Brand equity
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III.7. MONITORING AND REBRANDING
Awareness
Loyalty
Familiarity
Image &
Personality
BRAND
EQUITY
Preference
Availability
Associations
What is brand equity
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Benefits
Inimitability
Penetration
Attributes
Levels of Brand Meaning
Value
BRAND EQUITY
Personality
Awareness
Portfolios
Preference
Loyalty
It’s worth thinking about...
What do people think of your brand? Is your brand equity growing?
What benefits do you want customers to associate with your brand? What is the
vision of the brand that you want to create?
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Nowadays we live and work in the age of technology, so it is important to have a
strong online presence. You must also be aware that public opinions of your product will be easily posted and visible on the internet at all times, therefore you
should always have a look at your brand’s name appearance in others website,
blogs, Facebook pages as well as your own. An easy way of doing this is to create
Google Alerts for your business and words associated with it. Search Twitter for
certain keywords relating to the brand, to see what people are saying. We’ll talk
more about what kinds of terms to search for later on, but there are all sorts of
tools you can use to keep track of what people are saying about a particular brand
online. Then, you can implement damage control when needed, or you can also
share people’s positive experience into your own social media networks, which can
make your brand more reliable. You definitely have to look at analytics (visits, views,
mentions…). Several tools can help you do that. Obviously it is not possible to be
aware of all the things that are said on the Internet, but using google tools can help
you see the most of it. Therefore you need to track keys words, expressions, and
even people connected with your company.
As mentioned before, branding is a constant process, it does not end when you
have created your name and image. It is vital to be constantly monitoring your product and also the market in general. Regular market research, and observing existing and new competitors will help you maintain your importance in the market.
If you feel your brand or the market in general has shifted then you must to keep
up to date, and consider adapting your brand in order to stay in trend. Regularly
updating your brand can enhance it and positively shape customer experience. The
market evolves and it is important to be aware that rebranding can sometimes give
a company a fresh, updated feel. The key when rebranding is to maintain consistency, and not to lose your original brand visual to ensure that you are still recognisable as the brand image you started off with. Brands can be successfully revamped
by updating old styles while celebrating its history.
Finally, you have to try to respond to all comments, whether they be positive or
negative. Rebranding involves several steps; it is important to do it at the right time
and not because it has been a long time since your company image has not changed.
You have to influence and shape the brand as what the brand could be using keys
questions regarding your current situation. Before rebranding you have to obtain
customer feedback in order to know what is working and what is failing. Your knew
image should be supported by the company’s history, it does not mean throwing
everything away… It will help you create and develop a new story that should send
the right message. All your company communications from the website to the employee should support the new identity. You have to constantly promote your new
image and never stop supporting it.
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