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Brand equity is referred to as a commercial value that comes from customer’s perception of a certain brand rather than product or service itself. It is a measure of how likely the customer is to invest in our brand. Although there are numerous ways to increase brand equity, the most successful way is building a strong brand strategy. With that being said, the only way for us to succeed is though knowing who our customers are, what it is that they are looking for, make our brand memorable by having a logo that stands out, and product that stand out by their performance, features and quality.

But how do we measure the brand equity? 

Brand equity is not something that appears overnight. It requires a lot of hard work, time, and dedication. Also, brand equity is not something that is consistent. It is something that needs to be monitored on a daily basis. It can be monitored in two ways: long term (by conducting brand inventory internally or by doing exploratory research externally) or short term by simply monitoring brand’s performance. Both of these practices together will ensure brands longevity and success. 

Let’s see how brands build their brand equity. 

Let’s take a look at Coca Cola and see how this brand has managed to be a top performer over the course of the pat several years. “Even with COVID lockdown and the company production being cut to only 50% they still ended up making the same profit”, discussed Matt Furkan Coker in his article “Brand Equity Review – Coca Cola”. To read the whole story feel free to visit https://www.kocermedia.com/magazine/coca-cola-brand-equity-review/#:~:text=Coca%2DCola%20Company%20has%20achieved,seeks%20to%20retain%20its%20customer

It has taken Coca Cola decades to get their brand equity to the level it is on today.  First and foremost, the company has built its portfolio affectively. Along the way they have discontinued the products that were not performing as well as the rest. For example, in 2020 the company discontinued half of its drinks’ menu. Also, Coca Cola has paid close attention to the design of its brand. The company implemented red color to make the brand eye catching and memorable. But it is also working on making its cans environment friendly. “By 2025 all the cans that Coca cola uses for their beverages should by fully recyclable”, mentioned Coca Cola owners on their company website. Visit https://www.coca-colacompany.com/sustainability/packaging-sustainability/design#:~:text=Our%20goal%20is%20to%20make,in%20our%20packaging%20by%202030 to read the whole story.  With the company building a strong brand image in their customers’ eyes, the company also promises the high-quality product, customer satisfaction and relevance to customers’. With this being said, the customers are always guaranteed to have tasty drinks. Also, Coca Cola is constantly monitoring its target market, sending out surveys and thank you notes to get feedback from their customers and get an idea of how to improve their brand. 

Conclusion

Overall, brand equity is something that cannot appear overnight. It takes time, hard work, and dedication to build it, but even harder work to stay consistent. It is totally our job as marketers to build an adequate brand image in the heads of our customers to make them want to shop with us in a long run and trust us throughout their journey. If not us, then who? If not now, then when?

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