Brand Equity is the overall worth of an organization, and it is measurable as an asset that placed on a balance sheet of the business. The brand image is the brand’s position in the eye of customers as compared to the other competitive organizations. Brand image is an essential component to determine the brand equity, and the existing or the potential customers develop the impression because of linked associations with the product. Many consumers perceived the brand differently, so the formation of a positive and consistent brand image is quite a difficult task for any organization.
How necessary is the Brand Image for Brand Equity
Business Industries always want to create an impressive and long-lasting image of their brands because it helps in accomplishing their aims and goals. The brand equity and the brand image are positively related to each other as if the component’s value increases then the worth of a company also rises. The advantages of a brand image are:
• The brand can earn maximum profits because of an addition of new customers that attracted towards the company.
• The organization can effortlessly launch new products or services under the same brand name.
• It also develops the better relationship of the organization with the customers.
The negative brand image can create hurdles for the organizations to launch new products or to keep them with the company.
How to Create the Brand Image
As the brand image is just another name of brand associations, it can create through various elements. Some of them are:
• Celebrity Endorsements/Personality
• Quality of products
• Specific Events
Brand image can build because of celebrity endorsements or famous personalities that work as brand ambassadors of the brands. When people watch their favorite Actors or celebrities on Television and campaigns to advertise the specific products, they immediately remember all the associations that link to the brand. For instance, Clear Shampoo brand has hired Christiano Ronaldo, Shahid Kapoor, and other celebrities to boosts the brand’s image.
Quality of Products
Quality of the products is an essential factor to gain positive reviews and positive brand image. Coca-Cola is the perfect example of its products are good, tasteful, and with high-quality packaging. Some new soft drink brands have introduced products that are the copy of Coca-Cola, but they are same as them in taste.
To arrange sports events is a perfect way to get some footage. Some brands organize events or shows that helps in creating a positive image of the company like Red Bull and Mercedes-Benz sponsored Formula One sports game.
Impact of Brand Image on Brand Equity
Brand image is as necessary as other components like loyalty, awareness, etc. The brands should try to take some bold steps to create positive and memorable associations as it is the only way to attract the consumers towards the brand. It is also the best way to add value to the brand equity of the organization.