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Business Brand Equity and Personal Social Capital
Brand Equity
Brand Equity is the net result of successfully positioning the Value of a product, service, company and/or person.
Recently, we updated the Wikipedia discussion on Brand Equity to state:
Brand equity is the value that customers and
prospects PERCEIVE in a brand. It is measured based on how much trust a
customer has in the brand. The value of a company's brand equity can be
calculated by comparing the expected future revenue from the branded
product with the expected future revenue from an equivalent non-branded
product. The difference, usually profit, is how much customers TRUST
the brand, and are willing to pay above and beyond the price for other
competitive brands with lower value perceptions.
>>Click here for more detail.
From years of involvement with marketing, we have learned that the issue for a company that wishes to succeed is the same as that of a person who is trying to become successful – building a high level of trust through PERCEIVED VALUE to create long-term relationships.
Marketing (including all forms of advertising, promotion and “image-building”) is about initial Trust - getting positive attention and generating interest in “hearing more.” It creates the perception of value and sets the stage for presenting the offer. Brand equity is the net result of fulfilling initial trust and demonstrating value - “closing the deal” by delivering the promised value – proving that there is LOT of WIIFM.
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Brand Equity on a Personal Level – Networking and Social Capital
Networking is the personal version of marketing, it is the ACTIVITY that generates favorable attention (again, creating the perception of value.) Social Capital is the result – delivering the results stated in the offer to validate the perceptions of Trust and Value -- creating LONG-TERM RELATIONSHIPS.
For more information on Networking and Social Capital – check out the book area in our Product Section
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The Three Basic Rules of Networking:
- Do your homework. Know what you have to sell that people might want.
- Be organized. Understand that to get the idea across to people interested what you sell has to sound cool.
- Be exciting and different. Know yourself and your offerings well enough to be excited and exciting when you talk about them - differentiate.
The Fine Art of Networking
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