{"id":118977,"date":"2020-11-24T11:34:57","date_gmt":"2020-11-24T08:34:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/brand-awareness-vs-brand-equity-understand-the-differences\/"},"modified":"2020-11-24T11:34:57","modified_gmt":"2020-11-24T08:34:57","slug":"brand-awareness-vs-brand-equity-understand-the-differences","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/","title":{"rendered":"#Brand Awareness vs Brand Equity: Understand the Differences"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f38e176e23\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f38e176e23\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#Brand_Awareness\" >Brand Awareness<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#What_is_brand_awareness\" >What is brand awareness?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#Benefits_of_brand_awareness\" >Benefits of brand awareness\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#How_to_build_brand_awareness\" >How to build brand awareness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#How_to_measure_brand_awareness\" >How to measure brand awareness<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#Overview_of_brand_equity\" >Overview of brand equity<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#Benefits_of_brand_equity\" >Benefits of brand equity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#How_to_build_brand_equity\" >How to build brand equity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#How_to_measure_brand_equity\" >How to measure brand equity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/brand-awareness-vs-brand-equity-understand-the-differences\/#Final_thoughts\" >Final thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Brand Awareness vs Brand Equity: Understand the Differences<\/strong>&#8221;<\/p>\n<div class=\"entry-inner\">\n<p class=\"opener\">Despite what some may think, brand awareness and brand equity aren\u2019t the same. While brand awareness is how aware customers are of a brand, brand equity refers to customers\u2019 perceived worth of the brand.<\/p>\n<p>We often see the terms \u201c<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.latana.com\/brand-awareness\/\">brand awareness<\/a>\u201d and \u201cbrand equity\u201d used interchangeably in the branding space, as if they\u2019re one and the same. But they actually refer to rather different things and knowing the difference has the power to improve your bottom line and bring your business to a whole new level.\u00a0<\/p>\n<p>This article will walk you through the basics of brand awareness and brand equity, defining exactly what each one is, why they are important, and how you can build them to grow your brand.\u00a0\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Brand_Awareness\"><\/span>Brand Awareness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Brand awareness <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears as a goal so often in digital marketing campaigns that it is a hot buzzword in the space. Sadly, not all marketers understand exactly what it is, why it\u2019s important, how to build and measure it.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_brand_awareness\"><\/span>What is brand awareness?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Brand awareness plays a main role in customers\u2019 decision making. It refers to whether customers can recall or recognize your brand, or simply whether or not they know about you.\u00a0<\/p>\n<p>Imagine being at a bar with some friends and they ask you what you would like to drink. What comes to your mind first? Coca Cola or Pepsi? Budweiser or Coors Light?<\/p>\n<p>What a certain brand im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely pops into your head, that\u2019s brand awareness. Or at least it is unaided brand awareness, as you haven\u2019t been prompted. There is also aided brand awareness where you recognize brand names and logos from a list.<\/p>\n<p>According to Kevin Lane Keller, Professor of Marketing at the Tuck School of Business at Dartmouth College and the author of the best-selling textbook <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.amazon.com\/Strategic-Brand-Management-Building-Measuring\/dp\/1292314966\"><em>Strategic Brand Management<\/em><\/a>, brand awareness includes two elements:<\/p>\n<ul>\n<li><strong>Brand recall <\/strong>indicates customers\u2019 ability to retrieve the brand from memory when given a product category, purchase order, or usage as a cue. For example, customers\u2019 recall of KFC will depend on their ability to retrieve the brand when they think of fried chickens or of what they should eat for lunch.\u00a0<\/li>\n<li><strong>Brand recognition<\/strong> indicates customers\u2019 ability to confirm prior exposure to a brand when given the brand as a cue. In other words, when they go to a store, can they recognize the brand as one to which they\u2019ve already been exposed?<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Benefits_of_brand_awareness\"><\/span>Benefits of brand awareness\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Brand awareness brings many benefits to your business:<\/p>\n<ul>\n<li><strong>Brand awareness creates associations: <\/strong>Brand awareness helps register your brand in customers\u2019 minds. It associates actions and products with a brand, subconsciously encouraging customers to replace common words with branded terms. (Think: if someone has a pressing question, you tell them to <em>Google<\/em> it, right?)<\/li>\n<li><strong>Brand awareness puts a brand into the consideration set<\/strong>: Before buying something, customers often consider some options. Netflix or Amazon Prime? Coca Cola or Pepsi? Improving brand awareness can help a brand receive serious consideration for purchase.