Brand equity

Jeff Bezos, Amazon’s founder, described a brand as:

“What people say about you when you're not in the room.”

This part of the canvas is Brand Equity. This is the measure of the perceived value of a brand-name product. Having a high brand equity equates to higher revenue. For example, you can charge more even when there is no difference in quality, and you will see higher retention rates. It is important to focus your efforts on where your target customer group spends their time.

The foundations of a successful brand are the “C’s”

• Clarity - be clear on what you offer

• Consistency - with your tone of voice, visuals, colours etc.

• Constancy - regularly remind customers that you are there

There are several aspects to optimising brand equity that are covered in detail below, where relevant these include how to measure your success rate:

• Positioning statement

• Customer channels

• Brand recognition

• Brand awareness

• Perceived quality

• Customer loyalty