Leveraging Brand Equity

Identifying when, where, and how Brand Equity influences the decision making process within the Buyers Journey.

A Brand begins with a fully conceptualized product or service  established within a specific industry or market, and the Buyers are those who have been identified to operate within that target market. There isn't any one specific instance where the Brand and Buyers Journey's will intersect, however, opportunities exist to better position and align services offered with identified needs.

The Buyers Journey

The Buyer's Journey describes the process in which a customer goes through that leads up to the decision to purchase a product or service. Every single purchase made, anywhere in the world, whether it be a first time purchase or repeat purchase, involves a Buyer entering and exiting this process.

The Buyer's Journey process consist of three primary stages, Awareness, Consideration, and Decision. Supplementary stages of existence withing the customer journey will often be added to the Buyer's Journey process to help Brand's better  conceptualize the full cycle of their target customer's journey. Those stages will typically be added at the beginning and end of the standard Buyer's Journey stages, and might vary industry to industry as well as in B2B vs B2C markets. These secondary identified stages are most often related to the notion of a Buyer being Unaware (of a need) at the beginning of their journey, and then some variation of Customer Follow Up, Loyalty, or Retention, to complete the cycle from the Brand's perspective.

When a Buyer becomes aware of a need to address a situation, whether positive or negative, they will begin the Buyers Journey process to seek a solution to their need.

The goal of The Brand should be to exist concurrently with every stage of the Buyers Journey in order to maximize their potential of meeting the Buyer at the finish line and be front of mind when a decision to purchase is ready to be made.

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Brand Equity

Brand Equity is the value assigned to a business based on the perceptions of its quality by those who use or interact with the Brand's product and/or services.

Essentially Brand Equity is the good will which a brand has built with their target audience; a representation of the intangible worth gained from reputation, recognition, and positive associations towards its products and services, that sets apart from competitors.

The foundation for a Brand's Equity is built upon five key factors: Awareness, Perception, Association, Value, and Loyalty.

Perception

How the public perceives the brand and what is believed that it represents – not necessarily what the company says it does.

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Marketer Responsibilities:

Reputation Management: Monitoring public sentiment and proactively addressing issues to uphold the brand’s credibility.

Awareness

The level of recognition or familiarity with the brand, whether consciously or subconsciously within a market, industry, community, or professional circles.

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Marketer Responsibilities:

Advertising & Promotion: Creating and executing campaigns to increase brand awareness and drive engagement across channels.

Association

Feelings about the brand, including opinions of products, services, and even personnel. This cant be controlled or dictated by the company at all.

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Marketer Responsibilities:

Storytelling & Messaging: Using narratives to create emotional connections and enhance brand recall by crafting consistent and impactful communication that conveys the brand’s values and voice.

Value

Perceived confidence in the brand’s product/service quality and ability to deliver on promises. This decision is based on the buyer’s research, first-hand experience, financial factors, customer support and overall communication up until the point of decision-making purchase.

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Marketer Responsibilities:

Quality Management: Enhancing the brand’s value by consistently demonstrating and communicating product or service quality to build trust and credibility.

Loyalty

Brand loyalty is formed based on preference and on past or current experiences with the brand, product, and/or service received.

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Marketer Responsibilities:

Loyalty Development: Fostering repeat engagement/purchase and long-term preference for the brand through exceptional experiences and consistent value delivery.

After the Decision

The sale will lead down one of two paths that will dictate how the Brand and Buyer relationship continues and will reveal opportunities to improve, adjust, and learn.

Buyer Picked You

• Retention
• Loyalty
• Advocacy

Buyer Picked Another Company

• Evaluate the Journey
  
  • Were they even aware of you? Were you even aware of them or their need?
  • Was point of contact ever made?
• Adjust Approach

The Journey Never Ends

Whether you won or lost the final decision, as long as the Buyer is operating, they will enter the Buyers Journey every single time they become aware of a need for a solution to a specific situation. By consistently providing a high level of quality, service, and attention, promoting all of the factors that feed into your Brand's Equity, you will have established a strong presence in your industry and market, making new and old Buyer's decision to go with you that much more prominent.

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Jake Taylor
JTA Communications
Marketing
Sales
Social Media
Strategy