Which is better, Coke or Pepsi? On blind taste tests, Pepsi has won but in the market place Coke is it! Why? Because brand matters, physical attributes matter less. This is what is called brand equity, the ability to get incremental value in the market place because of consumer perception. A brand is more than physical attributes it is the perceived benefits and the image that consumers hold.

How can you increase brand equity? If you can get your brand name to pop up in the minds of consumers when they think of your product category you are a long way in winning the battle. The consumer has to think that the product is better than the physical attributes. Think of the Omega war this past week in our market, does that make sense? Focus on the benefits. The third element is get consumers to feel that your brand has a unique cachet -make them proud to wear it, eat it or be seen with it. Think KFC versus Royal Castle. Think bpTT versus Petrotrin.

Of course there is no knowing whether the money you spend on creating brand image works unless you measure it. You can measure the consumer awareness to and feelings about your brand. We can help. It makes you more focused and more valuable since you can talk the language of the boardroom, return on investment. Think about this.

Written by Noble Philip, Chairman. October 1st, 2014