Brand loyalty is a consumer’s desire to continue buying a specific brand, developed through marketing efforts, while brand equity is the positive perception of a brand built through advertising. Both are developed through consumer experience and marketing efforts, but loyalty takes longer to build. Manufacturers use marketing to create brand equity and may try to transfer loyalty to similar products. However, loyalty cannot always be bought, as seen in the failure of Ford’s attempt to sell Edsel automobiles.
While brand loyalty and brand equity may be inextricably linked, there are some major differences between the two. Brand loyalty refers to the consumer’s desire to continue buying a specific brand of product. It is the consumer’s perception of a particular brand or name, developed through advertising and marketing efforts. Marketing for high brand equity will create advertising that attracts, promotes and maintains an ongoing relationship between consumers and product. This ongoing relationship and positive perception builds brand loyalty in the mind of the consumer. People like a particular product for many different reasons and will generally continue to buy the product if it continues to do what it promises.
Brand loyalty is the result of an effective marketing or advertising campaign or good experiences with a particular product or brand and typically takes a long time, sometimes years, to build. There are many reasons consumers develop loyalty to a particular brand, including a connection to an enjoyable experience or use of a product or brand by previous generations in their family. The long process requires positive experiences accumulated over a long period of time.
Manufacturers want every new product or brand to achieve brand equity. New products that are unknown to consumers are introduced through a series of mapped out marketing plans and through advertising. A company can pay millions of dollars to a marketing firm to develop the best and most attractive personality for a new product. They do this by finding the most convenient methods of using different media, such as television, radio, print and online outlets. Next, an advertising agency creates an advertising campaign designed to entice consumers to try the new product and begin the brand equity and development process.
Both brand loyalty and brand equity are developed by the consumer’s perception or experience with a brand or through carefully planned and orchestrated marketing and advertising efforts. Some products will use a consumer’s loyalty to a particular brand to introduce or sell similar products, with the hope that loyalty to one brand will be transferred to all other products within that brand. Loyalty can’t always be bought, however. For example, the Ford Motor Company attempted to use Ford’s existing consumer loyalty and equity to sell Edsel automobiles in the early 1960s, a plan failed when consumers rejected the car despite best marketing and marketing efforts. publicity that money could buy.
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