Increase The Value of Your Business (How Much Is Your Brand Worth?)
And the brand equity associated with your organization can be considered your brand’s monetary value and actually determines the worth of your business.
It’s measured by the level of influence a brand has in the minds of consumers.
Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them instead of the competition.
Well-known brands who have established significant brand equity can generate revenue simply from brand recognition alone, because consumers perceive the products of well-known brands as better than those of lesser-known brands.
There are 8 key drivers that continually build upon brand equity.
If you focus on these key drivers, over time your brand will indeed become your company’s most valuable asset.
Brand Equity Driver #1 is Brand Familiarity
This refers to the amount of time that is required to process information about a brand, regardless of the how or where the consumer came into contact with the brand.
Brand familiarity is the most basic form of consumer knowledge.
Brand Equity Driver #2 is Brand Personality
A brand’s personality is simply a set of human characteristics that are attributed to a brand.
This personality is something a customer can relate to.
Brands increase equity by having a consistent set of traits that a specific consumer segment enjoys.
Brand Equity Driver #3 is Brand Association
Brand associations are the attributes of a brand which are present in the mind of the consumer.
Brands should associate themselves with something positive so that the customers relate your brand to being positive.
Brand Equity Driver #4 is Brand Availability
Mental availability is when customers are thinking about your brand and are aware of how they can access it either online or online.
Brand availability refers to the distribution of your product or service, and how they can be quickly and easily found through multiple channels and devices 24 hours a day, 7 days a week, 365 days a year.
Brand Equity Driver #5 is Brand Preference
Preference simply means when a consumer chooses a specific company’s product or service over other equally priced and available options.
Brand preference is a reflection of customer loyalty, successful marketing tactics, and brand strengths.
Brand Equity Driver #6 is Brand Awareness
Also referred to as Brand Recognition, Brand Awareness is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service’s logo, tag line, packaging, messaging, or advertising campaign.
Brand recognition can also be triggered via an audio cue, such as a jingle or theme song associated with a brand.
Brand Equity Driver #7 is Brand Consistency
Consistency is the delivery of brand messaging in line with the brand identity, values, and strategy over time.
Consistency means your target audience is being exposed to core messages, visual branding, and other brand elements repeatedly, which can help to solidify brand recognition.
Brand Equity Driver #8 is Brand Loyalty
This refers to a consumer’s positive feelings towards a brand and their dedication to purchase the same product or service repeatedly, regardless of a competitor’s actions or changes in the environment.
So there you have it. If you consistently focus on all 8 of these key drivers when developing and implementing your brand strategy, your organization will continue building valuable brand equity.
And it is that equity that will elevate your brand’s position above the competition and become the preferred choice of the consumer.