Final answer:
To maintain customer-based brand equity, a brand must consistently deliver quality and maintain a favorable reputation for repeat business. For brands facing difficulties, strategies include offering a strong value proposition, engaging in social marketing, and innovating while staying true to core brand values. Trust, emotional resonance, and relevancy are critical for maintaining and revitalizing brand equity.
Step-by-step explanation:
To maintain and enhance customer-based brand equity over time, consistent delivery of quality products and services must be ensured to establish a favorable reputation. Building this positive reputation fosters trust among consumers, leading to repeat business and referrals, which are crucial for long-term success. For example, a well-established grocery store known for quality can command higher prices compared to a temporary farmer's market stand, where there's no long-term relationship with the buyer.
When a brand encounters difficulties, revitalization strategies include reassessment of the value proposition, engagement in social marketing campaigns with relatable and emotionally resonant symbols like Rare's flagship species for conservation, and continual product innovation while maintaining core brand elements to meet consumer demands without alienating them. It's important to evince trust, affection, and pride that resonates with the target audience's emotions to prompt behavior change.
The key to both maintaining and revitalizing brand equity lies in understanding customer needs and market trends, effectively communicating brand values, and ensuring the brand remains relevant and trustworthy in the eyes of consumers.