Perhaps, one of the strongest assets any business has is their Brand Equity. In these challenging times, it is important to assess your brand equity and assure that your marketing, communications and business strategies support the growth of your brand.
Brand Equity is how your name, identity and perception of your product or service are measured by the marketplace. Brand Equity is a vital company asset that yields its highest value when it’s developed and managed strategically.
Here are some things to consider when evaluating your brand equity:
Understand It –Brand Equity is among the most misunderstood concepts, mostly because it is difficult to measure and value. However, make no mistake about it – Brand Equity is both real and tangible. Start by documenting what you think your brand is worth and then ask others what they think. Use analytics like marketing research as a way to dissect your brand identity.
Explore It – As we journey through each business cycle, Brand Equity is valued differently. In good times, we tend not to examine it while in difficult times, we begin to assess, measure and value it. Explore your brand equity by benchmarking your brand with your competitor’s and by getting feedback from your clients about how they value your brand impact.
Create It – In some cases, very little work has been done to build Brand Equity, so it may be time to create a sustainable path for your brand. Use top notch creative and business expertise to create a sustainable brand identity. If you don’t have the expertise yourself, find outside help. Although challenging, building your Brand Equity can be a meaningful exercise that will have a long -term impact on your overall business value.
Build It – Brands can be built. There are countless examples of brands that have been built from very little. Creating Brand Equity is not always a simple task but it can be achieved with the right strategy and plan. Build your brand for the long-term and success will naturally evolve and grow.
Communicate It – Without a doubt, the single most essential tool for building any brand is communications. Yet, communications can be overlooked or taken lightly. Building a brand is about managing perception of the marketplace. Be strategic and direct in your communications choices and create a voice and personality for your brand. Again, bring in professional help when needed.
Be It – Finally, when it’s all said and done, your brand must be inseparable from your product or service. Understand that you cannot hide behind a brand identity without delivering on your brand promise. Therefore, it’s vital to meet and exceed the perception of your brand and not compromise on your output regardless of your brand identity. Your Brand Equity must always be consistent with your value proposition.
At Next-Mark, we have assisted a multitude of diverse clients in assessing, building and sustaining their brands. We understand Brand Equity and always take a strong strategic approach in all brand development work. Let us know where we can help!