Essay On Brand Equity
Brand equity, popularly known as brand value and an important part of building a business, is believed to be public relations driven. Companies that successfully build brand equity understand just how significant it is to the bottom line. However, a great deal of effort, time and patience are needed to build positive brand equity.
PR firms are of the opinion that strong brand equity is achievable but it requires a targeted strategy and a mix of good products and other marketing efforts. PR efforts come in handy and believed to be an effective way to attain desired brand equity results.
It has been noticed that different media channels are being used by the leading PR agencies to create buzz, awareness and boost public opinion about a brand.
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Positive brand value ensures that consumers are open to the idea of trying new products. Expansion to newer markets and geographies become reality. Audiences will start recognising your brand and help diversification products/service offerings as well.
• Ease of negotiation
Brand equity offers companies the ability to negotiate better deals with vendors, manufacturers and distributors. Positive brand value gives a company enhanced negotiating power and easy market classification. The marketing experts feel that brand equity can be the most essential thing for a company as it can ensure a reliable clientele base.
Why use PR to boost brand equity
Building brand equity leveraging PR firms’ capabilities makes sense as it is complimentary to other marketing techniques. Business owners can channelise use of social media and online avenues, host special events to earn value in the audiences’ eyes.
Once audiences reach the brand loyalty stage, the work isn’t over. The challenge for every business is to build brand equity to reach widespread loyalty and successfully sustaining it in the coming
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