The way people feel about your product and how much they are willing to pay for it is known as brand equity. Determining the worth of your brand equity can be tough, but making sure you have a clear and concise brand strategy can help strengthen your equity.
Brand strategy is the how, what, when, and to whom you plan on communicating your product or service. Some brands have developed incredible strategies that have made their companies into powerhouses.
Take Apple for example. Steve Jobs created a brand strategy that relied largely on how customers felt about owning and using Apple products. Today, customers still wait hours in line to buy the next Apple release, regardless if it’s the best, and it’s all because of the “feeling” customers have about the Apple brand.
So how do you create a great branding strategy?
Define What You Do Best
Great branding strategies are developed around your business model. What does your company do best beyond what you sell? Decide how your brand sets itself apart and make it part of every aspect of your brand communication.
There are many companies that have done an exceptional job in this area. For example, what word do you think of when you hear Volvo? Safe. What about Disney? Magic. DBC Digital? Experts. Figure out what separates you from the rest and make it known.
Brand strategy extends through all communications, whether it be to your customers, vendors, or employees. Your messaging should be consistent and reinforce the aspects you defined in your positioning.
A great place to reinforce your brand is through social media. Make sure your posts and pictures are relevant and encourage feelings you want your brand to evoke.
Connect to Customers
Customers tend to think one of two ways: rationally or emotionally. That’s why some customers will spend a more to buy an Apple product, even if there are more capable products available. Apple connects on a deeper level with their customers, which has translated into invaluable brand equity.
Albeit on a smaller scale, you can connect with your customers on a deeper level too. Give them peace of mind. Make their lives easier. Connect with them both before and after a sale and let them know you are there to answer their questions and concerns. A small act can go a long way.
Reward and Build
Current customers and advocates of your brand are a great resource for reinforcing your brand. They act as your brand ambassadors and can help build business for your company. Appreciating them and rewarding them can encourage their behaviors and help spread the word about your brand.
Sometimes a simple “thank you” is enough or even better, a personalized letter. Perhaps you have some company swag sitting around that you could send? People love freebies!
Take this opportunity to show them that your company has a face and cares about them. Making the right gesture to the right person could even go viral and impact your brand greatly.
It can take time to build brand equity, but if done right, it can mean great value to your company. Hiring the right team to develop your brand strategy is crucial, that’s why DBC Digital is here.
Call us today to discuss how we can help build your brand equity. 303-357-5757.