Brand Equity Part 2: Preference

October 20, 2017

choice

Preference and Perception.

To be the preferred brand is an added benefit in the process of brand equity. Preference metrics are one of the three most important metrics in brand association and acquisition of new consumers. The preference metric portion of brand equity deals with how your brand is perceived and how it lines up to the competitive brands. How relative a specific brand is to a person, is the determining factor in whether or not they will purchase. In order to have a positive perception of a brand, it is important for that brand to have a unique factor that sets them apart from the competition. Typically, brands with high relevance have a deciphering factor that highly sets them apart from the their surrounding brands.   toms kenya.reduced   An example of a brand that has one unique selling feature is the Tom’s one for one program. This program allows for the sale of one pair of shoes to equal one pair of shoes donated to someone in need. Many brands have mimicked this charitable feature, but Tom’s was the first brand to start this unique selling proposition. Not only does Tom’s provide the consumer with what they expected, but also they include an added feature that brings happiness and charitable association along with their purchase. The shoes provide the intended value, while the charitable donation of one pair of shoes is an added bonus and a unique feature to the brand.  

Accessibility

Preference and perception of a brand is highly important in the purchasing funnel, but accessibility is a huge factor as well. Accessibility is important in brands for consumers to quickly and easily have access to the product or service. Starbucks is a great example of a brand that is accessible to most consumers on a daily basis. Starbucks is globally located and widely known to consumers. It is a convenient option when searching for coffee, so it has ultimately become the preferred brand for many. Consumers can often locate a Starbucks in most likely any location they may find themselves in, similar to McDonald’s.   mcdonalds on every corner    

Loyalty

Brand loyalty is also associated with preference metrics in regards to brand equity. Strong relationships between brands and their consumers is crucial to retain that brand loyalty and will lead to a higher valued brand. The consumer should see a valuable trade off between cost and what they get in return. Similar values with lower costs may be more valuable to the consumer than a more expensive competitor with the same value. There are several steps in gaining brand preference and, “Customers pass through various levels of preference towards the brand, which ranges from mere awesomeness and familiarity to strong loyalty and recurrent revenues from the customer base.” The consumer can then move from brand preference to overall brand loyalty. biggby love.reduced At the end of the day, the consumer wants great value and accessible products or service from a brand. In order to retain preference and loyalty, strong relationships between consumers and the brand is important. Consumers treat brands similar to how they treat people, and if they do not like the kind of person that the brand, product or service represents, then they will not remain loyal to the brand.

Categories: Brand Development