Brand equity is one of your greatest assets in building a company.
How much brand equity does your company currently enjoy? Brand equity refers to the amount of value a product would have under your brand, compared to the amount it would have with no branding. If your brand instantly makes a product much better, simply because it’s associated with your brand, you have high brand equity. If not, you may have little brand equity, or even negative brand equity.
If you aren’t building enough brand equity, customers may not value your brand over generic products or competing brands.
So what can you do to build more brand equity?
How to Build More Brand Equity
These strategies can help you build more brand equity:
- Define your brand. Make sure you have a specifically defined brand, and one that will appeal to your target market. Too many companies get started without sufficient brand guidelines to determine their image and voice.
- Be consistent. It’s not enough to have a good brand in theory; you need to be consistent in executing your brand, in every piece of collateral you churn out.
- Build your brand everywhere. Try to raise awareness of your brand and show off your brand personality in as many channels as you can afford. The more exposure people get—within a reasonable limit—the more familiar they’re going to become.
- Measure your impact. Use surveys and market research to concretely measure how much of an impact you’re making; don’t just guess.
- Refine and improve. Take the time to learn from your mistakes, and become familiar with your best strategies. Refine your approach, and iteratively improve.
If you feel your brand isn’t strong enough, or if you need a boost to your existing strategies, contact Quez Media for a free consultation today!
