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Article & Blog by

Mark Design - Web Design Surabaya Jakarta. Branding & Digital Marketing Consultant

Date

02 February 2018

Tags

Branding

Brand Equity: The One That Determines How Successful A Business

brand-equity-the-one-that-determines-how-successful-a-business

There is a lot of knowledge that must be absorbed by a marketer, but sometimes they underestimate about brand equity. In fact, they must know how to build and strengthen a brand because that's what any business they run will be successful.

How about you? Do you really know about brands? Have you built the brand correctly? If you are not very sure about what you are doing in your business, it is highly recommended to understand exactly what a brand is and how important a brand is for your business.

There are so many marketing experts who provide this Brand Equity definition. However, there are at least two important roles of a brand. The first, brand as identity. Today's society does not have to think long to determine what the blue "F" symbols usually appear in the interent because once they see then they immediately know that it is the symbol of Facebook. This is just one example of how Mark Zuckerberg is very concerned about Brand Equity because he does not have to keep explaining what Facebook is. People will immediately know even if there is only one letter "F". that's why the brand is considered an identity.

Secondly, the brand acts as a controlling market. Do you know why tourists who vacation in Jogja mostly hunt for clothes Dagadu? Because that is in their minds, Dagadu is a clothing brand typical of Jogjakarta. In fact, do you know there are many brands that are not less good than Dagadu in Jogjakarta? Or another example when you go to Bali do you know other T-shirt brands besides Joger? nah that he means each brand (Dagadu and Joger) already has a very strong brand equity.

From the brief explanation mentioned above, it is clear that building Brand Equity is very important. From these two important roles, Hermawan Kertajaya, a marketing expert from Indonesia, defines Brand Equity as an asset that creates value for customers by increasing satisfaction and appreciating quality.

From these definitions, there are two things that you really need to underline; namely to increase satisfaction and appreciate quality. Enhance satisfaction means for brand owners, there is no word 'finish' to innovate because only with always innovation they can always satisfy customers. And secondly, to appreciate the quality means that the owner of the brand and customers know and realize which quality products are not just by looking at the brand alone.

At least that's a brief understanding of what is meant by Brand Equity. From here, you marketers understand how important a brand is. Therefore, you must know how to build and raise the brand. To be more eager to build a brand, you need to know first what are the advantages of strengthening the brand.

The Advantages of Having a Strong Brand

Actually there are many benefits if you already have a strong brand. It's just that there are some things you need to know that many people do not know it turns big brands to survive in the middle of increasingly fierce business competition. What are they?

#1. Resistant to Competition

You know why there are still many gadget lovers who love the iPhone or Samsung when there are a lot of smartphones with new brands popping up? Because the iPhone and Samsung are two of the most trusted brand customers.

So, what can you conclude from the above? By building a strong brand, you will get loyal customers. Whatever happens, your business will keep going as it is without having to worry as more competitors as you have loyal customers.

#2. No Need to Fear Increase Prices

Businesses who are afraid to raise prices are businessmen who are still in doubt about their own products. Another thing with a brand that is famous for its quality. Although the selling price is raised, people are willing to pay more because they already know the quality of the product.

So, the brand is very close to the trust. By building a brand well, then you will get trust from customers. Thus, you should not be afraid if at some point you have to raise the selling price.

#3. Perform Product Differentiation

Do you know why there are big companies that can beat their competitors? That's because the big company is differentiating the product. When there are trusts from customers, then not just raise the price they do. Raise the selling price just to get a temporary profit. However, by making product differentiation, the company will increasingly dominate the market and simultaneously chop out the competitors.

Then, what do you need to doubt? Perhaps the facts about the advantages of brand equity above are far from what you have imagined. Now, you have to rush to build a brand if you do not want to be crushed by other competitors in this increasingly tough business competition. By choosing Mark Design as a business partner in building your brand, Mark Design Jakarta Surabaya is ready to contribute concepts and help you in realizing your promotional media as per your expectations.

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