What is Brand equity?
Brand equity refers to the value and strength of a brand, which encompasses various elements such as name, logo, reputation, and customer loyalty. It is what makes a brand stand out from its competitors and creates an emotional connection with its customers.
A strong brand equity enables businesses to charge premium prices, attract new customers, retain existing ones, and expand into new markets. Therefore, it is crucial for companies to invest in building and maintaining their brand equity over time.
In today's highly competitive business environment, where consumers have access to vast amounts of information online, having a strong brand equity can be the difference between success and failure for businesses.