With making it to the list of “Best Global Brands 2017”, Mercedes-Benz without any doubt enjoys high brand equity. The level of brand equity can be known by looking at following aspects of Mercedes-Benz.
Brand Awareness
A research has revealed that Mercedes-Benz is the leading luxury car brand when it comes to advertising. This shows the level of awareness they might have achieved over the course of decades of right advertising. Since, it is one of the most famous global brands, which also say a lot about the awareness of brand around the world. It is ranked at number 17 in the list of ‘World’s Most Valuable Brands’ and this also shows the level of awareness that it has achieved all around the world.
Brand Loyalty
As Mercedes-Benz has been in the automobile industry for many years now, it has definitely been able to gain the loyalty of its customers. The company has also been working on gaining this loyalty through introduction of various innovative products that help raise the brand value and keep the customers involved with the brand. Moreover, since Mercedes-Benz is a luxury brand, consumers want themselves to be associated with the brand and this is also added through various loyalty programs that Mercedes has to offer. Mercedes has also been like a tradition in some of the families where the same brand is used through generations.
Brand Image: Mercedes-Benz has always presented its image as being the luxurious, priced, premium brand that is meant for a particular niche market. This exclusivity has been their identity and that is the reason, consumers want themselves to be associated with the brand if they think that the brand’s exclusivity matches with their own personality. This image is how the consumers perceive the brand and this also the exact way the brand aimed to be portrayed.
Brand Assets
Its brand equity is one of the biggest brand assets right now, but other than that the manufacturing and distribution network that is present in almost every corner of the world where their target market is present, is also their brand asset. Brands like Mercedes-Benz who have developed their place in the market have their reputation as their biggest brand asset that also analyses their brand equity.
Brand Elements
One of the strongest brand elements for Mercedes-Benz is their logo, which is present on all their products as well as brand endorsements. Their logo is identified by their consumers and even other people outside their target market. This shows the level of awareness that Mercedes-Benz has achieved over the years.
Brand Associations
If we talk about some of the words that come into consumers’ perception when they think of Mercedes-Benz, they would be luxurious, exclusive, premium quality, high-priced, comfort and class. These are the qualities that Mercedes-Benz has also associated with themselves for many years through their own brand campaigns and today, consumers also associate the brand with those qualities. All of these positive attributes show that Mercedes enjoys high brand equity. Because of such an image, consumers want their personalities to be associated with the brand which shows the actual success of the brand.
References
Mercedes-Benz shows strong growth in brand value: Mercedes-Benz once again the only European brand to make the top 10 “Best Global Brands 2017”. Retrieved March 17, 2018, from http://media.daimler.com/marsMediaSite/en/instance/ko/Mercedes-Benz-shows-strong-growth-in-brand-value-Mercedes-Benz-once-again-the-only-European-brand-to-make-the-top-10-Best-Global-Brands-2017.xhtml?oid=29629638
Mercedes-Benz on the Forbes Canada’s Best Employers List. Retrieved March 17, 2018, from https://www.forbes.com/companies/mercedes-benz/
WHEN IT COMES TO LUXURY CAR ADVERTISING, MERCEDES-BENZ LEADS THE PACK. Retrieved March 17, 2018, from https://phoenixmi.com/learn/comes-luxury-car-advertising-mercedes-benz-leads-pack/