How to build your companies brand equityBuilding Brand Equity is something that many businesses struggle with. After all it’s not easy to let everyone know who you are and what you can do for them. Or is it because brand equity has so much more to do with your business than how many people know what it you provide?brand equity is one of the those concepts that can make or break your business. So how do you grow, maintain or even establish your companies brand equity?Here are four simple concepts to follow for establishing brand equity.First and foremast is Brand Awareness.Dictionary.com defines brand awareness as: the extent to which consumers are aware of a particular product or service.So how do you build brand awareness. The first step is marketing. In order for people know what services or products you have and what you can do for them you must first tell them. The best answer to this a diversified media buy that spans three advertising mediums. Depending on where you are the three best mediums are online, newspaper and television.Second and equally important to the first is associations and attributions. This part of brand equity refers to the public perception that your business has. What are people saying about your business? What are people saying about the competition? These are important questions to know the answer to because the answer will determine the message of your advertising as well as it might push you to make changes to your business operations and customer service tactics.Third, what is the perceived quality of your products or service. Keep in mind that even is the answer if low that’s okay. Walmart is perceived as having cheap products but people still flock to buy their products. What this will help with is finding your target market. Or, maybe you thought you had a high quality product and the perception is the opposite. This may cause you to rethink the product, brand or service you are providing and make changes.Finally, we come to brand loyalty. How loyal are your customers? Keep in mind that these brand loyalty is fading fast. However, if you know where your customers loyalty stand then you can effectively work at keeping your customers coming back.Brand equity is one of the most important aspects of any business and it all starts with marketing.

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