What Is the Difference Between Brand Loyalty and Brand Equity?

Brand equity (brand equity) is the added value given to a product or service. It is reflected in the way consumers think, feel and act on the product brand. It is also reflected in the price, market share and profitability brought by the brand. ^[1]

Brand Equity

Brand equity (brand equity) is the added value given to a product or service. It is reflected in the way consumers think, feel and act on the product brand. It is also reflected in the price, market share and profitability brought by the brand. ^[1]

Brand equity is an important concept emerging in the field of marketing research and practice in the 1980s. After the 1990s, Aaker (1991), Kapferer (1992), Keller (1993) and others gradually proposed and perfected the concept of consumer-based-brand-equity. In the Chinese context, "brand equity" is often used instead of brand equity to refer to Brand Equity. ^[3]

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.

The so-called brand equity is the consumer's knowledge about the brand. It is a psychological fact for consumers of all marketing activities about a brand. This definition shows that brand equity has four characteristics.

First, brand equity is intangible.

Second, brand equity is centered on the brand name.

Third, brand equity influences consumer behavior including purchase behavior and response to marketing activities.

Finally, brand equity is attached to consumers, not products.

The following inferences can be made from this definition:

(1) Brand equity changes due to the market.

(2) Brand assets have both positive and negative assets.

(3) The maintenance or promotion of brand equity requires the support of marketing propaganda or marketing activities.

(4) Brand equity will change due to consumer brand experience.

modern

From the definition and model of brand equity, it can be seen that brand equity is based on the brand name as

Overview of Brand Asset Management

Brand asset management is the coordination, harmony and comprehensive operation of the brand star angle framework.

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 brand value 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:

Increase value

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 As in service

originality

The key to originality is a "creation" word. If you want to make a sensation on the Internet, you must have a big idea. Only when it is unprecedented, it is refreshing to the public, and it is particularly interesting to see it. It is a successful hype if it is willing to make a lot of publicity to others. This kind of online news hype is mainly based on the originality of the event. News style is often used in genre, with six elements of news, to make the event more authentic and credible.

Diversity

There are many ways to hype online news, but it is feasible as long as it can be useful for brand promotion. When it comes to online news hype, you don't have to take yourself as the protagonist of the event, and sometimes the supporting role in the event will get people's attention.

stability

What is the stability of online news speculation? This is mainly to say that this speculation can play a persistent role in brand promotion and pave the way for the next speculation.