What does "building brand equity" include?

Building brand equity fundamentally involves ensuring that a brand consistently delivers positive experiences and outcomes for consumers. This creates a strong association between the brand and favorable perceptions in the minds of consumers, which leads to increased customer loyalty, trust, and overall brand value.

When brands effectively deliver on their promises, they cultivate positive feelings and experiences for their consumers. This doesn't merely pertain to the product quality but also includes customer service, emotional connections, brand storytelling, and the overall consumer experience. When positive consequences are associated with a brand, it enhances its reputation and encourages repeat purchases, ultimately contributing to increased brand equity.

In contrast, changing product prices, ignoring customer feedback, or reducing advertising costs do not directly contribute to building brand equity. In fact, these actions may detract from the positive perceptions a brand aims to create, as they could impact customer satisfaction, engagement, and perceptions of value. Thus, focusing on delivering positive outcomes is a crucial strategy in enhancing and sustaining brand equity.