Create Value in Business: 3 Steps for Building Brand Equity
The ‘bread and butter’ of our business is our brand image which is an accumulation of tangible and non-tangible characteristics of a brand that are picked up by our target audience. Our brand image determines how the target audience thinks and feels. Such emotions influence their actions which is why brands place such high importance on their image. The goal for brands is to build a solid relationship with the target audience, leading to strong brand equity.
Brand equity is the value created by consumer perception of a brand name, rather than the products the brand sells. If consumers’ perceptions of a particular brand are bad, then the brand equity is low. It is crucial for businesses as it builds a pool of loyal customers that will bring in continual revenue. It also boosts a brand’s reputation which is needed for generating positive news and buzz around the brand and increasing awareness.
Adhere to the below process before declaring brand equity success!
Step 1: Build Brand Equity by Establishing a Brand Identity
In order to develop strong brand equity status, we must first figure out who we are, and that requires research! Key areas to consider for research are the market, our audiences, and our competition. Media monitoring tools such as Meltwater can measure buzz around our competition and popular conversations regarding our industry. This data then helps us to understand our positioning compared to others in the market. Such information is useful for developing our unique selling proposition and distinguishing us from other brands. Our point of differentiation then allows us to provide value for consumers as we can offer something that other brands can’t. After we’ve decided upon all of these elements we can then start to build brand awareness through social media and marketing campaigns.
Step 2: Communicate Products to Gain Awareness and Elicit a Reaction
Our next goal for building brand equity is to make the target audience think and feel a certain way about our brand and products. This is achieved with an effective marketing strategy. Relevance of content, promotion, brand image, and influencers are all important aspects of our strategy. Connecting with relevant influencers is useful as they are often considered experts in their field, therefore partnering with them will help to boost our own credibility and following. Influencer databases are brilliant tools for reaching influencers that are targeted and relevant.
Step 3: Form a strong relationship
The final step to ensuring a strong brand equity is to connect with our audience on a personal level. This is done by engaging on social media, holding events, and making sure they are part of our community. This is important as this influences brand loyalty and promotes repeat purchases. Excellent customer service is also a vital aspect for securing a relationship between the target audience and brand, as people enjoy talking to people. Good customer service can be achieved online by responding to complaints on social media in a friendly and professional manner which is likely to improve their perception of us and in turn improves brand equity.
For more information on how you can use media monitoring tools for research, check out our blog.