Dear Big Enough,

Brand equity is a term that refers to selling more of your product based on positive public perception. Popular brand names can generate more sales than less recognized competitors if consumers believe that the product with a well-known name is better than the no-name counterpart. Smaller firms need not be deterred as long as you can promote your brand as the best or better than others can.

6 Factors that can Grow Brand Equity

• Quality and Value
• Product Differentiation
• Company Persona
• A Memorable Logo
• Widespread Distribution
• Customer Loyalty

Brand equity can also be claimed by being first to market with a new or upgraded product. Even a small company can corner the market if they are alone in it. The trick is to grab the lead and hold it with consistent, strategic branding. The power of brand equity as demonstrated by leaders like Starbucks and Nike is that they can charge a higher price than their competitors without losing customers. In fact, the premium price may even enhance the aura of the brand. To promote your brand as the best and build brand equity, work with a professional design agency.