<\/li>\n<li><strong>Brand awareness affects choices<\/strong>: The more familiar customers are with a brand, the higher chance they choose it to purchase, and the more they trust it.\u00a0<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_build_brand_awareness\"><\/span>How to build brand awareness<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Brand awareness doesn\u2019t happen from a simple advertisement or marketing campaign. But increased exposure also doesn\u2019t necessarily equate to increased brand awareness. There\u2019s no quick fix or the best practices for becoming a household name.<\/p>\n<p>That said, there are some effective brand awareness strategies you can try.<\/p>\n<ul>\n<li><strong>Referral programs<\/strong>: For example, offer 10% off on the next order if a customer invites their friend to shop with your brand. The friend also gets 10% off on their first purchase. Creating a trustworthy <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/referralrock.com\/blog\/referral-program-vs-affiliate-programs\/\">referral program<\/a> can be extremely rewarding when you set your tone on the right audience.<\/li>\n<li><strong>Guest blogging<\/strong>: Create memorable, valuable content, and share it on other blogs. Remember to find the blogs that have the same target audience as yours and to focus on sharing valuable insights that relate to that audience. Here\u2019s a great example of a type of <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/venngage.com\/blog\/blogging-tips\/\">perfect blog post<\/a> and to keep most of these guidelines throughout your blogging.<\/li>\n<li><strong>Local partnerships<\/strong>: Partner with local organizations to hold seminars, festivals, or donation programs. This strategy proves effective for local small businesses by implementing better <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/firstsiteguide.com\/start-blog\/\">online business advice<\/a>.<\/li>\n<li><strong>Social media contests<\/strong>: For example, ask followers to submit a Christmas photo or video, with other users voting for their favorites. Participants will share the link with their friends and family to get more votes, which helps increase awareness about your brand.\u00a0<\/li>\n<\/ul>\n<p>A worthy note is that strong brand awareness results from consistent efforts that extend beyond trying to get paying customers.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_measure_brand_awareness\"><\/span>How to measure brand awareness<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To know if your brand awareness efforts are working, you need to measure it. Here are a few metrics you should keep in mind:\u00a0<\/p>\n<ul>\n<li><strong>Search volume<\/strong>: How many people intentionally search for your brand on search engines like Google. This tells whether people out there know your brand\u2019s existence.\u00a0<\/li>\n<li><strong>Total site traffic<\/strong>: How many visitors come to your website from all kinds of places like search engines, forums, social media, etc.\u00a0\u00a0<\/li>\n<li><strong>Social engagement<\/strong>: Followers, likes, shares, comments, retweets, etc., on all your social media accounts.\u00a0<\/li>\n<li><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.latana.com\"><strong>Brand tracking software<\/strong><\/a>: how aware your target audience is of your brand using data collected from surveys.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Overview_of_brand_equity\"><\/span>Overview of brand equity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Brand equity refers to a brand\u2019s perceived value according to its customers. It\u2019s a combination of customer perception, experience, and opinion about your brand.\u00a0<\/p>\n<p>Because of that, brand equity can be positive or negative. If customers think positively about a brand based on their previous experience with it, it\u2019s positive brand equity. But if they have bad impressions or experience unpleasant customer services, they\u2019re less likely to buy from the brand again and tell their friends to do so. This is an example of negative brand equity.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Benefits_of_brand_equity\"><\/span>Benefits of brand equity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Brand equity is important because it allows you to:\u00a0<\/p>\n<ul>\n<li><strong>Gain greater market share<\/strong>: Brand equity gives you a strong competitive advantage, making you stand out from competitors and appeal to customers. Thanks to this, you get a higher chance of successfully selling your products.\u00a0<\/li>\n<li><strong>Set premium prices<\/strong>: When you have better brand equity, you can charge more for your products and increase your price percentage over the market average. Customers still stick with you because of your unique selling point and your distinct value propositions, which will impact positively on <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.optimonk.com\/what-is-cro-ecommerce-conversion-rate-optimization-guide\/\">conversion rate optimization<\/a>.<\/li>\n<li><strong>Extend your products or services easily<\/strong>: Brand equity helps you gain customers\u2019 trust and loyalty. Hence, they\u2019ll be more likely to try your latest products and share them with others.\u00a0<\/li>\n<li><strong>Grow your business<\/strong>: Brand equity has a direct impact on your company\u2019s growth and reputation. With your increased revenue and market dominance, you may find yourself in a powerful situation. That helps you easily form new partner programs, get better supplier rates, and more.