In most business circles, the idea of building brand equity is anything but tangible. How do you assess brand assets associated with your brand name? How do you measure brand loyalty, awareness, and value? CMG can help break down the barriers and show you how to build brand equity that lasts.
Building Brand Equity: How do You Build it?
Understanding brand equity is one of the key factors to ensuring that your business is thriving — and stays that way for the long term. According to Investopedia, brand equity is defined as:
"The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent."
What exactly does this mean? In layman's terms, branding equity is the value that your product or service has for your business as determined by the value to consumers. Brands that have equity have three distinct qualities:
Building a Brand Name
Brand equity isn't just something you have. It's something companies build from the ground up. The key to building a brand is building loyalty from your consumers, and to do that, you have to improve brand and customer experience.
Not all consumers are experiencing your brand in the same way, even if you are reaching them through the same channels. Your consumers fall on a sliding scale of brand loyalty, from your first contact to the end result, which is a consumer who seeks out your company and is loyal to it. Follow these five steps to build a better brand:
- Introduce a quality product or service
- Monitor market trends and close competitors
- Build a consistent brand image
- Keep consistent brand messaging
- Rely on consumer feedback
By following these steps, you can help to ensure that you build brand equity with your business and have consumers that keep coming back.
Raise Your Brand Value and Identity
The business of building brand equity can be complex and difficult to navigate, but you don't have to do it alone. The branding and marketing experts at CMG are happy to get into the trenches with you, armed with pragmatic and creative solutions to the most perplexing of brand identity woes.
You can count on our team to take a different view of your brand — two views, actually — and work tirelessly to exceed your expectations so your business moves up and to the right.
Are you in? We can't wait to help you build a better brand.