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Brand equity is a marketing term that relates to your brand’s value. When your brand is perceived to be well-known or has strong brand awareness, it will have a more substantial weight.
The more people think positively of your brand, the higher your brand equity.
Why is Brand Equity Important?
When you build a strong brand, you’ll not only be able to charge higher, but you will also improve brand loyalty—establishing a strong, positive brand that your customer’s value will allow you to charge higher, earn more revenue, and reduce overall costs.
Since customers are already familiar with your products or services and enjoy the overall customer journey, you can spend less on ads and less time educating the public about what you do.
Brand equity comes from various influences, such as your marketing efforts and interactions with customer service. The more you can capture the respect and recognition of your consumers, the more likely they will be willing to spend more money on your products or services.
Focusing on your brand equity is the key to creating loyal customers.