willing to pay above and beyond the price for other competitive brands with lower value perceptions. This calculation is at best an approximation. This value can comprise both tangible, functional attributes (e.g. TWICE the cleaning power or HALF the fat) and intangible, emotional attributes (e.g. The brand for people with style and good taste).
Positivity
Brand equity cannot be negative. Positive brand equity is created by effective marketing - advertising, PR and promotion in all forms, and the ability of the brand's performance to consistently maintain customer relationships -- trust.
The greater a company's brand equity, the greater the probability that the company will use a
family branding strategy rather than an individual branding strategy. This is because family branding allows them to leverage the equity accumulated in the core brand.
Examples
In the early 2000s, the
Ford Motor Company made a strategic decision to brand all new or redesigned cars with names starting with "F". This aligned with the previous tradition of naming all sport utility vehicles since the Ford Explorer with the letter "E". The Toronto Star quoted an analyst who warned that changing the name of the well known Ford Windstar to the
Ford Freestar would cause confusion and discard brand equity built up, while a marketing manager believed that a name change would highlight the new redesign. The aging
Ford Taurus, which became one of the most significant cars in American auto history would be abandoned in favor of three entirely new names, all starting with "F", the
Ford Five Hundred,
Ford Freestar and Ford Fusion. By 2007, the Freestar was discontinued without a replacement, and Ford announced record losses. In a surprise announcement, the discarded Taurus nameplate would be re-used on an improved Five Hundred which had dissapointing sales and whose nameplate was recognized by less than half of most people, but an overwhelming majority was familiar with the Taurus.
See also
Brand equity is the value that customers and prospects PERCEIVE in a brand. It is measured based on how much trust a customer has in the brand. The value of a company's brand equity can be calculated by comparing the expected future revenue from the branded product with the expected future revenue from an equivalent non-branded
product (business). The difference, usually profit, is how much customers TRUST the brand, and are willing to pay above and beyond the price for other competitive brands with lower value perceptions. This calculation is at best an approximation. This value can comprise both tangible, functional attributes (e.g. TWICE the cleaning power or HALF the fat) and intangible, emotional attributes (e.g. The brand for people with style and good taste).
Positivity
Brand equity cannot be negative. Positive brand equity is created by effective marketing - advertising, PR and promotion in all forms, and the ability of the brand's performance to consistently maintain customer relationships -- trust.
The greater a company's brand equity, the greater the probability that the company will use a
family branding strategy rather than an individual branding strategy. This is because family branding allows them to leverage the equity accumulated in the core brand.
Examples
In the early 2000s, the
Ford Motor Company made a strategic decision to brand all new or redesigned cars with names starting with "F". This aligned with the previous tradition of naming all sport utility vehicles since the
Ford Explorer with the letter "E". The Toronto Star quoted an analyst who warned that changing the name of the well known
Ford Windstar to the Ford Freestar would cause confusion and discard brand equity built up, while a marketing manager believed that a name change would highlight the new redesign. The aging Ford Taurus, which became one of the most significant cars in American auto history would be abandoned in favor of three entirely new names, all starting with "F", the
Ford Five Hundred, Ford Freestar and Ford Fusion. By 2007, the Freestar was discontinued without a replacement, and Ford announced record losses. In a surprise announcement, the discarded Taurus nameplate would be re-used on an improved Five Hundred which had dissapointing sales and whose nameplate was recognized by less than half of most people, but an overwhelming majority was familiar with the Taurus.
See also
BrandEquity | BrandEquity
Brand identity design, brand asset management, corporate identity and naming.
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