3 brand equity examples for envious retail marketers
There's nothing wrong with copying what you like. You've probably heard the Oscar Wilde quote of, "Imitation is the sincerest form of flattery." If you see something that works in the world of business, replicate it.
Now, this doesn't mean go and completely steal slogans. You can't rip off "Just Do It" and toss it onto your next marketing campaign. That's a good way to end up on the losing end of a lawsuit. However, you can replicate strategies and study what a business does to grow its brand equity.
Naturally, there are plenty of poor examples you don't want to follow. These are great to look into for educational purposes and as marketing methods to avoid. On the flip side though, you'll learn just as much, if not more, by educating yourself on the top brand equity examples. Here are just a few of the best brand equity examples your retail marketing department should begin studying and replicating.
This is a fun one just to bring up, simply because it shows what brand affiliation can do for you. Aston Martin is best known as the British car driven by James Bond. Whenever the vehicle makes an appearance on a new James Bond movie, the vehicle's sales increase. The company itself doesn't need to market all that much, and yet since people love James Bond, they as well like the car.
So why mention this? After all, the chances of securing a promenade spot for a product in the next James Bond movie isn't all that likely (although not impossible). It's worth going into because if you can connect your brand with even a local favourite celebrity,it can help your image and your brand equity. Just make sure to properly vet the local celebrity before becoming affiliated with them. Because if they do something less than desirable in real life, it, in turn, may affect brand equity.
According to a recent Business Insider article, Adidas is a more popular brand in Europe than Nike. So what makes Adidas such a power brand in Europe with growing brand equity? The dedication to a wide range of women's products that other companies may not dedicate as much time and energy to. Additionally, while other sporting brands and apparel companies are in the market, many of these companies do take some equity hits due to the low wage prices offered at factories in third world countries. On top of this, Adidas receives a beneficial brand equity boost because it is based in Germany. Never downplay the role being a local company can have on your brand equity.
The financial institution demonstrates the power of social media and the power of sponsorships. The company has connected itself with athletes and other teams that help spread awareness. So consider this: paying for a local team's sponsorship can not only can be seen as goodwill, but it can also go a long way in quality advertisement. Plus, think of social media. When you sponsor a team or another event, your logo doesn't just appear on the clothing. It appears on social media posts and updates from people who upload content to their feeds, which turns it into additional advertisements for you.
Developing brand equity is important to the success of your business. These are just some of the top perceived companies in all of Europe. From sporting attire to auto manufacturers, you may not have the capital or marketing budgets of these businesses, but you can take into account some of what helps make these brands so popular with local consumers.