1. Brand Stature
2. Brand Strength
Brand Stature is nothing but a report card of the brand, i.e. an indicator of what the brand has been and its effect and relationship with various stakeholders till now.
Brand Strength, unlike Brand Stature, is not a lagging indicator. It is a leading indicator. It is made up of those elements that tend to tell us what is the brand potential and how differentiated and relevant it is going to be in times to come.
There are a number of models that are used for Brand Equity, and all of them come up with different factors on which the equity depends. But whether it be factors taken in the Aaker’s Model, in Young and Rubicam’s (Y&R) Model, or any other model, all the factors can be placed either under Brand Stature or under Brand Strength.
For example, in Y&R’s Model called the Brand Asset Valuator (BAV), four key dimensions (factors) of Brand Equity are:
1. Differentiation: Perceived Distinctiveness
2. Relevance: Personally Appropriate
3. Esteem: Perceived Quality and Increase in Popularity
4. Knowledge: Awareness and Understanding
If we were to club these dimensions under our two components, we would get the following two equations:
1. Brand Stature = Brand Esteem + Brand Knowledge
2. Brand Strength = Brand Differentiation + Brand Relevance
After going through this post and the last one, I think we have at least understood the basics of what Brand Equity is…. I hope that when someone asks us what this phrase means, we won’t be stumped and will be able to give a general and a technical definition, sufficient for us to impress the other I guess!! ;-)