Regardless of which sector your business operates in, having a strong brand image plays a big role in its overall success. It provides you with an edge over your competitors in market outreach. It helps you connect with customers more strongly. It also gives you the assurance to garner a greater response rate to your new offerings as compared to other brands in your business model.
That is why the term “brand equity” is thrown around every so often while referring to a brand’s overall value. Now, how is that value determined, you ask? If your customers, investors, or overall audience associates positive emotions to your brand or reacts positively to it, it means that you have high brand equity.
This translates to all of the noted benefits and lets your business flourish at an exponential pace. On the other hand, if your business is not recognized or has negative connotations attached to its name, then your brand equity is in a bad place.
But what is it that makes for great brand equity anyway? And most importantly, how do you achieve it? Since the questions are trickier and asked by countless brands all over the world, the answers to these are a bit intricate and broken down into a few steps. All of these steps are what make for higher brand equity.
Work on Brand Awareness
Whether your brand is new or is struggling in the awareness department, focusing on marketing through conventional and especially online mediums would be crucial in getting the word out.
A conventional marketing agency would be able to help you through billboards and similar mediums, while for instance, an seo agency would be able to help you reach customers right in their homes or their phones. Depending upon your target market and overall budget, consult with the professionals in each medium and work on a marketing plan to reach your audience in an effective manner.
Determine Where Your Brand Stands in Terms of Value
The first step towards building high brand equity is to determine your brand’s current value. For this, you should do market research and understand where your brand stands in terms of recognition, the perception of quality, customer service, and overall trust among other variable factors.
As such, you would be able to identify your brand’s strengths and weaknesses, which would help you put your focus on maintaining what’s good about your brand, while also improving what’s not. Since you will be deploying targeted efforts on aspects that matter, this nuanced approach would help you achieve the desired results in a timely manner. This is directly opposite to running after everything at once and lengthening the duration of the process.
Start by Working on Your Weak Spots
If your business is new with no prior association to any brand, then it is essentially working with a clean slate with no advantage to its benefit except for its value proposition. On the other hand, if your brand has been in the market for a while but has not yet built brand equity, then it may be time to start working with the focused approach that is mentioned above.
Here are the pressure points that help you establish your brand equity as a new business, or one that has been having trouble in this area.
Take the Next Step Towards Brand Recognition and Brand Trial
The overall objective of the brand awareness program is to establish your brand’s foothold in the recognition department. You need to make sure that just a mere mention of your brand could strike a chord with your target audience.
This is achieved through marketing and positive outreach, as well as discounts, trials and other special offers if you could afford them as a part of your marketing budget.
Through these services, you are able to obtain the goal of having the customers try your products or services at least once. If your products or services have the quality that the customers want, then you can very well step towards the brand preference and loyalty aspects.
Benefit from Brand Preference and Loyalty
If your business takes a beating against other brands in the sense where customers prefer their services over yours, then it is time to focus on brand preference and loyalty.
Customers already recognize your brand at this stage. They may already have given it a try as well. This means that you have gone past the initial hurdles, and now need to send out a positive manage to encourage them to prefer your products over others.
Of course, the quality of your products and services goes a long way in this aspect. But so does the message of your brand. Does it do anything different than its competitors? Does your mission statement make your environment-friendly? Do you promote contributing to factors such as education, or do you associate yourself with other social improvements?
All of this could make your customers prefer your brand over your competitors. It could also contribute towards the elusive long term loyalty that remains so sought after among businesses of all scales and sizes.
It’s Not a Sprint, But a Marathon
One thing that you need to make abundantly clear is that once you obtain high brand equity, it doesn’t mean that you are able to enjoy it for life without the proper maintenance.
Brand equity might be diluted if you don’t maintain it on a regular basis with consistent marketing, outreach, positive association and quality assurance efforts. As such, renowned and new brands all around the world spend close to $100 billion on digital marketing alone. This is all in addition to their internal improvements for their products and services.
Make sure that you pay attention to all aspects to not only obtain high brand equity but to also maintain it consistently.
This way you can ensure consistent growth for your brand and help future products benefit from positive association – if and when you decide to expand your brand’s portfolio. All of this could make your customers prefer your brand over your competitors. It could also contribute towards the elusive long term loyalty sought by businesses of all scales and sizes.
The Blogventures team consists of professional bloggers,SEO specialists and well experienced writers.