30 Jan Have you measured your brand equity lately?
Your brand represents what your business is about and how you market your business is extremely important because it provides value not only to your business but you have a clear understanding about the way that customers perceive your business. Many business owners think that you only have to think about branding when you first start your company, but building brand awareness is something that you have to continue to build and work on everyday–this is brand equity.
What is brand equity?
Brand equity describes the value of having a recognizable brand. McDonald’s, Coca-Cola, and Apple are great examples of companies that excel at brand equity. When you see the logo or think about their commercials you recognize the brand immediately. They make you feel happy, you get excited about the launch of a new product or you have a taste for those fries or that cold beverage.
Brand equity factors
1. Loyalty
2. Awareness
3. Association
4. Perception
The way your company handles these four factors can lead to a lot of success. When people are loyal to your brand, you save money. You don’t need to advertise as much because your customers love your products so much, they will keep buying them. Brand awareness is key because when people recognize your brand, they are more likely to trust it and buy it. The way that your brand is associated to quality creates a feeling of trust and want. It’s all in the eye of the beholder and the way your customers perceive your brand and services you offer could determine how successful your business is now and in the future, so it creates sustainability.
Building and Managing Brand Equity
Building and managing your brand’s equity is a marketing strategy that is all about how your customer sees you. It’s important to always be thinking about perception or what others think about your business. This can help you target specific audiences and help strengthen your relationship with your clients. In order to succeed in your business, you need to know your numbers.
Surveys
One way to do it is to use surveys, this is why you always see at the end of store or restaurant receipts a link to measure their products or services. This is a way they measure brand equity.
Qualitative and quantitative metrics
How often do your customers purchase your products? What are your numbers on social media? What is your most popular product? By using metrics you can find out these numbers.Brand audit
This can help you understand how your brand is doing, that way you know how you measure against the competition and this will zoom in on your strengths and weaknesses and put you in the right direction for improving your brand equity.3 Steps to improving brand equity
There’s always room for improvement because the more you work on improving your brand’s equity, the more successful you will be. Here are some easy steps to improve your brand equity:
- Work on your brand identity: stay consistent on the look of your brand, which includes the colors and font of your logo, and even brand voice. Make sure you stay consistent everywhere you market, including newsletters, website, e-mail marketing, and social media.
- Have a clear vision: Have a clear understanding of what your brand stands for and how it relates to the products or services you are selling.
- Inspire good feelings: people are always going to remember how you made them feel. Did you offer good customer service or do you have a rewards customers? Have you encouraged people to share on social media?
Need help with your brand equity? Contact A&B Consulting Group and we can help guide you in the right direction.
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