WHEN it comes to business growth prospects and customer loyalty, a good brand is everything. A brand is defined as an identifying symbol, logo or name that companies use to distinguish their product from others.
A combination of one or more of those elements can be utilised to create a brand identity. However, the two most important aspects are brand value and equity. Brand value is the financial amount the brand is worth while brand equity is the perception of consumers and how they feel about the brand. A business needs brand equity to raise brand value. The more visibility your brand has, the higher the value.
For instance, a diaper brand like Huggies or Pampers is more known than a smaller brand. According to Aswath Damodaran, Professor of finance at New York University’s Stern School of Business, a brand’s value is simply about the extent to which it can sell its goods and services at a premium price. Damodaran argues that brand name value is the “most sustainable competitive advantage known to busin
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