Quality is judged by customers based on certain parameters.
These parameters are those which are important to them. Further, these parameters of a brand are assessed by comparing the quality of offerings of the brand’s competitor.
Quality is important for both brands and philippines mobile number list customers. It is the criteria on which companies can decide what prices to keep.
Quality can also be used by a brand to position itself. Optimizing brand equity improves the quality of service and products. Usually, a brand that offers superior quality than others keeps premium prices.
4. Brand Loyalty
Brand loyalty is what every brand strives for, and that is why it is one of the most important components of the brand equity model.
Brand loyalty results in repetitive purchases by a customer over time and also results in less marketing expenses.
Among all the components of brand equity, brand loyalty is considered to be the most important one. This is because all the components in this list take place before a purchase is made. However, brand loyalty comes after the purchase and is the most reliable indicator of brand equity because feelings of loyalty are instilled only post-purchase.
By instilling loyalty a brand can have more purchases from the same customer in the future.
Brand loyalty is the core of business success for a company. It allows the company to survive and also introduces new products in its portfolio which can be targeted at the loyal customer base.
Brand loyalty gives an advantage to a company to have a stronger position with its channel partners. When there is a good demand for a company’s products the retailers just have to make it available to the customers rather than pushing sales.