Last week I provided three benchmarks to test the strength of your brand. This week: what is the value, the equity, in a strong brand? Consider the Brand Pyramid TM shown above.
If the people who you want to know about your brand don’t know about it, even when they see or hear your name, then congratulations, you have zero brand equity. But if they recognize your name or, even better, can recall it, then at least you have some brand equity.
Your brand has more value if people have positive associations with it. Meaning, what they think and feel about your organization and offerings, and more importantly what they think and feel about themselves when they engage you.
Your brand has even greater equity if it creates attraction during the buying process. Do they merely consider you? Or do they prefer you? Will they explicitly request you? Most powerfully, will they insist on using you?
If people are asked, will they recommend you? Even better, will they promote your brand even if they’re not asked? If so, you’ve reached the top of the pyramid.
Today, how much equity is there in your brand? To compete and win, how much equity does there need to be? Build the pyramid.