Brand Equity: What Makes a Great Brand? (+9 Ways to Boost it)

A brand is more than just a logo or a slogan. It’s a promise to customers, employees, partners, investors, and society. This post shares 9 ways to boost your brand equity.

A great brand is something that makes customers feel special. It’s something that stands out from the crowd.

And it’s something that customers will remember long after they’ve left your store or website.

Brands are a lot like people. They have strengths and weaknesses. Some brands are strong in certain areas, while others are weak. But most importantly, every brand has its own personality.

It means that you should always try to create a brand identity that matches your company’s personality.

This way, your brand will stand out from the rest and become memorable. I’ll share 9 ways to boost your brand equity in this post.

brand equity

What Is Brand Equity?

Brands are powerful entities. They represent everything from companies to products to ideas. In fact, some brands are so strong that they become synonymous with certain products or services.

And while many brands are created through hard work and dedication, others are born naturally.

This phenomenon is called brand equity. It refers to the value that consumers place on a particular brand.

For example, if you own a car dealership, then you probably understand the importance of having a strong brand.

People who drive cars will associate your business with quality vehicles, and they’ll expect to receive excellent service whenever they visit your dealership.

In addition to building customer loyalty, a strong brand can also boost sales. When customers trust a company, they’re more likely to buy its products.

So if you want to build brand equity, you need to earn the trust of your customers. The best way to do this is by offering exceptional customer service.

Why is Brand Equity Important?

Brand equity is one of the most important aspects of any brand.

It’s what makes a brand unique and memorable.

A brand has value because it represents something special about a company.

When customers see a logo, they immediately associate that logo with a certain company.

They think, “I really like this company. They have a cool logo. I would buy their products.”

That’s brand equity.

Research shows that consumers spend an average of $7 billion annually on brands.

So, if you don’t have brand equity, you’re missing out on a huge opportunity.

Here are 3 reasons why brand equity is essential:

1. Customers Will Trust You More

Customers trust companies with a strong brand.

People believe that companies with a strong brand are reliable and trustworthy.

It means that customers will feel comfortable buying products from those companies.

For example, if you go into a grocery store and you see a familiar name on the label, you’ll probably assume that the food inside is safe and nutritious.

But if you see a generic label, you may wonder whether the food inside is actually safe and nutritious.

2. Customers Will Feel Better About Buying From You

Customers will feel better about buying from a company with a strong brand. It means that customers will be more willing to purchase products from you.

Think about it. If you were shopping at a supermarket, would you feel good about buying from a company that had a weak brand?

Probably not.

Would you feel good about buying a car from a company that didn’t have a strong brand?

Probably not either.

3. Customers Will Be Loyal To You

Customers will be loyal to a company with a strong branding.

It means that people will want to do business with you over and over again.

If you have a strong brand, customers will feel confident that you’ll provide them with quality products and services.

In addition, if you have a strong brand and you treat your customers well, they’ll be happy to tell their friends about you.

So, if your brand isn’t strong, you could be missing out on tons of potential customers.

9 Ways to Boost Brand Equity

brand equity

Branding is a huge part of business success. It helps companies stand out from the crowd, and it gives customers a reason to choose one company over another. But branding doesn’t just happen; it takes work.

To create a strong brand identity, you must build a solid foundation. The best brands understand who they are and what they represent, and they communicate these values clearly through every aspect of their business.

In addition to having a clear vision, successful brands have a unique personality. They’re honest, authentic, and transparent, and they always put their customers first. Establishing a strong brand identity makes it easier to attract and retain loyal customers.

Here are nine ways to boost your brand equity:

1. Create a logo that represents your brand.

Your logo is the face of your brand, so it needs to represent who you are and what you stand for. Consider these nine tips to create a strong brand identity when creating your logo.

1. Keep it simple.

2. Make it memorable.

3. Include a symbol or icon.

4. Use colors that match your brand.

5. Avoid clashing colors.

6. Don’t overuse text.

7. Consider typography.

8. Create a unique font style.

2. Make sure your website has a consistent look and feel.

One of the most important aspects of branding is consistency. It’s easy to get caught up in the details of design and forget that the end goal is to create a brand identity that stands out from the crowd.

It means making sure that every element of your website looks cohesive and professional.

For example, if you have a logo that’s too small or blurry, it could distract visitors from the rest of your site. Make sure that everything on your site is readable and clear.

