WHAT DO YOU NEED TO KNOW TO START UP A BRAND ON SOCIAL MEDIA?

As you might have noticed social media had changed the way people communicate with each other. Social media empowered consumers to create their content, instead of being passive recipients of advertisement and information about products. Consumer-generated contents are perceived as trustworthy to each other. These contents include positive as well as negative comments. Therefore, companies must know how to manage social media communication by creating brand equity. Taking the first step is always the hardest part of life. But if you understand the process, there’s nothing need to be afraid of.

What is brand equity?

Brand equity consisted of brand strength and value (Srivastava& Shocker 1991). It is “a set of brand assets and liabilities linked to a brand, its name, and symbol that add to or subtract from the value provided by a product or service to a firm or to that firm’s customers” (Aaker 1991). When it comes to consumer perception, brand loyalty, brand awareness, brand quality, and brand associations contribute to brand equity are essential. This consumer-based brand equity makes a branded product more favorable than a non-branded one in the same field (Aaker 1991; Keller 1993). For this reason, well-built brand equity can attract consumers positively and sell the brand.

What is next?

I understand it can be hard to find out brand equity, here are some related projects I have done. If you need any assistance to start up personal or business brand on social media, feel free to contact me.

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Aaker, D.A. (1991), Managing Brand Equity, Free Press, New York, NY.

Keller, K.L. (1993), “Conceptualizing, measuring, and managing customer-based brand equity”, The Journal of Marketing, Vol. 57 No. 1, pp. 1-22.

Srivastava, R. K., and Shocker, A.D. (1991). Brand equity: A perspective on its meaning and measurement report, No. 91-124, Working Paper Series, Marketing Science Institute Cambridge, MA.