You are walking in the supermarket, you turn on the pasta aisle and you see more than ten different brands of spaghetti but, you choose one brand over another one without a second of doubt, why? This is all because of the brand’s equity.
Brand equity is tied to brand recognition and awareness, but it’s more than just recognizing a name. It’s about the customers’ perception of your company which makes them likely to choose that brand over a generic product or another competitor.
A great example of how brand equity works is Coca-Cola. If you’ve purchased Coca-Cola over the supermarket brand soda, you’ve likely made that choice because of its brand equity. You know that Coca-Cola stands for a superior, reliable product, so you choose to pay a bit more to get it.
After reading this you are probably wondering how to do that with your business, well…it’s not an easy task that’s but, keep reading this article:
What builds brand equity?
1. Work on your brand awareness
Customers can’t have positive feelings for your brand if they don’t know about it. You need to make sure they can recognize your brand identity, and that they form positive associations with that identity.
It’s important that you choose and use a unique company logo to represent your brand and also you need to create a brand style guide to be consistent on all your marketing materials and channels. Be clear about your unique value proposition, and consistent with communication to improve your brand awareness.
2. Communicate your brand values
It’s important that you share why what you do is different and important so they’re aware.
For example, if your brand is committed to social and environmental causes, don’t hide this fact. Today, consumers, especially younger consumers, favour companies that genuinely support ecological or social causes.
3. Strengthen customer loyalty
Gaining customers is not an easy task, and keeping them coming back, again and again, is even more difficult. To build a loyal customer base, you must help people develop an emotional and psychological bond with your brand.
Those who have positive experiences with your company will want to share their love for your brand, so try to create and nurture social groups where your customers can meet and interact. Provide loyalty rewards and recognition to encourage repeat purchases and referrals.
4. Create a high-standard customer experience
How you reply to customers’ comments, answer enquiries, or share content meeting their needs affects how much they trust your business.
If you know you need to start increasing your brand equity for your business, but you’re not sure where to start, you’re not alone. We’re here to help so you can focus on other parts of your business. Contact us and sign up for our newsletter to get the latest tips and trends in your inbox.
