The importance of brand equity lies in the fact that it can help businesses gain more customers, increase sales, and stand out from their competitors. Brand awareness helps customers become familiar with a company’s products and services, which can increase sales. Furthermore, having a recognizable brand can help businesses differentiate themselves from their competitors and give them a competitive edge.
Customers are more likely to be loyal to companies they recognize and trust, making it easier for businesses to retain customers and increase profits. Thus, building a solid brand can be highly beneficial for companies.
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