It’s hard to really approach the concept of the brand equity meaning in product management. It’s not that the concept is actually that difficult on a fundamental level, but actually looking at something like this as it affects a specific field within business calls for focusing on a slightly more technical resolution with it.
And, the brand equity meaning for any business is a bit of a soft concept. Sure, a lot of analysts can present this in the form of mathematics and metrics, but to get those metrics, they contend with some abstractions to get there. They will acknowledge this freely if you ask.
Well, brand equity is basically the strength as a reputable company (and product or service) based on the popularity, competence and lure of your brand with your broadest range of demographics.
Marketing people can tell you all about the power of brand equity, and it is in fact one of their two directives when it comes to marketing and PR, the other being driving the customer experience initially.
For a product manager, the same implications are present, but your concerns and your powers to react to stimuli with this concept are different from marketers.
It’s not really like you’ve less power to react than marketers, though, because they have limits to what they can do too. While they can strengthen or repair public image, you as a product management person, you must be the one to shape commerce, product cycle and the like, which they cannot do.
How does this reflect on you as a product management person, and what can you do to better address it? Well, marketing defines the personality and aesthetics of a brand all things said and done.
But, what you work with as a product manager is its soul. See, the way your retail, distribution and availability work is important to the reputability of the brand. Along with this, keeping your brand fresh and contemporary, and changing with the attitudes and tastes of demographics, possibly for generations to come, is also something you as a product manager must address, and you must manage cycles accordingly.
Now, one thing where you and marketing are on the same level is with the input from customers, which you also use to shape your brand. A brand that listens to its customers is a brand with a good reputation.
Along with that, this also gives you a window into what users would better prefer from your brand and your product or service. This gives you a way to better make your brand appeal to them, by meeting desires they have.
Finally, above all, it means the success of your company overall, which is everyone’s problem and everyone’s concern. For success in a competitive world, you must have a grasp on the brand equity meaning in your field and in the greater world of business. Branding is powerful, and this should be obvious in this commercial world we live in. A brand isn’t just an aesthetic, it’s an avatar for the company. When you think of someone like Coca-Cola or Chevrolet, you don’t think of this corporation made of offices and manufacturing facilities. You think of the brand entity, and the products!