It can be challenging to determine the difference between Brand Image vs. Brand Equity. The broadness of each of these concepts is what truly defines them.
Difference between Brand Image vs. Brand Equity?
Let’s take a closer look at each in order to show the difference between the two.
Brand equity refers to a brand from the perspective of the receiver. In simple terms, brand equity is the value of a brand that comes from the perception of a consumer. Brand equity is a perceived value that is found through the product market, the consumer market, and the financial market. Initially, a seller will offer a product. This leads to the customer responding. If the rational response of the customer stimulates a willingness to pay, it will initiate the reaction of purchasing or sales. Primarily, the customer market drives the sales of the product, and understanding the customer mindset is exceptionally complex.
Brand image refers to associations that create a perception of a product. The model reflects what consumers might think about a product. Images such as logos are an essential aspect of this concept. The image of a brand will stay with a consumer and may potentially lead to a consumer purchasing a product simply because of the image that they perceive about the brand.
Primarily, products are made by a company, and the customers create the brand. When purchasing a product, a person will expect more from a brand than the generic counterpart. For example, when it comes to cereal, a person purchasing Frosted Flakes expects more from the name brand than they do from the generic version of the cereal that comes in a bag.
Noted Differences Between Brand Image and Brand Equity
There are several key things to note when it comes to the differences between brand equity and brand image.
First, when it comes to broadness, brand equity provides a broad scope, and brand equity is a part of calculating the value of the brand. The brand image deals only with instant customer perception or how a person sees a particular brand.
In terms of measurability, brand equity can be measured. This is because brand equity is trying to provide a value for a particular brand. It will include all statistics and brand building exercises to show the benefit of the brand to the people. Brand image is very subjective and differs based on each consumer base. The image will encompass the emotional and functional aspects of the brand, which makes it more challenging to measure.
Brand equity offers an organizational point of the brand, and the brand image is the viewpoint of the consumer. Positive brand images will result in adding more value to the equity of the brand. In order to be successful, a company must strengthen its customer perception. The interaction between brand equity and brand image is essential for the survival of any organization.
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