Brand Equity vs Brand Strength
Brand equity is the value that a brand name adds to a product offering and the business as a whole. Brand equity can be cultivated by strengthening the brand.
When a brand is considered strong, the name is well-known, the products sell easily at desired prices, and customers choose it regularly over other brands. A strong brand identity creates positive connections that deepen the emotional response of the customer.
A brand doesn’t need to be big to be strong. Small niche brands have the potential to be stronger than any large worldwide brand. The key is not to be just different from other brands, but to be meaningful, and consistent across all interactions.
The Value of a Strong Brand
Brand strength is built into every customer interaction and touchpoint no matter how small each one is. Less than optimal interactions can have a negative impact on a brand while a strong brand propels a business to an optimized market position. A strong brand will have other positive effects on a brand as well:
- Heighten customer loyalty
- Enable a brand to charge higher prices
- Impart greater freedom to innovate
- Drive growth and yield greater market share
- Make it easier to recover from unexpected downturns
- Create brand equity
Strong, Recognizable Brands With Deep Connections With Customers
How to Build a Strong Brand
A brand can increase in value by building a positive price perception, sharing the same values as customers, and offering the best quality on the market. The brand is reflected in the way a business is positioned, in the manner it communicates with its audience, and in its visual identity. Build a strong brand by:
Having a deep understanding of your target market. Know your customers and be able to create personalized campaigns that get great results, and inspire customers to recommend you to their friends, making your brand even stronger.
Building the brand on your core values and purpose. If the values your brand represents are not aligned with the values of your target customer, no amount of marketing will move them to your brand. Customers build an emotional connection with brands whose values align with their own. This alignment separates brands that lead and brands that follow.
Establishing consistency across all touchpoints. All channels of communication where your brand and target market meet are touchpoints and consistency helps to establish awareness, recall, and brand loyalty.
Shore up product and service performance and quality. Create positive brand equity by introducing high-quality products and services in the market that cannot be easily replicated.
Build positive brand awareness to create demand in the market. Brand awareness is the measure of how memorable and recognizable a brand is to its target audience. Build a marketing strategy that communicates your brand values and builds an emotional attachment to the brand.
Without strengthening your brand, profits will be hard to come by, and customers won’t reach loyalty levels. Creating a strong brand is a continual process. It requires monitoring competitor moves and market changes, building a personal connection with customers, having a consistent brand message, and capturing customer feedback.
Do you need help assessing the strength of your brand or developing a plan to strengthen your brand? We can help. Give Noesis Marketing a call.