Brand experience, innovation and new product development all play essential roles in building brand equity to justify premium pricing, says James Ravenhall of creative studio NewTerritory.

Writing for WARC, he points out that, in a cost-of-living crisis, consumers will be scrutinising their purchasing decisions even more. If a brand wants to remain front of mind, then they will need to demonstrate why they deserve it. And when one in three customers will leave a brand they love after just one bad experience, brands must fight harder to retain consumer interest.

Why it matters

Brand experience is often thought...