Coca Cola, Kraft, Apple, Kellogg's... the value of a strong brand is worth more than many consumers realize. Marketers call this "brand equity" - the commercial value that arises from the consumer perception of a brand. When companies merge or are sold, there is a real line item associated with selling the brand name and reputation.
This reputation is so important because it can make or break product introductions and overall profits. Think about the hotel industry brands like the Marriott, Holiday Inn or the Four Seasons. According to Harris Interactive, Customer Experience Impact Report, "Even in a negative economy, customer experience is a high priority for consumers, with 60% often or always paying more for a better experience." It pays to be a big brand.
Today brand loyalty has become more important than ever in a time-pressed world. A visual identity, logo, or even color (think John Deere green) can say volumes about the value and durability of an item. With brand loyalty there is an inherent trust of the company and its products. Try your hand at it now. Take the quiz. Some very smart people bet millions upon millions of dollars in advertising to say you'll do well!
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