Bring your brand to life
“Growth is never by mere chance; it is the result of forces working together.” James Cash Penney
Your brand is who you are and, more importantly, who customers think you are. It is not just a logo or a tag line. Brand equity describes the value of having a well-known brand name. It is the commercial value that comes from consumer perception of the brand name of a particular product or service. Brand equity is made up of four key influencing factors: brand loyalty, brand awareness, brand association and perceived quality.
Brand loyalty is commitment and repeated consumer purchase behaviour based on perceived value, satisfaction, and brand trust. Loyal customers will consistently purchase their preferred brands, regardless of convenience or price. Companies will often use different marketing strategies to cultivate loyal customers, be it is through loyalty programs or trials and incentives.
Brand awareness is a measure of consumers’ knowledge of a brand’s existence. It commonly refers to the proportion of consumers in the target market who know of the brand.
Brand association is anything that connects the consumers to the brand. This can include imagery, product attributes, use situations, organisational associations, brand personality and symbols. Brand association can also be defined as the degree to which a specific product/service is recognised within it’s product/service class/category.
Perceived quality is the consumer’s perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives.
It can take time to build brand equity. Make sure you carefully consider your brand strategy to help grow your brand equity. Brand strategy is the how, what, when, and to whom you plan on communicating your product or service. Ask yourself these questions:
- Have I got a product/service that people want?
- How can I spread my story to my target market – why do I do what I do?
- How can I give customers a reason to come back? What incentives can I provide for customers who return to my business instead of turning to the competitor? (free stuff works!)
- How do I look after my customers – am I a customer service champion? Do I deliver on my promise? Do I show my customers that I truly care?
- Have I made my product/service easy to access?
- Am I reliable and consistent? Do I consistently deliver the same message and performance through all lines of my business to help build trust?
- Do I show customers my appreciation for their business?
So what are you offering?
Is it memorable, easily recognisable and superior in quality and reliability? Are you are helping to build your brand equity. Bring your brand to life through engaging, persuasive, actionable and collaborative storytelling that’s consistent, cohesive and stays true to your brand personality.