Google is the famous name in internet search industry. Since, Google successfully builds its brand equity, the company also become a leader in offering online advertising solutions. Moreover, the logo of Google is among the most recognizable logos across the world, despite its recent presence in the business world.
Current Position of Google
For three consecutive years, Google is among top 100 most valued brand. There is a significant increase of 40% has been reported from the past year and reported $159 billion brand value. Since, there is no doubt that Google is the most influential brand of the world.
How Google increases its Brand Equity?
The brand equity of Google is driven from its equity value and fantastic performance.
In recent times, Google has embraced sophisticated designs in the online website services and applications that have increased them among top brands of the world.
Customer Satisfaction Initiatives
To increase brand equity, Google focuses on customer satisfaction. The company has claimed 90 percent user satisfaction among their advertising consumers. Additionally, the company is rating itself on a tough measure. Google continuously strive for customer excellence, which drastically increase its brand equity.
Branding strategy of Google focused on meeting the promise of Google brand. Since, Google assured its users that they will find information whatever they search and may connect to anyone by using Google search engine, this strategy of Google worked towards achieving this explicit aim.
Prior to embarking on strategies of brand building, Google takes time to make a differentiation; as a result, the company is able to gain attention of customers and stand out from rival firms. In order to create differentiation, Google has created a unique brand perception in the minds of customers via innovation, not just by improving logos and colors and other superficial components. Google always come up with a unique value proposition, along with an effective brand strategy that helps Google in positioning the brand in a manner, which helped customers appreciate and see the increased brand equity and value over other competitors in the marketplace.
Benefits of Brand Equity
The positive brand equity of Google may help the company in achieving the long-term growth. By leveraging the brand equity, Google added new products to their line and customers are more eager to try new services offered by Google. By doing that, Google expanded into new marketplaces and customers recognized the brand; thus, make an instantaneous bond and connection with customers and follow it.
The strong brand equity of Google facilitated in achieving competitive advantage over competitors. When users are willing to pay more for Google service; eager to try Google new products, just because of Google’s brand name; and when users in new markets drove customers merely due to its reputation the company has built; all these efforts and initiatives gave Google a significant competitive advantage over other rival firms, such as Yahoo and Microsoft.
There is no doubt that Google has a strong brand equity, which offers a considerable value to the company. Google has introduced several products, some of them are successful while other failed. But Google’s brand equity gave all new products/services a chance to generate initial sales or success, which shows the power of brand equity.