What does it mean to have brand equity? How do you manage it? What are the benefits? We’re here to give you some tips on creating brand equity for your business and why it’s important.
What is brand equity?
It’s simple, actually. Brand equity is all about promoting your brand through one voice and one face. This doesn’t necessarily mean one particular person should be that voice and face, but that your brand should always have a unified theme in a consumer’s mind. When they hear your business name, they should associate certain words or feelings with it. The better you are at managing your brand equity, the more positive, common feelings your consumers will have when they think of your brand.
Why is brand equity important?
Not only does it increase your brand awareness, but it also increases top-of-mind awareness. This means that when you have a unified and comprehensive theme that shines through your brand, it will more often come to mind when consumers are making purchase decisions. When you create associations with your brand in your marketing practices, your business will be more easily recognizable and consumers will think of your brand first. For example, when you want a good sandwich that’s loaded with your favorite toppings, is Subway one of the first brands that comes to mind? That’s because Subway creates associations with building a sandwich just how you like it with a magnitude of ingredients to choose from.
How do I manage my brand equity?
Start with your colors, fonts, and designs.
Brand equity starts with visualization. One of the most important parts of creating an image for your brand is your design. Decide what fonts, color schemes, and keywords or sayings that you want to use for your brand. Make them recognizable and consistent throughout your marketing materials, such as social media posts, emails, and your website.
Think about your consumers’ needs.
When you’re creating associations with your brand, you’ll want to try and focus on things that will benefit the consumer. For example, if you want people to think of your business when they are looking for next season’s inventory, you’ll need to create brand associations that revolve around your products or services. That way, when a retailer is planning their next season, they’ll think about your business and how you can help.
Focus on what makes you unique.
If you want to stand out amongst other brands, your brand associations must be unique. When you focus on what makes you and your business different or better, your consumers will think of your brand differently than others, which gives them a reason to choose you over your competitors.
Having good brand equity takes time, but it’s never too early to start. Evaluate your brand and see if there’s something you can improve on to make it better. Start with the tips above and see how they help your business!
Do you need help making your brand uniquely recognizable? That’s what we’re here for! Learn more about our website, social media, and Google services.