A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they get from that product or service. As this association grows stronger, consumers’ loyalty and willingness to pay a price premium will increase.
Therefore, to build brand equity, a company needs to do two of many things; first, distinguish its product from other market players; second, align what it says about its brand in advertising and marketing campaigns with what it actually delivers.
Eventually, a strong bond develops between brand and customer. Then, as this alignment grows stronger, so does the brand.
~Thomas Friedman, The Lexus and the Olive Tree (1999)
Thanks for reading, until next time…
Econsimplified 