With ongoing debate about ad effectiveness, Brand Equity is increasingly important.
What is it?
In short, the effect of 'brand knowledge' on purchasing intention.
- Brand Awareness
- Brand Recall
- Brand Recognition
- Brand Image
- Favorability of Brand Associations
- Strength of Brand Associations
- Uniqueness of Brand Associations
- Types of Brand Associations
- Non Product-Related
- User Imagery
- Usage Imagery
Instead of boring you with details, I'll use a well-known fictional brand: The Willy Wonka Candy Company.
In the candy store, everyone buys Wonka bars, gumballs, confections, whatever they can et their greedy little hands on. That's brand recognition. When people think of chocolate (or candy or sweetness) at all, they think Wonka. That's brand recall.
Willy Wonka systematically creates associations worth buying. For example, by offering golden tickets to his famed factory, he induces a public frenzy of chocolate bar buying.
Consumers feel his factory will fulfill their needs for greed, sweets, adventure. They also perceive it to be free, though it actually costs them every dollar spent to acquire their tickets. Of course, the golden ticket itself, along with the factory and Wonka's eccentric personality bring to mind wealth. Not to mention the sheer uniqueness of candies like the everlasting gobstobber and nerds.
If Wonka's an expert at anything, it's creating a strong, unique, favorable brand memory for consumers. Dahl's fictional brand was so effective it breached reality. Take note.