By Aaron Webb on Mar 24, 2023
Strong brand equity means people have not only heard of your company, but they think well of it. So well that they are willing to pay more for your products and services than similar ones from a competitor. When you have strong brand equity, people are much more receptive to your business to the point you can even spend less on marketing. Needless to say, all this positive energy goes straight to the growth of your bottom line.
Strong brand equity can have a hugely positive impact on your business. Here are just some of the benefits.
Building brand awareness involves increasing the familiarity of the target audience with the brand through various marketing and advertising efforts. This can be achieved through social media campaigns, influencer marketing, content marketing, public relations, and other strategies.
When a customer is ready to spend more on one brand than another for what appear to be similar products or services, it’s because they have a heightened perceived value of the product or service with stronger brand equity. Think of someone paying more for an Apple phone vs. a lesser known brand with similar features.
People may develop positive emotional ties to certain brands. They think about it positively. This may because they had good experiences with the brand themselves or they just like the brand’s family-oriented marketing. Depending on what you are selling, you may want to create anything from trust to excitement in the hears of your customers.
When a business has strong brand equity, their customers are likely to choose it again and again, often for many years. This is gold to a business because it costs much less to sell to an existing customer than a new one.
Once your business builds strong brand equity, expect to see better ROI. Your customers will be willing to spend more per item, they are likely to place bigger overall orders, you won’t need to spend as much marketing to clients who have no tie to your brand and you will enjoy better customers retention.
Even though strong brand equity influences customers to spend more than they would on a comparable product or service, your products and services still need to deliver. You won’t be able to build strong brand equity if your offerings aren’t up to par.
It’s not enough to just have a good product or service. You must be consistently good.
You will never develop strong brand equity if you do not send clear and consistent messages to your audience. If you can’t express what you can do for your audience, your message will be lost. To develop effective messaging, you must also be clear about your internal positioning.
To effectively market your business, you must always be testing what works and what doesn’t. Don’t sit on your laurels. Test before you run marketing campaign, run small campaigns before big ones and always collect data, analyze it and tweak your marketing campaigns accordingly.
The more places your audience hears about your company and its products and services, the more effective your marketing will be. Use at least three different types of marketing, but more is better.
If your customer has a bad experience, particularly a bad experience you don’t make right, you’ve lost them. Pay attention to every single interaction a customer has with your company.
You want your customers to associate your company with positive feelings. You can do this in many ways. If you have a local restaurant, maybe you want to sponsor a youth sports team. If you are an attorney, maybe you want to donate more time than you must to helping a good cause with their legal issues.
Customers these days expect websites to provide valuable and engaging content. It’s not just about having keywords on the page, but rather, providing information and resources that are helpful and relevant to the audience.
Investing in quality content is crucial for businesses looking to build a loyal customer base. This content should aim to solve problems, entertain or add value rather than only focusing on sales. After all, you want your customers returning to your website and thinking of your company as one that provides value.
Strong brand equity doesn’t just happen. You need to develop a strategic plan and tweak it as you test what works best for your company.
Umbrella Local Experts can help you build your brand while you run your company. Contact Umbrella here to schedule a free consultation or call (646) 440-1426 to discuss building strong brand equity for your business.
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