What are the Benefits of Brand Equity for Business?

[Suba]

Brand equity refers to the value of a brand/product from a company, while the value of this product/brand is determined by customer experience and perception. If the customer experience on a product is positive then the product is good and of high quality and vice versa. If the customer experience thinks that the product is disappointing and of poor quality then the product is considered to have a negative value.

When a product has a high positive value, consumers do not hesitate to spend more money to enjoy the product, Some products that have high positive values such as Nike, Apple, Coca Cola etc. So in your opinion, what are the benefits of brand equity for business?.

 

[Starmix]

Brand equity in business creates something interesting in the eyes and hearing of the people in the community. The customers never care about the prices as long as they are fully satisfied of the products. The products also have a brand reputation.

 

[Suba]

Brand equity in business creates something interesting in the eyes and hearing of the people in the community. The customers never care about the prices as long as they are fully satisfied of the products. The products also have a brand reputation.

that's absolutely right, we don't care how much a product costs that has high brand equity, like when we buy an iPhone which is certainly much more expensive than other brands of smartphones.

 

[Starmix]

that's absolutely right, we don't care how much a product costs that has high brand equity, like when we buy an iPhone which is certainly much more expensive than other brands of smartphones.

That's true, expensive products are the most appreciated by people having money. They prioritize quality over money. Expensive products are branded as long lasting and service of great quality. They don't care the cost.

 

[Augusta]

Strong brand equity leads to customer loyalty, allowing for premium pricing and increased sales, even with slightly higher prices. it enhances brand trust, leading to a more stable and satisfied customer base.