The knowledge about the product is one of the most important variables that affects the consumer perceptions in the market and in the same time effect the brand equity. Brand Equity is an essential component of your business’ identity. Just like the equity accumulated in your company has monetary value, the equity of your brand is valuable too.
The equity of your brand is important because, if your brand has positive brand equity, you can charge more for your products and services than the generic products or other competitors. Consumer influence is the most important aspect of brand equity, because consumers determine the value of a brand. Consumer loyalty is how brands are built and need to be a focus of your overall marketing strategy.