A Guide to effective Brand Equity Delivery
The recipe to win over consumers cannot lack brand equity. This is the brand’s one-of-a-kind color palette that expresses its own colors to differentiate itself from competitors.
Brand equity is a marketing phrase that represents the brand’s value. That value is defined by the consumers' perceptions of and interactions with the brand, whether it’s noteworthy or trivial. Positive brand equity exists when people think positively of a brand and vice versa, when a brand regularly under-delivers and disappoints the users, they tend to avoid and advise others to do the same thing.
Why is brand equity important?
Building brand equity may appear to be a frivolous endeavor, but it has genuine rewards, including a beneficial influence on the brand.
Aside from financial benefit, another advantage of creating brand equity is increased client loyalty, which means less time and money spent on pricey acquisitions. According to a report done by conversion rate optimization business Invesp, attracting a new client might cost up to five times as much as retaining an existing one. Brands with devoted consumers are more resilient as well. Even if the economy deteriorates, its customers are likely to remain loyal to the firm.
Ways to build an effective Brand Equity
To help brands capture the essence of brand equity, here are some highlighted points to consider when building one of the most precious assets of a brand.
Utilize Brand Character
Brand character can cater to a set of human qualities and characteristics that connect with the brand, giving the mascot distinct personalities, and recognition in the market as well as in the eyes of customers. That’s why it is also known as the face of a brand, it determines whether the consumers will have a positive impression of your brand. The most impactful effect that brings brand character to the top of the list is its coverage. Imagine, when the consumer experiences a negative impression of a brand character, it will drag down a tremendous reputation, followed by a series of negative reviews and avoidance from them. Therefore, it is crucial to focus on building a brand character that captivates the soul of the brand and powerfully conveys it to consumers.
For the greatest outcome, collaborate on your brand’s growth path with agencies specialized in characters such as Minto - A global agency with more than 10 years of mascot design in Japan, Thailand, China, and Vietnam.
Word of mouth is powerful
Ever wonder why the same products are at the same price range yet one is always out of stock while others are not? This is a psychological behavior called social proof. We - humans have a tendency to mimic the conduct of others around us. With the introduction of social media, you no longer needed to leave your house to be bombarded with the opinions and experiences of individuals in your network. To build social proof, brands can consider using KOLs, celebrities, milestones, reviews, brand stories, etc. As a result, social proof marketing represents a significant chance to increase brand equity. When satisfied consumers spread positive words about their interactions with the firm, the brand’s values grow. Moreover, compared to a company that actively promotes itself, it is more reliable and objective when consumers hear feedback from others.
Customers are likely to resonate with products that are embedded in their minds before purchasing. Through imaginative and persistent advertising, It is easier to help customers get acquainted with the brand.
Want to make a brand that lasts long in the mind of consumers? Stay distinctive. Make sure the logo, images, and tone set you apart from rivals. Don’t be afraid to be bold. It is more impactful to have the one bright logo amid a sea of gray than to have your brand mistaken for that of the competitors.
Aspirational marketing is a must
Loyal consumers want more than just the product’s quality, they also want to bite into the lifestyle that it symbolizes. Consumers want brands that can provide them not just what they need, but also what they want - a lifestyle, an identity, a slogan that perfectly expresses themselves without using verbal communication.
To establish brand equity, advocate a lifestyle that target purchasers will find appealing. Next, spend time studying potential clients, using surveys or focus groups as needed, to understand their insights, pain points, personal, and professional ambitions. Then, use positive, motivating messages to develop the brand around those aims. Remember to make it as unique and specific as possible. Targeted marketing is more likely to engage with customers than wide advertising that connects with nothing.
How to keep track with brand equity?
Building brand equity requires time and persistence, but it's an essential process for boosting brand exposure, consumer recognition, and revenue. One of the techniques to verify whether the objectives are required is to regularly track company development and brand awareness over time using measurable data such as website traffic, social media engagement, and revenue growth rates.
Investing conscious effort each week in establishing brand equity and measuring results is critical for any organization that wants to scale.