By Ben Spielberg
Businessdictionary.com defines “brand equity” as the “Brand’s power derived from the goodwill and name recognition it has earned over time, and which translates into higher sales volume and higher profit margins against competing brands.” At first a lot of marketing and brand identity can be overwhelming, especially if you’re new in the field or starting from scratch. With these tips, hopefully the water will seem a little less deep and you’ll be more confident about just “diving in” to the brand pool.
- Emotional response. People are not just buying products because of what they offer, but rather what their brand represents. How often do we buy a pack of gum because of the sleek, new design?
- Positive reinforcement. Once satisfied, the consumer will usually stay with their product of choice. For instance, my dad bought an Apple computer purely for aesthetics, and after he gained some sense of satisfaction, realized he will never go back to a PC.
- Repetition. What is the one phrase that everyone thinks of when they think of Subway? Eat Fresh. This is because in every billboard, commercial, and banner that Subway endorsed said that. After enough time, this message will be hammered into the minds of the consumers.
- Consistency. If your brand’s colors are gray and purple, you better make sure that every single image, 30-second spot, and billboard that mentions your brand has gray and purple. When your brand strays away from this strategy, it’s very likely that your marketing entity as a whole will begin to lack cohesiveness and fall apart in the minds of the consumers.
- Consider the Other Side. Take yourself out of your own shoes and think about your target audience. What are you actually offering, and why would you choose your company rather than the competition?
- What’s The Big Deal? Why is your brand so different, more unique, and so special? Write down a paragraph or two about what the differences really are, and then try to find a way to creatively express them.
- Buzz Words. Write down a list of both the positive keywords that consumers will be thinking about or researching to get to your brand, and then do the same with the negative ones.
- Strenghs. What are the best qualities about your brand?
- Weaknesses. And now the worst (be rigorously honest!)
- Confidence. If you don’t have 100% confidence in anything you do, it is just too easy to get lost in the crowd. In this case, it is perfectly fine to have an “all-or-nothing” mentality.
- 5 Tips on How to Communicate with Your Customers Online (mindjumpers.com)
- Save Your Brand Reputation With Social Media (mindjumpers.com)
- Clean and simple versions of brand identities (10ison.com)