What Is Brand Asset Management?

Brand equity (Brand Equity) refers to the market benefit that can only be generated by a brand, or the difference between the market effectiveness of a product with and without a brand.

Brand asset management

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Brand equity (Brand Equity) refers to the market benefit that can only be generated by a brand, or the difference between the market effectiveness of a product with and without a brand. Only by creating strong big brands with distinct core values and personality, rich brand associations, high brand awareness, high premium capabilities, high brand loyalty and high value can we accumulate rich brand equity. Brand Asset Management is to maintain and enhance the value of brand assets.

Brand asset management is the coordinated, harmonious and comprehensive application of the brand star angle structure, forming

1. Shallow brand equity: The most basic of brand equity is popularity, followed by quality recognition. Brand awareness and quality recognition are the primary shallow assets of a brand, because owning these two brand assets is only the foundation of the brand's success and cannot constitute an advantage that competitors cannot easily replicate.

2. Deep brand equity: including brand reputation, brand loyalty, and brand premium capabilities. Brand Lenovo brings differentiated competitive advantages, brand loyalty and brand premium ability to bring more market share and substantial profits (main financial contributions) for brand owners. International brands are all powerful brands with distinctive brand associations, high loyalty, and strong premium capabilities. The vast majority of Chinese brands are in the stage of shallow brand equity, so the key to becoming an international brand is to build deep brand equity.

Brand equity can be managed, it is not an abstract concept. To understand the problem from the perspective of management, we should first know what we are doing, secondly, clearly understand the meaning of doing this thing, thirdly, we must know how to split the target to form a detailed task, and fourthly, we must have a standardized long-term effect evaluation

Brand equity is a result. To manage the results, we naturally need to manage the causes or the constituents of such results. Our

As you can see from the definition of brand equity,

Brand assets are important assets of an enterprise, an effective means to save the cost of market activities of the enterprise, and a source of raising the premium of an enterprise's products. Increasing the value of brand equity can promote the value overflow of brand reputation, promote the expansion of brand equity, and can establish effective barriers to prevent competitors from entering. So, how to increase the brand's asset value? Specifically, you can start from the following aspects:

1.Improve the differentiated value of brand equity

The key to the value of brand equity lies in differentiated competitive advantages. This advantage can be reflected in the differences in work performance, durability, reliability, convenience, etc. brought about by product quality, performance, specifications, packaging, design, style, etc .; it can also be reflected in the added value of the brand brought by service For example, the rapid response of the service, the accuracy of the service technology, the comprehensiveness of the service, and the affinity of the service personnel; the third can also be manifested in the shaping of brand association and personality. Brand association can affect customers' purchase psychology, attitude and purchase motivation. Therefore, brands can increase the perceived value of customers, which in turn can promote the increase of brand value.

2. Expansion and expansion of brand equity through rational brand extension

The use of brand (especially brand-name) assets to implement mergers and cooperation is an important way of capital operation, and it is also an effective means for enterprises to achieve economies of scale, achieve low-cost expansion, improve the efficiency of corporate resource allocation, and increase the value of brand assets. Because the ultimate goal of creating a strong big brand is to continuously obtain better sales and profits, and the reuse of intangible assets does not cost any money. As long as you have a scientific attitude and excellent wisdom to plan your brand extension strategy, you can pass Rational brand extension and expansion, make full use of the intangible assets of brand resources, and achieve leapfrog development of enterprises. However, brand expansion strategies such as corporate mergers and acquisitions are quite risky businesses. In order to effectively promote the growth of corporate performance and the enhancement of brand asset value after mergers and acquisitions, strategies must be carefully developed. In determining a company's mergers and acquisitions, the following factors should be considered:

(1) Self-assessment of the company itself Evaluation of the target company.

(2) Feasibility analysis of M & A itself.

(3) When using brands for cooperative operations, the two parties should complement each other.

(4) Cooperation should be conducive to extending the brand series.

3.Improving brand equity value through brand narrative

Throughout the international and domestic markets, those brands that have a good reputation and have a good performance in the industry market are bound to be a perfect brand with complete brand elements and a good impression and aftertaste. Brand narrative connects consumers with brands in the form of existential bonds, which is the foundation and source of brand power. Brand narrative plays a vital role in deepening consumers' understanding and recognition of the brand. The specific manifestations are as follows:

(1) Perfectly reflects the core value of the brand

The core value concept of a brand is the root of the brand's benefits to consumers. Brand narrative is to convey it to target audiences through visualization and popular language and form. Different industries, and even different brands in the same industry, have different core values due to their different business methods and pursuit of goals.

(2) Promote emotional communication and spiritual resonance with consumers

Brand narrative tells stories through vivid narratives, eliminates the target audience s sense of unfamiliarity and estrangement from the brand, and enhances the emotional communication with the close target audience, thereby realizing the spiritual resonance between the brand and target audience.

(3) The image cleverly conveys the brand message

Another obvious role of brand narrative is to convey relevant information about the brand through communication channels. Brand narrative is more in a beautifully packaged form of visualization, bringing the brand information, brand value ideas and product interest appeal points (USP) to be transmitted to people's visual senses, so that people in the Appreciate the information provided by brands in the playful and subtle way, and enhance the target audience's recognition and recognition of the brand.

4. Enhance brand equity value by strengthening internal management

Fundamentally speaking, in order to improve the value of brand equity, it is still necessary to tap the potential from the inside of the enterprise. After all, the external environment is not easy to change, and the company's own resources are relatively controllable. Then, from the perspective of the enterprise, you can start from the following aspects to enhance the value of brand equity:

(1) It is necessary to actually change the concept and truly establish brand awareness. Keynes said that the concept can change the historical rules. So for an enterprise, ideas can change the fate of an enterprise. In reality, many companies yell loudly for brands, but when it comes to building brand equity, they always think that this is just a cost, not a long-term investment, and they do nt really realize the long-term significance of building brand equity Therefore, it is particularly urgent to change the mindset.

(2) The promotion of brand equity value requires long-term continuous investment. We know that the role of brand equity is to bring future excess returns to the assets invested by the enterprise, and the current investment is the basis for future earnings. The future development trend of enterprises indicates that enterprises build intangible assets by consuming tangible assets. Enterprise assets, especially core assets, are becoming increasingly intangible. Intangible assets, especially brand assets, have gradually become the main body of corporate value. Therefore, there should be a long-term vision and plan to establish and enhance the value of brand assets. The eyes must not just focus on the immediate interests, but must be willing to invest in human, material and financial resources.

(3) Enhance brand equity value through personalized positioning. The establishment of a brand must have a clear positioning, combining its own advantages to create a brand personality. The fierce market competition has led to more and more homogeneous products. Therefore, the distinctive personality of a brand is particularly important. This can be achieved in different ways: for example, technology leadership, product differentiation and market specialization, etc.