How to Innovate in Marketing (Collection), 2/e

44. What Is Your Brand Worth?

The term “branding” was first associated with ranchers burning a mark on a steer so that one rancher could identify his steer from another. The idea of branding a product or service is really the same; you are burning your brand image in the minds of consumers. Building a strong brand image and personality demands that you understand the essence of your product or service and succinctly convey it to your target customer. Creating and communicating your company’s brand identity is critically important in a competitive and volatile marketplace.

The evidence of a strong brand is its Brand Equity. It is the total accumulated value or worth of a brand, which consists of the tangible and intangible assets that the brand ...