June 9th, 2014
Call in, Johnny Brand Equity!
How do you measure the strength of a brand? In dollars and cents? In rising stock prices? In number of employees and global factories? How about in trainwrecks survived…with barely a scratch? That’s the power of positive brand equity. (Positive brand who?!) You know, the tangible and intangible value a brand possesses, according to consumer perceptions. Positive brand equity can help companies endure rocky times.
Like when Apple launches a phone that doesn’t live up to expectations. Long-time iPhone owners don’t immediately switch to an Android. They just wait for the next Apple launch, which seems like it’s always right around the corner.
Or how about when Nike gets tangled up in a sweatshop scandal. Enough consumers who love Nike and identify with its essence are able to push their rational confliction under those strong emotional bonds. Not forever, but long enough for Nike to make amends.
And last but not least, our beloved Browns, who established a culture of success in the ’50s and ’60s behind the great Jim Brown, and a resurgence in the ’80s, thanks to Bernie Bernie. But since then, have produced three decades of sadness. Yet for some reason, fans continue to fill the stadium every home game, not to mention, the Browns Backer Club has grown into an international phenomenon with 360 chapters across 10 countries which will surely only rise with the addition of Johnny Brand Equity.
In summary, build your brand because brand equity buys you time, forgiveness, and a second chance. Or in rare cases…a third chance, a fourth chance, a fifth chance, a sixth chance…