Companies are investing millions of dollars to raise product awareness and advertise their brand. What the firm gains from this investment may make or destroy it.
Your brand is more than just the items or services you offer. It’s what you’re all about. Your company’s logo, goods, website, or marketing efforts may change over time, but the value of your brand must not.
Consumers connect themselves with the brand, therefore it is good for the companies if they can relate their brand with the consumers. This initiates from the attractive website or a well-designed logo. To create brand awareness the name of the brand and voice matters. These are the external elements that plays the role in creating awareness to the customers. Now comes the brand value that engages customers to your brand and they can bond your target audience with the brand.
This article will tell you regarding an in depth knowledge of brand value. First let us know about the term ‘brand’.
What is a brand ?
According to American Marketing Association,
“A brand is a name, term, design, symbol or any other feature that identifies one seller’s goods or service as distinct from those of other sellers.”
Brand value is the perceived value and how often a customer choose one brand over the other alternatives.
As a result, brand value refers to a brand’s worth to the consumer. It is a debatable topic in the marketing industry, and there are two schools of thought on how to define it:
Financial worth – Money value that is allotted to a brand
Perceived worth – Worth that consumers perceive
Consumers build loyalty towards brand when they find value in it. This is how other firms are discouraged from entering into the market. This can help in leveraging a company’s market share.
Pampers, for example, is a well-known diaper brand on the market. In order to avoid competing with well-known firms, other companies may choose to produce products other than diapers.
Why Is Brand Value Important?
Let’s suppose you negotiate the acquisition of a brand.
You would buy a lot more than the Coca-Cola recipe if you took over. The name, logo and other elements of a brand that consumers trust and recognize would benefit you.
Modern marketing has allowed companies to choose to associate themselves positively with attributes such as elegance, style, trustworthiness and security. This is the essence of building a brand, which is an essential element in any modern marketing strategy.
Everyone agrees that a strong brand is valuable. The trick is to put a value on it.
How is Brand Value Calculated?
Your brand is an asset. You can do research on other assets, like your home or car, and determine the current market rate.
However, it is much more difficult to calculate the brand’s value.
The brand’s value is a concept that can be measured and includes the brand’s total net worth.
These are key factors Brand recognition Have consumers heard about you? (have consumers heard of you?
Brand image (how do consumers perceive you?), Brand usage (are your customers buying from you? ), and Brand loyalty Do customers choose you over your competition? .
Sending an email is a simple way to get insight into the brand value of your company. Brand surveys To your customers. Direct customer feedback. This will allow you to see how others perceive your brand.
With Brand analytics technology you can measure accurately your context.
Brand awareness Track levels of popularity, recognition, and loyalty in specific areas. This will help you make informed decisions about your brand.
It is crucial to evaluate the effectiveness of your brand marketing campaigns and spend time and money on them.
Modern brand managers must be able show how their brand’s value has changed over time, just as an accountant or IT manager can point to cost savings in technology systems.
What makes a brand valuable?
These are the characteristics of valuable brands. If a brand has:
- Highly recognisable (people recognize them)
- Positively perceived (people have a positive view of them).
- Popular means that people actually use and buy the product or service.
- A loyal following is essential (customers serve as ambassadors for the brand).
How to build/achieve brand value
The customer perception towards a brand need to be driven according to the quality they need.
It is important to communicate this value to your customers and build value in your brand.
Here are some ways you can increase or attain brand value.
#1: Enhance the Consumer Experience
Amazon is the most recognized brand in the world with a value of $415.8 trillion, How did they do this?
They focused on the consumer experience. Amazon is known for its great user experience. Amazon’s ease-of-use and speedy delivery of books and other products is a big draw for customers.
Customers should be able to purchase from you easily. Customers who aren’t impressed by your brand’s interaction or the purchase process will not stick with you.
You should also examine your processes and platforms. Is your website easy to locate and use? Is your website mobile-responsive? Are you able to provide customer service?
You will make your users happier and increase your brand’s value if you focus on these areas.
#2: Understand your Target Audience
To build a strong brand, it is essential to understand your customers and cater to their needs. You must create unique and creative ads that appeal to customers and go beyond product features.
Apple, a top brand worldwide, found this trick and used it in its marketing campaigns. Apple used the slogan “1000 songs in your wallet” to launch the iPod. They didn’t pay much attention to technical specifications or product features.
Apple has proven that they really care about their customers. Apple designs sleek, easy-to-use products.
Know who your customers really are
It is essential to meet their needs in order to build brand value. These will help you to determine what message you should send them.
Finding people who care about what you have to say is key to building brand value. Instead of focusing on everyone, you should focus on people who will be interested in your products and brand. You must identify the channel in which your target audience is located and tailor your brand message to that channel.
#3: Be Unique
Your brand must stand out. This may require you to push your limits.
You must be willing to challenge current market standards and take risks. Uniqueness will allow you to stand out from your competitors. How can you be unique?
It is easy. You need to stick to you’re the core values.
#4: From the Inside Out
A technique known as remarkable marketing is necessary to increase your brand’s value. It’s the art of creating things that are worthy of notice in your product or service.
A brown cow is not something that will surprise anyone, since there are many brown cows in the world. How can you make your mark on the crowd? You can be the purple cow.
Focus on the superlatives to build brand value. Happiest employees, most innovative, best customer service, etc.
#5: Maintain a consistent tone of voice (ToV).
Building brand value is all about consistency. Prospective buyers will remember your brand if you are consistent in presenting it to them.
You can eliminate confusions by using the same tone, language and opinions throughout your output. This will allow your audience to form easy associations with your content.
ToV guidelines should be created to help you create future content. This will ensure that all your social media posts, emails and blogs speak the same language.
#6: Design with high standards
Visual communication is best when design is used. Your brand’s value will be determined by how you use colors, shapes, fonts, and layout elements on your website, product packaging, or email campaign.
How you package your brand can impact how it is perceived. Although your company might be small, a strong visual branding system can make it appear larger or give the impression that you are a big company.
These are some of the key points to serve your brand in the market. Hope you liked this article and keep reading our blogs for more information and visit our website infusivemedia.com to build a qualitative brand.