Also, make sure that your colors match. Colors play a huge role in establishing a brand identity, so choosing a color palette that works together is best.

Don’t just pick random colors; instead, consider the type of business you run and the products or services you offer.

Finally, make sure that your website doesn’t have any glaring errors. These include spelling mistakes, grammatical errors, and broken links.

If you notice anything wrong, fix it immediately. Otherwise, your customers might assume that your company is unreliable or unprofessional.

3. Develop a tagline that sums up your brand message.

To create a memorable brand, you need to focus on developing a tagline that summarizes your company’s mission statement.

It’s essential to choose a tagline that reflects your brand personality and values, and it needs to be short enough to fit into different types of messaging.

Your tagline should also be easy to remember. Try to avoid long sentences and complex wording; instead, use shorter, more straightforward language that conveys your message clearly.

The best taglines are ones that are catchy and memorable, and they should be used consistently throughout your website and other forms of communication.

In addition to creating a tagline, you should also consider developing a visual identity.

Visuals are an effective way to communicate your brand message, and they can help you establish a consistent look and feel for your entire organization.

It’s important to understand that visuals aren’t just for aesthetics—they can actually influence user behavior. For example, studies have shown that logos that contain a certain number of colors tend to perform better than those with fewer colors.

Visuals can also help you convey your brand message more effectively. For instance, if you sell products, you might include images of your products in your design.

Similarly, you could add photos of happy customers to your website if you offer services.

Finally, it’s important to remember that visuals aren’t always necessary. Some companies rely solely on text to convey their messages, while others prefer to use both text and graphics.

Whatever approach you decide to go with, make sure that it aligns with your overall brand strategy.

4. Choose a color palette that matches your brand colors.

There are many different ways to create a color palette for your brand.

Some companies use a Pantone Matching System (PMS) software program, while others rely on their own knowledge and experience to pick colors that work together.

Either way, it’s essential to choose colors based on your brand identity.

For example, if you sell gardening supplies, you might consider choosing green, yellow, and blue as your primary colors.

These three colors would represent the plants, flowers, and trees that grow in your garden. The other colors in your palette could include orange, purple, and pink, representing the fruits, vegetables, and herbs that grow in your garden.

It’s also important to remember that your brand colors shouldn’t just be limited to your logo. In fact, they should be used throughout your entire website.

For example, you can use your brand colors in your header, footer, sidebar, and navigation bar.

In addition to picking colors that match your brand, it’s also essential to choose colors that complement each other.

Colors that contrast each other tend to look more vibrant than those that blend together. For example, red and green are great complements, but black and white are less complimentary.

To help you decide which colors go best with each other, try thinking about the colors that you associate with your brand.

Do you have any favorite brands? How do they feel? Are they happy? Sad? Excited? Angry? Think about these questions and then apply them to your brand.

Once you’ve chosen a color palette that works for your brand, it’s time to add some personality to your website.

Choose colors that reflect who you are and what makes your brand unique. For instance, if you sell gardening supplies, you might choose bright, bold colors like hot pink and lime green.

Remember, your brand colors should always be consistent across your website. If you change your brand colors, you need to update every website element, including your logo, headers, footers, sidebars, and navigation bars.

You can also use your brand colors to highlight certain parts of your website. For example, if you sell clothing, you might want to use your brand colors in a section of your website where you feature new arrivals.

5. Keep your copy short and sweet.

Brands are built over time, and it takes years to build a strong brand identity. But if you want to create a memorable brand, you need to start now. The best way to do this is to write concisely and clearly.

In fact, research shows that the average person reads only 8% of the text on a web page. So, if you want to grab attention, you need to cut down on the clutter.

Keep your copy short and sweet, and focus on the most important points. Don’t worry about being too wordy; make sure that everything you say has meaning and purpose.

6. Include customer testimonials on your website.

Customer reviews are powerful. When customers share their experiences online, it gives other potential buyers a chance to learn more about your business and its products. It also helps build trust between you and your customers.

To add customer testimonials to your website, ask current customers if they’d be willing to write a review for your company.

Make sure that you provide incentives for them to do so, such as discounts or free shipping. Once you receive positive feedback from your customers, include their testimonials on your site.

Don’t forget to mention the source of the testimonial! Include a link back to where the review was posted so that your visitors can read more about the experience.

7. Add a contact form or other forms of customer service.

Branding is everything. It’s the foundation upon which companies build their business. And if you’re not careful, it can become stale and boring.

