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:
Establish a Quality Relationship With Partnering Companies
As the business grows, so too will your reliance on other companies. From the manufacturers to distributors and secondary retailers (depending on your own business), the ability for your company to produce a quality product and excellent customer experience will depend heavily on these other companies. So make sure to establish and maintain a quality relationship with these partnering companies. You don't want your brand equity to sufferbecause of poor relationships with these external service providers.
Companies are often seen as flat enterprises with little to no personality. A greedy corporation with little interest other than its bottom line. Companies without favourable brand equity go through this bland appearance to external customers. However, with the help of a brand equity model, it is possible to build the image of a company, which in turn builds its personality. Customers will begin to see a face of the business. They may perceive it as a fun, innovative company that, in some ways is relatable to their own life. People want to associate themselves with businesses that put on a fun personality. From an early age, humans develop an understanding of popularity. Children want friends to connect with. While the measures of popularity and individuality do evolve as humans grow and mature, there's still the drive to boost public perception and to be seen favourably by others. If associating oneself with a popular brand can do this, more customers will buy into the product.
Shift Marketing Costs to Social Media
Building and maintaining a favourable brand image while growing brand equity requires a constant marketing push. This constant marketing push costs money. There's a reason why brands ranging from Chanel to Apple advertise on a regular basis. Consumers are already well aware of these products. They know what the products are and what the brand stands for. However, if the brand is not continually placed in front of a consumer, individual customers may shift their sights onto other, competing products and companies. Think of it as a long distance relationship. When someone is always away for long periods of time, it's easier to become distracted when someone else catches the eye. The same is true in the consumer world. In order to avoid wandering eyes, companies must continue to advertise.
This continued devotion to advertising costs a sizeable amount of money. However, with social media, it's now possible to offset these costs by pushing more and more attention to maintaining social media platforms. This allows companies to publish content and reach millions of followers without marketing budget increases.
Building a brand equity model gives you a blueprint for measuring brand equity success. You'll have something to compare incoming research and sales numbers against while maintaining core values established with your business. While it is important to revisit your brand equity models as the company grows, having these clear outlines will ensure everyone within the company understands not only how brand equity is to be measured, but how to build brand equity while remaining true to what the business stands for.