Steps In creating brand equity

• Presence, i.e., build awareness. Begin at the base with brand identity. Build basic
awareness of your brand. E.g., Colin is the marketing manager for a company that
sells coconut water. He decides to build brand equity for the company’s product.
Colin first identifies the company’s target customers – individuals who want a
thirst-quenching drink that not only tastes good but is healthy. Colin develops a
brand identity by positioning the brand as a healthy and delicious drink. Colin
creates a slogan for the company – “a delicious drink that is healthy for your mind
and soul.”
• Meaning: Communicate What Your Brand Means (performance)and What It
Stands for (imagery). Performance describes how well your product meets
customer needs. Imagery refers to the social and psychological aspects of this.
• Response: Reshape How Customers Think and Feel about Your Brand. E.g. Colin
examines the brand response judgments and concludes that the perceived
quality of the brand is not up to the mark. Although coconut water itself is of high
quality, the product is poorly packaged and lacks innovation. Therefore, Colin
decides to consult with the R&D department to develop an innovative package to
improve the product’s perceived quality.
• Bonding: Build a Deeper Bond With Customers. The most powerful – and difficult
to attain – level in the brand equity pyramid is resonance. This refers to building
deeper customer relationships. Achieving this means that your customers have
formed a deep psychological bond with your brand.