What is Brand Equity, Why It's Important and How to Build It

The success of any brand, no matter how big or small is determined by the overall experience that it offers to its audience. The better the service offered, the more favorable its perception amongst the target audience would be, and the more the people would wish to invest in that particular brand.

So is the case when you are an online educator. Once you establish your position as a reliable educator with in-depth knowledge and superior skills students would line up, willing to enrol for your course even if you follow a high-end pricing policy. This is exactly what brings us to the importance of brand equity.

Just with the mention of this term, your mind might have been bombarded with several questions like:

What is brand equity?
Why is brand equity important?
How to build your brand equity?

In this blog, you will find an answer to all these questions. As a platform specializing in launching, selling, and marketing courses, we at Graphy are a brand that people trust. So, with this blog, curated by our team, learn everything there is to know about brand equity and build for yourself an image

Table of Contents

Understanding brand equity

What is brand equity?

In layman’s terms, brand equity could be described as the overall value of a brand based on its reputation amongst the target audience. A brand through its products and services creates a favorable experience for its consumers and then through that experience creates for itself positive brand equity in the market.

No matter the product or niche you specialise in, the success of your brand is determined by if you are able to attract a loyal base of customers towards your product. With time, your brand begins to associate itself with several qualities be it “luxury”, “organic”, “economic”, etc. Once this image is established it will attract a certain chain of customers who are interested in these particular qualities.

So, every time you offer a satisfactory experience to a customer, you add to your brand’s equity, and the greater the equity, the more the value of your products in the market would be.

Once you acquire for your business positive brand equity, your consumers will invest in your products irrespective of the prices charged. For them, the quality offered would be of greater value than the price that they have to pay.

For instance, consider any brand that has positive brand equity like Nike. Nike shoes are definitely placed at the pricier end but it’s a brand with one of the largest customer bases. Why? Because it offers superior quality, high-end shoes and maintains that standard throughout its product range. The brand association for Nike includes:

High quality
Stylish products
Innovative technology
Globally responsible
Celebration of sports

So, the moment you across shoes with Nike’s logo, you immediately know that they will be of a quality that you can trust. This is what a brand’s equity is and is this value that determines the success of your brand.

Dimensions of brand equity

Brand quality has several dimensions and it is when you stand tall on all these grouds that you build a solid reputation and value for your brand.

Brand loyalty
Brand awareness
Brand association
Perceived quality

Once you create a positive image for your brand while targeting all these dimensions, the success of your brand becomes a reality within your reach.

Why is brand equity important?

Builds awareness about the brand in the target market

No product can sell well if there is no awareness about it in the target market. This is a factor that determines if a customer would be willing to invest in your product. And as mentioned before, brand awareness is one key dimension of brand equity.

As a customer, would you be more likely to invest in a brand that you have never heard of or in a brand that you are familiar with? Obviously the latter. Why? Because it would be easier for you to place your trust in a brand that you are personally aware of.

That is exactly the reason why top brands spend so much money on their marketing campaigns. So, as an educator, this is your cue to not shy away from adopting a solid marketing plan to promote your course. And if you are running short of marketing strategies, you can launch a marketing campaign with Graphy using our in-built marketing tools.

Increase the brand value

Once you build positive brand equity for your business, your brand’s value will skyrocket. Consider Apple, the value that the brand has in the market is commendable. How did Apple arrive at this position? It is simply the product of the brand equity that it has earned for itself through the course of the years. And now Apple is a name that sells with or without a marketing campaign.

Monetise on brand loyalty

Positive brand equity means that your target audience is aware of your product, is loyal to your brand, and associates it with positive qualities. And these elements together ensure that your product does well in your target market.

Once you establish this said loyalty, even at a higher price people would be willing to invest in your product because they have already tried your products and place your trust in them. And such customers are more likely to recommend your product to other people. So, you retain your existing customers and through them attract new ones. And that is how you monetize brand equality.

How to build your brand equity?

Identify your USP and monetize it

What you need to remember is that brand equity is not built in a day but is a step-by-step process. It’s a long road but at the end of it lies positive brand equity that will ensure the success of your all products.

Your product’s USP is what attracts your target audience towards your product. It is what becomes the catalyst for their investment.

What does your product offer?
How is it different from similar products in the market?
Is the quality worth the money?
How would one benefit from your product?

These are the questions that any customer would ask while interacting with your products and if they find a favorable answer to them all, they will definitely invest in your product. So, to build brand equity, you need to first identify the USP of your product and then take it to your target audience.

Look at product reviews and improvise

For building brand equity, improvisation is the key. To build a product that meets the expectation of your target audience, you have to go through the lengthy trial and error method and find the right equation.

In the first launch, your customers might not be happy with a particular aspect of your product. So, what you need to do is rectify it with your second launch. And how do you get to know about the areas that need improvement? It’s simple, you gather customer reviews.

For instance, if you build and launch your course with Graphy, you will get access to several premium features. One amongst them is the rating and review section where your students could come and share their feedback regarding your course. You can then use this information to improvise and build a better course.

And if your customers feel like you are receptive to their needs and reviews, they will place their trust in your brand and thus, enhance your brand equity.

Prioritise customer satisfaction

Any brand that does well in the market prioritizes customer satisfaction over everything else. The moment your customer is happy with your product, they will form an engagement with your brand that will last a lifetime. Every product that you launch will come under their radar and they will invest in it without any doubts regarding the quality.

For instance, if you are an online educator, you need to conduct proper research and determine the expectations of your target audience.

What subjects interest them.
What is their preferred mode of studies like live sessions or pre-recorded ones?
What kind of study material do they wish to have access to like videos, PDFs, etc.
What is the ideal class duration?

Build your course along these lines and the moment your potential students feel that your course aligns with their interests and needs, they will definitely enroll for your course.

And if you are looking for a platform where you can build a customizable course that meets the needs of all your potential students, then Graphy is the right platform for you. From recorded lessons, live classes, PDFs, video files, and quizzes to webinars, courses built with Graphy will have the all.

Build brand equity as an online educator

So, this is what a brand’s equity is and as an educator, this is the kind of reputation that you need to build for your course. Once you establish yourself as a reliable name in the educational industry that people can associate with brilliance, expertise, and skills, more and more students would be interested in your course.

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And this is where Graphy comes into the picture. The moment you decide to launch and market your course with us, we will help you build positive brand equity for your course. With the right marketing campaigns, a user-friendly website, and a dynamic course, you will reach and cater to the needs of your target audience. So, if you think building your brand’s equity is what will trigger the success of your journey as an online educator, build a credible online presence for your business with Graphy.