Marketing

Brand equity and image: strategies to improve your brand’s value

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This guide outlines the strategies you can use to boost your brand equity and image, and why it is important to success.

Brand equity and image play a crucial role in the modern world of business. Once you cultivate a robust brand image for your organisation, you will find it easier to make a memorable impression on your target consumer audience. What’s more, having a strong brand in place will also provide your target audience members with a reason to choose your company over your competitors, simply because they will know what type and level of service to expect from you.

Brand equity represents the value customers see in your product or service. It is a set of intangible aspects, which attribute values ​​to the business, acting in the perception of its consumers. What defines a brand? What sensations does it cause in consumers? Why is it possible to charge much more for one product than for another, even though they are very similar?

How to calculate brand equity

Brand equity is directly linked to the strength your brand has in the market, but why should we want to estimate it? Brand equity has a full bearing on a company’s ability to grow and remain in the minds of consumers.

As much as we are dealing with intangibles and it is not easy to reach a final number, it is possible to apply some methodologies to estimate brand equity. There are at least 4 key factors that influence it:

1. Power of influence in the market

Companies with high market influence increase their brand equity. The greater this influence, the greater the number of tools available for them to be able to dictate rules and set trends.

2. Quality and reputation

Quality is directly linked to the success of a brand. This question, however complex, can be easily classified as low, medium or high. However, it can be noted that quality is a highly subjective term.

An easy way to assess the “quality value” is to make comparisons between similar companies or those in the same operating markets. Some questions can be asked to facilitate: “Are the products of this brand the best?” and “Does the brand offer something more than expected?” are good examples.

3. Customer loyalty

Another factor related to brand equity is customer loyalty. Making customers more and more loyal is as important as acquiring new customers. Loyal customers are called promoters, meaning they market your business for you. To get an idea of ​​how your customers’ loyalty is doing, you can ask questions such as:

  • Have your expectations been met?
  • Does the customer consider brand to have a high reputation?
  • Would the customer recommend your brand to acquaintances?

4. Degree of identification

The degree of identification of customers with the brand must also be noted. It is necessary to understand if the consumer is seeing the real value of your brand, that is, your personality and your convictions. By better understanding the degree of brand identification, it will be easier to strategically direct communication channels and marketing planning to reach the target audience and capture new consumers.

You may have noticed that even evaluating all the points listed above it is still very complicated to calculate the brand equity of your business with certainty, right? The most important thing here is to understand its importance and seek information to correctly invest in your brand’s value.

How to improve your brand equity

Brand equity is very important to any business because it is directly linked to customer choice — and because they will buy your product, not your competitor’s. Enhancing your brand equity is not going to be an easy endeavour, not by a long shot. However, with enough determination, dedication, and due diligence, there’s no reason why you cannot optimise this all-important task. Here are several strategies that will aid you in your attempt to improve your business’ brand equity.

Get noticed online

In the digital age of today, your ability to attract attention via the web will have a profound effect on your business’ brand image. Quite simply, if your company is difficult or, even worse, impossible to discover on the Internet, potential consumers will have a hard time placing their faith in you. This is down to the fact that they won’t trust in your ability to provide a service that is befitting of today’s digital specifications.

If you’re serious about generating a trustworthy and reliable brand image for yourself, getting noticed online should be one of your top priorities. To perform this crucial task in a highly efficient and effective fashion, you might want to consider partnering up with a digital marketing agency such as Click Intelligence. As detailed at www.clickintelligence.co.uk/en-au/, this team of web specialists will help you to optimise your SEO, link building, and blogger outreach strategies. Before too long, their expert assistance will aid you in your attempt to carve out a leading web-based reputation for your business.

Enhance your credibility

Nobody is going to believe in your brand until you enhance your company’s credibility. This will help you to cultivate a degree of authority within your niche sector, which in turn will aid you in your attempt to position your organisation as a reliable provider of cutting-edge services.

Enhancing and establishing business credibility is by means a straightforward task to undertake. Advice on how to achieve this difficult yet highly rewarding feat can be found here.

Embrace influencer marketing

At its core, branding is all about influencing certain people to think and feel certain things about your company. It makes sense, then, to embrace what is known as influencer marketing. This will entail you working alongside a notorious figure within your niche sector to provide content that entertains, enthuses, and ultimately engages the core audience you are aiming to reach.

When attempting to run an effective influencer marketing campaign, it’s recommended that you heed the following advice:

  1. Do your research and compile a list of potential influencers to work alongside
  2. Work alongside your influential partners to determine your specific brand goals
  3. Consider the three Rs of influencing (Relevance, Reach, and Resonance)

Final words

Put the above advice into practice, and you’ll be sure to optimise your business’ brand equity, image and strategy in no time.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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