Branding Equity: What It Is and How to Build It

Branding Equity: What It Is and How to Build It

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Carl is a business owner who is experiencing firsthand just how much the internet has revolutionized the consumer buying process. It used to be that a simple look at your products’ features was enough to sway consumers to make a purchase. But now, it’s all about the brand. In fact, Carl’s brand has become his most valuable asset. That is why he is doing all that he can to build his brand equity and distinguish himself from his competition.

What is brand equity?

Brand equity is what your business is worth without its inventory. Or, more simply stated, it’s about how valuable your brand is in the eyes of consumers and the relationships that you have with your customers.

To build brand equity, you must leave a lasting, positive impression regarding your brand in the minds of consumers. Your products and services and their demand and usefulness, of course, play a role in how well you can satisfy your customers, but they alone do not generate brand equity.

Top Tips for Using Marketing to Build Brand Equity

The steps outlined below are not in any particular order. They are three examples of essential steps that Carl has used to build brand equity, and each of them is an ongoing process. You don’t build brand equity overnight, and then suddenly get to take a vacation. You must work at creating this type of equity on a daily basis just like Carl has done.

  1. Release Information About a New Product

You can have a quality product that you know consumers will want to purchase, but they have to know about it first. This is why you should always distribute information about your products. Whether it be creating a product brochure or a how-to guide that goes into the packaging of a new product, you will want to provide as much detail as possible. In fact, Carl has found that the more in-depth and more detailed his brochures and how-to guides are, the more engaged his customers are.

  1. Monitor Trends and Perform a Competitive Analysis

Building brand equity means you can adapt to changes as they occur, especially changes related to new trends that hit the marketplace. The best way to monitor trends is to keep a close eye on Google searches. You will also want to perform a competitive analysis to see how your competitors are keeping up with the latest trends. Chances are, you can benefit from employing many of the same tactics your competitors are using. Carl, for example, performed a competitive analysis and discovered three of his competitors were enjoying an increase in sales by offering seasonal discounts. Carl then went to a local print shop and had 1,000 business cards printed with a discount code on the back. Over the period of six months, the discount generated an eight percent increase in his sales.

  1. Collect, Use and Distribute Customer Feedback

Lastly, since brand equity is all about how you appear in the eyes and minds of consumers, you will want to use their feedback and respond to it appropriately. Carl publishes his customers’ feedback in the brochures and how-to guides he creates. Customer testimonials have been proven to be a huge asset in generating sales.

 

 


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Make Customer Loyalty a Bigger Part of Your Marketing Efforts

custLoyaltyIn the early days of your business, the goal of your marketing program was essentially a singular one: you tried to get your product or service in front of as many eyes as you possibly could. Once you’ve established yourself, however, it’s time to switch gears a little. According to most studies, it’s between five and twenty-five times more expensive to gain a new customer than it is to keep one of your existing ones. This means that if you’re not already making customer loyalty a significant part of your marketing efforts, it’s about time to get going on it.

What a Difference Customer Loyalty Makes

According to a study conducted in 2014, seventy-three percent of consumers said that loyalty programs should be the way that brands show loyalty to their existing customers. Regardless of which way you choose to look at it, even instituting a modest customer loyalty program can have significant benefits across your entire organization. It can help make your marketing more appealing to new customers, as well as lead to higher levels of engagement with existing ones. That engagement breeds retention, which research suggests creates a situation where your average customer will be up to five times more likely to only buy from you in the future.

Also, remember that increasing customer retention (which these types of loyalty programs are great at doing) by just five percent can boost your profits anywhere from twenty-five to ninety-five percent, according to Bain & Co. Let that sink in for a second.

Building a Customer Loyalty Program

When you begin to institute a customer loyalty program for your business, the biggest mistake you should avoid is one of perspective. Remember that what you’re trying to do is show loyalty to your customers, period. Far too many businesses make the mistake of assuming that this is a way for customers to show loyalty to a brand, which leads to the type of ill-advised thinking that generates bad customer service and only ends up with a program few people want to take advantage of.

Assuming that you’re “giving your customer the opportunity” to show loyalty to your business is how you end up in a situation where forty-three percent of consumers say that rewards programs require too much spending to reach the next level, or where points expire before they can be used, or where points are worthless because of all the restrictions they come with. Build a program that lets you say an emotional “thank you” to the people who got you where you are, NOT the other way around.

If you are going to make customer loyalty a bigger part of your marketing efforts, however, always remember the old saying that “variety is the spice of life.” In a survey conducted by Collinson Latitude, sixty-three percent of respondents said that having a wide range of rewards and offers was the single most important aspect that decided whether or not they would sign up for a loyalty program. So the occasional coupon isn’t necessarily going to cut it (pun absolutely intended).

Again, making customer loyalty a bigger part of your marketing efforts is, and will always be, about giving back to the people who helped build your brand. If you make every decision with this one simple perspective in mind, all of the other benefits – from increasing the value of each customer to engagement and long-term loyalty – will happen as a happy byproduct.


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Projecting a Image People are Looking For

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Give Them Something They Can Believe In

In an increasingly noisy world, people are looking for businesses to believe in. The business world is filled with hype, over-commercialization, and marketing nobody can believe. Fortunately, there’s one simple, yet overlooked way your business can stand apart from the muddled masses: by having a strong company vision statement.

A strong vision statement isn’t just for putting on the walls of the company lobby or the back of business cards. It clearly communicates that this business lives what it preaches.

Why having a clear business vision is important

Vision starts with a belief… specifically the belief that your business exists to make a difference in the world. The specifics of that belief could be simple or more complex, but whatever your vision, it must clearly state the core values and purpose of why your business exists and what it wants to accomplish.

A vision is an ideal your company strives to achieve. There are many benefits to creating a company vision. But first and foremost, a clearly written and communicated vision helps define your company’s values and guide the behavior of all employees.

A vision statement acts as the guide and cornerstone for everything you do. It needs to be specific enough to say what you will do but can also state what you will not do.

Without a clear vision, a business can drift aimlessly from task to task without understanding the purpose of the organization and the destination it wants to reach.

Here are three guidelines for creating a vision or evaluating your current one:

  1. Your vision must be clear, concise, easily understood, and give a sense of purpose for your business.
  1. It should motivate everyone in the business toward achieving a common goal. It should be ambitious and challenge everyone to embrace the ideals stated in the vision.
  1. A great vision helps link actions to the company’s strategic goals. Actions will come from a clear understanding of the value created by following the vision.

A strong vision identifies the core values of the business, understands the purpose of the business, and envisions the future of the business. Often you can immediately identify a company that has a clear sense of purpose and vision from ones that don’t. A motivated team working together creates a positive energy not seen in aimless businesses. A clear, memorable, and effective vision points everyone toward a common goal of making a difference in the lives of those being served.

A stimulating vision compels everyone to act, to change, and to become something that stands out in a skeptical world of me-too imitators. You can attract customers by hiring a guy in a clown costume to hold a sale sign in front of your building, or you can gain customers by providing out-of-this-world service from motivated employees driven by a worthy vision. One brings you customers for a day. The other brings you customers for a lifetime.