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- What is brand equity?
It’s a term we hear often, but what does it mean exactly? Forbes says it refers to the public valuation of your brand. The vague description is suiting for a loosely tangible concept, but when building out our own brands, we need to be more precise in discovering what is our brand equity, as well as how to measure and track it.
2. What is your brand equity?
What type of brand equity is important to you? This depends on your brand’s ultimate goal. Do you want to sell more of a product? Then your brand equity is its price premium, or the difference between what customers are willing to pay for your product and a generic version of the same one. Maybe you’re a nonprofit organization working toward environmental change. In this case your brand equity lies more in the sentiment of the public toward environmental issues.
- How should you measure your brand equity?
Awareness: The ability of a customer to be able to recall or recognize a brand is particularly helpful for once your brand is established. If you’re a fast food brand, for example, and just the sight of your logo can conjure up images of an indulgent feast at a good price point, then you can entice customers with cheaper, easier marketing. This works both ways, however, as a PR nightmare will more quickly to wash off the hands of a forgettable brand than a household name.
Reach: How prominent is your brand? Does it stand out against competitors, or are your shared customers relatively unaware of any differences between you? If your brand has little to no differentiation from the others, or you are unaware of what they are, then your marketing campaigns could unwittingly benefit your competitors. Take for example the cotton swab. If you begin producing a cotton swap and pay to create a commercial for your product, but you highlight the benefits of the cotton swab over the difference between your swab and the Q-tip, then, should your commercial be effective in creating demand for the cotton swab, your customers will probably go to the store and ask for a Q-tip, since Q-tip’s reach is so high that most people do not know it is a brand, and instead are under the impression that it’s the product name for what is actually a cotton swab.
Meaning: This aspect consists of both performance and imagery.
Performance: Does your product hold up to its guarantee? Is it better than that of your competitors? How is your customer service? Once your brand awareness reaches a certain threshold, its trustworthiness and reliability become synonymous with its name, which can be good or bad.
Imagery: What does your brand stand for, and how does it meet the psychological need of its followers? This refers to feelings that your customers get from your brand. Does association with it make them feel hungry? Empowered? Empathetic? Cheap?
Some brand meaning development strategies include targeted marketing, word of mouth or referrals, and positive customer experience.
- How do you track your brand equity?
These days everyone is into data. The Facebook revolution has put at our feet more quantitative information than we can make sense of, and this has brought to our attention its importance. But how can you use Instagram Insights to measure brand equity? Ultimately, you need to measure your customers’ resonance, or their connection with your brand. Some key indicators are repeat business, sense of community, and active engagement. “They can be actively engaged as brand ambassadors, taking part in online chats, attending events or following your brand on social media” – showing us that customers are connecting with parties associated with your brand, even when they’re not interacting with you directly.
- The point of brand equity is to shape the image of our brands:
Customers that feel an attachment to your brand will make repeat purchases and they identify with your brand or product. They might do so because they feel a sense of community with other consumers and company representatives, or because your name reminds them of quality or value. So find where your brand equity potential lies, and use it to shape your brand to suit your ideal customer.
Producing branded promotional products is an affordable way to grow your brand equity. This recognition factor is important for creating your brand’s resonance, and these products increase your brand’s visibility in the public eye. But be careful to make sure that anyone wearing any of your company T-shirts or driving one of your wrapped vehicles is setting a good example and is in alignment with your brand’s meaning. Give branded gifts to your friends, family, and clients and in turn they become live advertisements for you to show the public a snapshot of what to expect from your company. For ideas on how to use custom promotional products to increase your brand equity, contact us for a free consultation.
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