| As an entrepreneur, brand equity is a term to | | | | know that word of mouth is in fact the best |
| become familiar with if you aren't already. | | | | advertising and this is especially so in the world of |
| As a definition, Equity is value. If you have equity in | | | | Internet marketing. Provide your customer with a |
| your home, you've probably paid some of your | | | | good experience. |
| mortgage off and or increased the value of your | | | | Establishing positive brand equity can sustain your |
| home in some way. This amount would then be the | | | | business and even helps you to expand on the |
| equity you have in your home. | | | | products and services you provide. If consumers |
| Your brand equity is a bit different and depends on | | | | associate you with good service, value, and a good |
| the perceived value your customers put on it. In this | | | | overall experience, they are likely to visit your site |
| sense, brand equity is intangible; you can't hold it in | | | | again or be receptive to your communications with |
| your hand. But it most certainly is an asset because | | | | them about new products. |
| the more perceived value your brand has, the | | | | Brand Equity can also have a negative impact on |
| greater your ability to build your business or sell | | | | your business. |
| products. | | | | As discussed previously, if you provide value to your |
| Customer loyalty is paramount to a sustained and | | | | customers, the word will spread and your business |
| growing business. Without it, you are constantly | | | | will grow. The opposite is also true. If someone has a |
| looking for new customers. Of course you want | | | | bad experience with you, your site, your products or |
| more and new customers but loyal customers who | | | | your service, they will also spread that information to |
| keep coming back to buy more of your services or | | | | their contacts as well. This is why you should value |
| products are of great significance. | | | | your brand equity. |
| How do you build customer loyalty and your brand | | | | The more value you give to the customer, the |
| equity? | | | | better your service, the greater your brand equity. |
| Customer is king. Remember that. Focus on your | | | | This can in turn be an asset you can sell in the future. |
| customer and their needs, support them with your | | | | Look at Coca- Cola™ for example. Their brand |
| products and services and you will create customer | | | | is worth over 80 million dollars alone! Will you build |
| loyalty. This then increases the perceived value of | | | | yours to that level? Probably not but that isn't the |
| your brand and what it represents. | | | | point. There is value in your brand and when provided |
| If a consumer has a good experience with you, they | | | | your consumers then will associate you with value |
| are likely to return and to spread the word. We all | | | | and will keep coming back. |