However, it is important to ensure that you maintain the standards and do not compromise on the quality.

Components of brand equity:

• Brand associations: brand association is anything that the customers think of or relate to the brand. Interactions with the brand give rise to the association – it could be colour, language, experience, voice, etc. Online and offline presence, pre-sale, sale and post- sale give rise to brand associations
• Brand awareness: part of the brand equity process is building an awareness for your brand and this has to do with customers being aware of your brand and being able to associate it with a specific category or product.
• Brand experience: brand experience speaks to aggregated experience of the customer over the product or overall brand. When customers have good brand experience, they will certainly consider the brand to be more superior over others.
• Brand loyalty: brand loyalty has to do with customers repeatedly choosing one brand over another even if it’s the same product. Loyal customers do an exceptional job when it comes to word of mouth marketing.

How to build brand equity in 2021:

• Build an awareness: ensure that your customers recognise your brand identity when looking for a product or service and that they perceive it in a way that you intend. This can be done by providing on-going value, keeping in touch with your customers by sending newsletters or emails, tap into social media and share on various platforms, great customer service, etc
• Foster optimistic customer feelings and judgements: judgements about a brand are based on credibility, relevance, quality and positive feelings can be based on trust, security, peer approval, etc.
• Communicate brand meaning and what it stands for: consider how your brand meets the needs of your customers, not just physically but socially and psychologically as well. It is important to produce a useful product that genuinely commits to environmental and social responsibility.
• Build solid and lasting relationships with your customers: loyalty from customers may be difficult to attain. Loyal customers are those who have formed a psychological bond with your brand. They feel part of the community of consumers and are repeat buyers. They indirectly become your brand ambassadors. A brand equity connection that borders on customer advocacy is invaluable.