Yinka Olaito is happy,excited and passionate Communication specialist, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa)
Brand equity is the sustained value that customers placed on your brand over others. Brand equity is built through a consistent and sustained delivery of promise. This suggests that brand equity is built over time. Equity is not built in a day. Merely understanding the equity markets is enough should tell an individual something vital about equity building.Brand equity is value is viewed in terms of trust, dependability, security and more importantly perception.
When a brand has gained equity, it guarantees the fact that less amount of money will be spent on marketing activities without much concern for what the implications will be. When brand equity is built, efforts need to put in place to ensure it sustainability. Like every structure, it takes time to build something but within hours, days, a permanent damage can be made that can make the structure goes under. If in doubt, think about the experience of September 11, in the United States.
Having established that, let us look at what may contribute to the brand equity’s debit.
1. Poor customer service: many brands often forget what bring them to the top. Because they now have more customers, they treat their old customers as nobody. May be because they feel they can no longer pay their bills. Watch against this and remain focused.
2. Unrelaible product/service quality: many brands start to cut corners to make more profit. This will erode brand equity. I was discussing with one of the third generation banks’ official about the quality of the service we now have at a particularly branch in Lagos which was far away from what it used to be before and the response I got was shocking. He said ‘the crowd has become too much and because of that the staff has no option but to shout on their customers’. I smiled and concluded a time is coming and that will be soon when such answer will not be tenable.
3. Changes that reduce perceived values: Some brands just make some internal changes that are not called for just to show off. When such changes are made particularly those that affect point of contact with the brand, the brand image suffers immediately. That is why people who hold the baton in every brand must be keen observers so they can have accurate assessment of the changes that need to be made.