Driving Brand Equity With Radical Transparency

Driving Brand Equity With Radical Transparency

DOI: 10.4018/978-1-5225-2417-5.ch002
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Abstract

The main purpose of this chapter is to analyze the categories of brand equity assets through the prism of radical transparency. The results reveal that the brand equity requires investment and disappears over time if not maintained consistently with the selected business model and the company's values. The chapter is dedicated to systemize the theoretical and practical findings over the brand equity elements. Brand loyalty is the first element of the brand equity model. The benefits for the company which uses the radical transparency practices can be simply synthesized into one big advantage - satisfied and loyal customers who generate stable revenues and profits for the company in the long term. Radical transparency has a major impact on stimulating brand awareness as a factor that is particularly important in the sense that the brand must first enter into the considerations set. The company should be ready and open for cooperation with all interested parties and provide positive feedback whenever necessary. This enhances the perceived quality of the brand and the trust. The application of the radical transparency concept in the overall operation of the company enables the creation of a special set of brand associations that create long-lasting relationships with consumers, mixed with positive emotional mix that seals the success in the long term.
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Generating Awareness Of The Brand

The brand awareness represents the ability of potential customers to recognize and remember the brand present in a particular market or industry. It involves creating a link between the brand and the category of the product or the company. The use of a balloon that marked the name Levi's can make the name prominent, but this does not unconditionally support the awareness of the brand. However, if the balloon is made in the form of jeans, it ensures the connection with the activities of the company and strengthens the effectiveness of this measure to create and enhance the brand awareness of the brand Levi's. The brand awareness includes a continuum within the range form the uncertain feeling that the brand is recognizable until the belief that it is the only one in the particular industry. As shown in Figure 1 this continuum consists of three different levels of brand awareness.

Figure 1.

The brand awareness pyramid

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