\u00a0<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_build_brand_equity\"><\/span>How to build brand equity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Follow this instruction to start establishing your brand equity:\u00a0<\/p>\n<ul>\n<li><strong>Develop a strong brand story and brand personality<\/strong>: A brand story aligns itself to trigger customers\u2019 emotional responses. Brand personality means your brand\u2019s style or unique voice for the product or service you\u2019re selling. You should first build these elements to ensure your customers see you the way you want to be seen.\u00a0<\/li>\n<li><strong>Build brand awareness<\/strong>: Once you have a strong brand story and brand personality, follow the tactics above to gain awareness around your brand and your offer.\u00a0<\/li>\n<li><strong>Communicate with customers<\/strong>: To do this, you can enlist a team of customer service representatives, conduct surveys, etc. The goal is to build trust and acquire returning customers.\u00a0<\/li>\n<li><strong>Build a strong bond with customers<\/strong>: For example, sending out weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letters, implementing Facebook Live Q&amp;A sessions, Instagram Stories, personalizing a <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tidio.com\/live-chat\/\">live chat<\/a> system to build a better relationship with your customers, or hosting an event.\u00a0<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_measure_brand_equity\"><\/span>How to measure brand equity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Like brand awareness, you need to measure brand equity as well. Here are some ways to do it:<\/p>\n<ul>\n<li><strong>Measure brand awareness<\/strong>: Take note of how you\u2019re handling brand awareness by applying the tactics above.\u00a0<\/li>\n<li><strong>Survey customers or ask for their reviews<\/strong>: This way, you can understand how much they know about your brand and how they feel after purchasing your products.<\/li>\n<li><strong>Analyze your financial situation<\/strong>: Pay attention to metrics like market share, transactional value, growth rate, and sustainability.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Final_thoughts\"><\/span>Final thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Brand awareness is the foundation of brand equity. As Keller emphasized in <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/hbr.org\/2000\/01\/the-brand-report-card\">an article<\/a> published in Harvard Business Review, <em>\u201cA firm foundation for brand equity requires that consumers have the proper depth and breadth of awareness and strong, favorable, and unique associations with the brand in their memory.<\/em>\u201d This definition means that sometimes brand awareness and brand equity are used interchangeably. However, as this article has shown, they are not the same. Both need to be worked on separately but will come together to form a strong brand.<\/p>\n<p>Remember, once a person is strongly aware of your brand, they start on a path to recognize you without assistance, buy from you, and prefer you over other similar brands. They\u2019re probably loyal to you and recommend you to their family and friends. That\u2019s the way you\u2019ll create brand equity.<\/p>\n<hr class=\"wp-block-separator\"><em>Photo by <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/unsplash.com\/@pineapple?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\"><em>Pineapple Supply Co.<\/em><\/a><em> on <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/unsplash.com\/s\/photos\/brand?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\"><em>Unsplash<\/em><\/a>\n<\/div>\n<p><\/p>\n<div class=\"author-inner\">\n<p class=\"bio-name\">Steve Habazin<\/p>\n<div class=\"bio-desc\">\nSteve Habazin is a content management specialist working with Latana. He enjoys sharing insights with the community and growing network of people sharing the same level of enthusiasm. You will often find him taking a walk with his dog.<\/div>\n<p><!-- social-link --><\/p>\n<div class=\"clear\"><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General <\/a><\/span>category.<\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.noupe.com\/business-online\/brand-awareness-vs-brand-equity.html\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Brand Awareness vs Brand Equity: Understand the Differences&#8221; Despite what some may think, brand awareness and brand equity aren\u2019t the same. While brand awareness is how aware customers are of a brand, brand equity refers to customers\u2019 perceived worth of the brand. We often see the terms \u201cbrand awareness\u201d and \u201cbrand equity\u201d used interchangeably in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":118978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.noupe.com\/wp-content\/uploads\/2020\/11\/pineapple-supply-co-fmc6p7mF7qg-unsplash.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[81231,78149],"class_list":["post-118977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-brand-communication","tag-brand-inspiration"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/118977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=118977"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/118977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/118978"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=118977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=118977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=118977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}