" I don't really care what local marketing managers do to roll out their plans. But fiddle about with the brand equity and they are dead" said one global marketing director to me recently.
Brand equity or what the public value in your brand is much more than just a logo. It's how people think and feel about your company and your product. You absolutely have to know what your customers think about it and what they value.
There is the 'hard' and visible stuff like style, price and imagery which play a huge role and can be adapted. Then there is the "soft" stuff; feelings and judgement which is much trickier to manage. Making sure your company's values are supported with a good communications plan is pretty important.
But you can have the strongest brand in the world and be hit by a missile of bad news. The recent emissions' scandal in the car industry is testament to that. But with careful handling recovery is possible. Brand equity is what defines a company so it needs to be cherished and cared for. Then the return on investment will be huge.
Your brand represents so much more than a logo, and that’s especially true for your users. Developing a strong and dynamic brand creates a solid foundation for your company, but the success of that brand over the long term depends on your brand equity. According to Inc., “when people speak of "brand equity" they mean the public's valuation of a brand”. Brand equity is more of a concept than anything else and acts as a framework for understanding the power of consumer’s emotions in relationship to your positioning.