To avoid this, you need to add new elements to your brand constantly. One of the best ways to do this is through customer service.

Adding a contact form or other means of communication allows customers to reach out directly to you whenever they need assistance.

It allows you to provide real value to your customers. It gives them a direct line of communication, but it also shows that you care enough about your customers to offer them support.

In addition, it helps you build trust with your customers, which ultimately leads to higher conversion rates.

In fact, according to HubSpot, having a contact form on your website increases your conversion rate by nearly 20%! So, if you haven’t already done so, now would be a great time to implement one.

8. Offer free giveaways and discounts.

One of the easiest ways to build brand equity is to give away free samples or coupons. People love free stuff, and giving them away will help you gain their trust.

Make sure that you include clear instructions on redeeming your coupon or sample. Also, be sure to follow through on your promises. Don’t just hand out freebies and then forget about them.

Consider offering special discounts and promotions boost your brand equity even further.

For example, if you sell dog food, you could provide a discount for pet owners who mention your company online. Or, you could offer a 10% discount to anyone who mentions your business on Twitter.

It’s also essential to create a strong presence on social media. Facebook, Instagram, Pinterest, and other platforms allow you to connect directly with your customers.

Posting regularly and responding to comments and questions helps establish a relationship between you and your followers.

9. Promote your brand on social media.

Brands today are everywhere. From billboards to storefronts, we see brands every day.

And while many companies spend money on advertising, others rely solely on word-of-mouth referrals to spread the word about their products and services. The best way to build brand equity is through social media.

Social media has become a powerful tool for businesses to connect with customers and prospects. It’s no wonder that 93% of consumers trust recommendations from friends and family over other forms of advertising.

Social media allows you to create a personal connection with your followers, which helps build trust and loyalty.

To boost your brand, start by creating a profile on popular social networks like Facebook, Twitter, LinkedIn, Instagram, Pinterest, and Google+. Then, engage with your followers by posting quality content regularly.

When you share useful tips and tricks, ask questions, and provide helpful resources, you’ll gain credibility and establish yourself as a thought leader in your industry.

Next, consider starting a blog. Blogging gives you the opportunity to write about topics related to your business, and it provides you with a platform to share valuable insights with your followers.

In addition, blogging increases your visibility online and improves your SEO ranking.

Finally, consider sponsoring events or participating in contests. These activities allow you to interact directly with your followers and give you the chance to promote your brand. For example, if you sponsor a local event, you can invite your followers to attend and meet you in person. Or, if you participate in a contest, you can offer prizes to winners.

Can Brand Equity Increase Profits?

Brand equity is the value that customers place on your company. It’s essentially the goodwill that your business has built over time. The higher your brand equity, the more likely you are to receive positive reviews from your customers.

In fact, research shows that companies with strong brands tend to outperform their competition.

For example, according to a study conducted by the University of Pennsylvania Wharton School of Business, consumers who were shown pictures of products with logos associated with famous brands were willing to pay significantly more than those who saw similar products without a logo.

This means that if you want to increase profits, you must build brand equity. How do you do this?

First, you need to create a memorable brand identity. Then, you need to communicate your brand message consistently through every touchpoint. Finally, you need to offer quality customer service.

Components of Brand Equity David Aacker’s model

David Ackers has developed a model that explains exactly what goes into creating a successful brand. His model includes four components:

• Identity

• Positioning

• Differentiation

• Monetization

Identity

This component focuses on the overall image that a company projects. It’s the combination of everything from logos to colors to fonts. The goal here is to create a consistent look and feel that represents the company.

Positioning

This component describes where a company stands in its industry. Is it a leader? Does it offer value? How does it compare to other brands? These questions help determine whether consumers will choose to buy from the company.

Differentiation

This component refers to the unique qualities of a company’s products or services. For example, if a company offers a service that’s different from others, then it needs to explain why it’s worth paying extra money for.

Monetization

This component involves figuring out how to turn a brand into profit. Companies must decide how much they want to charge for their products and services, and then figure out how to reach those customers.

The best way to learn more about these concepts is to read David Ackers’ book, Brand Equity.

Conclusion

In conclusion, brand equity is a very important part of running a successful business. It’s not just about having a good product or service; it’s also about building a strong brand.

A brand is something that people identify with, and when they do, they’ll want to buy your products or services. This is why it’s important to build a brand that stands out among others.

Debashis Konger
Debashis Konger
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