Build A Brand Equity With Digital Marketing
Author : By Hrishikesh 2022-02-24 18:39:13
Brand equity is referred to the worth of a brand or it can be simply understood as the value of the brand name. As consumers all over the world are more attracted towards well-known brands in comparison to lesser-known brands, the name of the brand can generate more revenue simply by its recognition. Brand equity affects the consumer's awareness about the brand features and associations which in turn impacts the perceptions of buying. According to study and experiments, a strong and we'll known brand name works as a very positive signal of product quality for less informed buyers, as they intend to opt for new products with more brand value.
Brand equity plays a vital role in determining the price structure and the companies get an opportunity to charge the price afterwards accordingly. It is important to know the concept of brand equity in order to understand the competitive dynamics and price structure of the business. In Industry markets the competition is mostly based on the difference in product performance. Branding Agency Firms which charge extra premium than others reflect the brand equity of reputed manufacturers.
Brand equity is hard to quantify, many experts have developed tools in order to analyze this asset, but there is no actual measure of it. Although quantitative brand equity can measure numerical values such as profit margins, market share, growth rates etc, it fails to determine the qualitative elements such as reputation, associations of interest etc. Digital marketing is basically the marketing technique that utilizes internet and online digital technology such as desktop computers, mobile phones and other digital media as well as platforms to advertise and promote products and services.
Brand Equity with Digital Marketing
With the surge of advanced technology and internet facilities there has been a change in the way brands and businesses used to promote their products and services in order to grow. As digital platforms have become an integral part of the population as people are using digital devices more often. The potential of digital marketing is immense, in order to exploit that business firms have now introduced digital marketing campaigns. Search engine optimization ( SEO) and search engine marketing ( SEM), content marketing, influencer marketing, content automation, data driven marketing, e-commerce marketing, social media marketing are some of the major digital marketing tools used by businesses in order to attract more customers and grow.
One of the major objectives of digital marketing is to raise brand awareness, to the extent where customers and the general public will be familiar with the brand. Brand awareness is one of the main dimensions of brand equity, which is considered to be an important factor impacting consumers' buying decisions. Enhancing brand awareness is crucial in digital marketing because of its impact on brand image and customer decision making.
According to recent trends businesses and digital marketers are promoting brand awareness, investing more on developing brand recognition. Influencer marketing is very popular nowadays, which involves famous and identified individuals with big social media numbers. Brands are paying money to these influencers to promote their products which helps in creating brand equity and overall growth.