Today, more businesses than ever are trading globally. From multi-national service providers to small family stores, the internet, mass communication and affordable global shipping have opened new markets around the globe for practically every business.
Some of the most successful marketing campaigns in recent years are those which have connected with their target audience on an emotional and personal level.
Building brand equity for your business increases brand awareness, boosts public perception and, typically, leads to an increase in sales. As long as you don't let the drive to boost brand equity hinder your company's drive to deliver a quality product and excellent customer service, your business stands to gain market share and an improved bottom line.
Keep your core values in mind while creating a brand equity model and you'll experience a number of benefits. Here are just a few:
Brand value increases exposure and goodwill toward your company. As brand value builds, the business becomes more valuable due to growth allotted by the improvement in brand value. However, how do you define and measure retail brand value?
The value of your brand, also referred to in some cases as brand equity, is generally identified as the amount of money the business makes when compared to a similar product with a generic brand. In other words, how much more (or less) money does your company make due to branding. Your business needs to determine not only how to define brand value for the company itself, but also how to measure it.
You want your business to be what a consumer thinks of, when they need a product or service you offer. It gives you a heard start over the competition. Unless competitors are able to make up the ground you have already established, the consumer will purchase your product again and again.
This directly points to the importance of brand awareness. It doesn't mean a consumer will always buy your product, but it does increase the potential.
However, is brand awareness the wrong goal for retailers?
Should you focus your marketing approach on something different, or should it stand as the main drive for your advertising department.
There's nothing wrong with copying what you like. You've probably heard the Oscar Wilde quote of, "Imitation is the sincerest form of flattery." If you see something that works in the world of business, replicate it.
Now, this doesn't mean go and completely steal slogans. You can't rip off "Just Do It" and toss it onto your next marketing campaign. That's a good way to end up on the losing end of a lawsuit. However, you can replicate strategies and study what a business does to grow its brand equity.