Facebook does not need an introduction and that says a lot about its brand equity currently. Facebook is an American online social networking website that has been around since 2004 but has been responsible for revolutionizing the online social networks. The model of Facebook was completely innovative and many other social media sites that came into the industry later followed their model. However, Facebook still remains the leader in terms of networking as well as a tool for effective online marketing. The brand equity of Facebook is contributed by certain elements:
Brand Awareness
The extent of awareness of Facebook is that it is the most used and the most known social media network around the world with over 2.2 billion active users. When a brand name becomes a phenomenon, it says a lot about the brand image and awareness and Facebook has been able to achieve that. According to the Forbes list issued in 2017, Facebook is ranked at number 4 in the list of ‘Most Valued Brands around the World’.
Brand Loyalty
Since the establishment of the website and later introduction of the App, the user base is growing each year. Facebook was first introduced in America and later in other countries. The stats say that there are over 2.2 billion users who spend at least 5 to 6 hours a day on Facebook which shows that most of the users are still loyal to the brand and are expected to do the same in the future.
Brand Image
The brand which was firsts introduced for university students later was used by people of all age groups. Facebook has been able to maintain its image of being the most trending social network for all these years. Users view the network as being trendy and thus they want to follow the trend. Moreover, Facebook has been able to provide improved services through their App and website by developing and introducing all the features so that the users do not need to switch to another social media website. Thus, Facebook has an image of providing all the networking needs of the users on same platform.
Brand Assets
The most downloaded Facebook App is the asset for Facebook as it has provided the users with the ease of using the service through their phone any time they want. The wide user base of Facebook is also their asset and the headquarters where all the innovation and development takes place is also their asset which helps them add to their brand equity.
Brand Elements
Certain elements build up Facebook’s brand equity. For instance, their slogan or the idea of collecting people, their logo and their URL are all their brand elements. Moreover, specifically the like sign of Facebook is its representation everywhere. The like icon is how users are able to identify the brand of Facebook. Whenever users see the icon, they know that it is about their most valued social media network. This explains how Facebook has been able to place their brand in to their user’s minds.
References
Arveen Shaheel, Corporate Relations Manager Follow. (2013, April 30). Facebook-Brand Equity & Brand Knowledge. Retrieved February 21, 2018, from https://www.slideshare.net/arveen/facebookbrand-equity-brand-knowledge
Facebook on the Forbes Just Companies List. Retrieved February 21, 2018, from https://www.forbes.com/companies/facebook/
Nations, D. What Is Facebook? Heres What You Should Know. Retrieved February 21, 2018, from https://www.lifewire.com/what-is-facebook-3486391
Thumbs-up to Facebook – Masters of Visual Brand Equity. (2011, November 6). Retrieved February 21, 2018, from http://www.trulydeeply.com.au/2011/11/facebook-masters-of-visual-brand-equity/