Brand equity and Keller’s Brand Equity Model

In marketing, the brand equity refers to the value of the brand depending on the customer perception of the brand in the market. Brand equity can be positive or negative, as if the customer is happy from your brand and gives you higher rank then it will be positive equity while if the brand fails to reach the customer values then they give them negative rank.

1. Brand Equity

2. What is Brand Equity ? In marketing, the brand equity refers to the value of the brand depending on the customer perception of the brand in the market. Brand equity can be positive or negative, as if the customer is happy from your brand and gives you higher rank then it will be positive equity while if the brand fails to reach the customer values then they give them negative rank.

3. Keller’s Brand Equity Model Kevin Lane Keller, a marketing professor at the Tuck School of Business at Dartmouth College, developed the Keller’s Brand Equity Model in his widely used textbook, “Strategic Brand Management .”

4. There was a simple concept behind the Keller’s Brand Equity Model and that is to build a strong brand equity you must know the customer perception and feedback about the brand. The right type of experience about the brand generates the positive feelings and perception about the brand. There are four steps in Keller’s Brand Equity Model to create a successful brand:

5. Step 1: Brand Identity A brand that customers recognize and are aware of. It is important to ensure that the brand’s perception by consumers aligns with how you want your brand to be perceived .

6. Step 2: Brand Meaning The two building blocks in this step to create brand meaning are “performance” (what your brand means) and “imagery” (what your brand stands for ).

7. This refers to how well the products or services meet customers’ needs. There are five categories: (1) primary characteristics and features; (2) product reliability, durability, and serviceability; (3) service effectiveness, efficiency, and empathy; (4) style and design; (5) and price. Imagery: This refers to the ability of your brand to meet customer’s needs on a psychological and social level .

8. Step 3: Brand Response Customers make a judgment about a brand, which falls into four key categories: Quality : The perceived and actual quality of a product/service. Credibility : The trustworthiness, likability, and expertise (innovation) of the brand. Consideration : The relevance of a product/service to a customer’s needs. Superiority : The superiority of a brand compared to other brands .

9. Step 4: Brand Resonance This is the most difficult thing to attain that a customers have formed a deep connection to your brand. This can be built through repeat purchases and continuously attending the events of the company.  In essence, brand resonance is the connection that customers have with a brand .