Three Ingredients That Can Increase Brand Equity
While a brand's success is dependent on many factors, one of the most important considerations is the brand's ability communicate to customers and potential customers in a memorable and impactful way. A company must consider branding strategies that would resonate with its current market but can evolve and remain culturally relevant. This is no easy feat: some companies have large, creative powerhouses within the organization that focus solely on making the brand relevant and others do not have the capability in house and must tap into external expertise. While both methods can be effective, companies must consider maintaining strong brand equity includes these key ingredients:
Increasing Brand Equity
Small Data - Today, having a keen understanding of your consumers' preferences and behaviors and tailoring your products or services to meet those needs is standard. Making each customer interaction feel personalized and unique can set you apart from your competitors. While big picture trends are important to understand, it is also important to collect small data about your consumers as often as possible so that you can interact in a way that's most meaningful and personalized to them. For example, learning that a potential customer has done research on products like yours, gone through your website, and went so far as to place a product in your e-cart gives you an opportunity to win them over. Perhaps you send them a friendly reminder email and a coupon to use in order to persuade them to make a purchase. This could be the difference between a sale or a forgotten cart.
Consistency - Customers are drawn to a consistent and strong brand image. Consider Apple. Everyone can quickly recognize the logo, its devices, and its UI - the brand's look is consistent. When Apple comes out with a new device or technology, their standards for design and focus on the user also remain consistent. This consistency and dedication to their brand image reflect their values as a company. These values, when aligned with the values of its customers can create brand advocates. Additionally, when a brand is also consistent with its communication, it creates expectations of how people can interact and engage with that brand. When it is inconsistent, it can create confusion, which can lead to negative experiences. Brand message consistency should also remain amidst any crisis. During a negative, brand impacting event, maintaining a consistent message can reaffirm trust toward a brand. (We wrote a blogpost previously on how to handle a brand during a crisis.)
Quality - Developing a successful branding strategy without focusing on the quality of the product is fruitless. If the quality promised by the brand do not match the actual quality of the product, consumer expectations are not met and they are less likely to trust the brand. Missed expectations can create poor word of mouth, leading to a bad reputation. Today, word of mouth is more important than ever. We live in a peer-review based society where word of mouth can be stronger than any advertising campaign. By creating quality products, you create brand advocates. Brand advocates serve as powerful, free marketing for your brand. Brand advocates can also be created through loyalty and rewards programs that provide incentives for purchases. That said, loyalty programs for poor quality products cannot sustain itself. Thus, the focus of product quality must not be lost when considering your branding strategy.
The three ingredients above are just some of the many factors that play into a brand's ability to set itself apart from competitors. What would you include in your recipe for brand equity success?
To learn more about how Sproxil can help increase your brand equity, send an email to firstname.lastname@example.org