4 Ways to Improve Brand Equity
Brand equity is the value that consumers assign to a business based on their perception of its quality. A company with higher brand equity can charge more for its product than a competitor, such as the difference between name brand and generic at the grocery store. This is the reason why graphic designers insist on working on a Mac, or why Starbucks constantly has a huge line to get coffee.
Your brand is one of the most valuable assets your company has, and it should be treated as such. Building brand equity comes with a whole host of benefits, one of the most important being the impact on your bottom line. For example, let's consider two companies, Lululemon and Lands End. These two companies both receive their athletic clothing from the same factory, however Lululemon charges a much higher price for its product than Lands End. The reason for this is that Lululemon has more brand equity than Lands End, so they can charge more for their products.
Besides the financial advantages to building a brand, there is another intangible advantage. This is the ability to grow customer loyalty. According to a survey conducted by Invesp, it can cost up to five times as much to attract a new customer as maintaining a current one. Brands with loyal customers are also more resilient to any downturn in the economy.
1. Communicate with Aspirational Marketing
Loyal customers are paying for more than just the product you offer, they are paying for the lifestyle that your product represents. Consumers want the products they buy to transform them into the people they aspire to be. To build brand equity, a company needs to promote a lifestyle that is attractive to its target buyers. Spend time researching your ideal customer personas and figure out what their interests and goals are and then incorporate that into your brand. Apple is one of the industry leaders as far as creating a lifestyle around their products. In a 2016 report by BBMG, aspirational buyers were described as influenced by “their love of shopping ... and their trust in brands to act in the best interest of society.” Apple incorporates these ideals into their company by providing a sleek and unique experience for their customers. Everything about their shopping experience exudes luxury. Apple has also done a masterful job of showing the potential of its products to positively impact the world and bring about change. Incorporating these tactics into your brand allows for an emotional connection to form between customers and your brand. This connection makes consumers more likely to value your brand higher than that of your competitors.
2. Ensure Your Branding is Unique, Consistent, and Visible
For consumers to trust your brand, they must first know your brand. Through the use of consistent and creative marketing campaigns, you can help consumers familiarize themselves with your company. First, ensure that your branding is unique by having a different logo, tone, fonts, and graphics than your competitors. After establishing your branding, make sure to keep consistency across all channels, whether on your website, on business cards, or even a banner at a charity function. If you are unsure how to manage your brand, consider management software such as BrandOS, which organizes and stores your brand on the cloud for easy access and simplifies the sharing of your brand to any external organization. Regardless of how you choose to manage your brand, make sure that you maintain consistency. Consistency is key to brand recognition and thus customer loyalty.
3. Make Social Proof Work to Your Advantage
Social proof is a concept where humans value one item over another due to the opinions and experiences of others. One example of this is when trying to choose between similar products on Amazon. We tend to lean towards whichever of the two products has more positive reviews. Social proof marketing is a major opportunity to grow your brand equity, as the perceived value of the brand grows with each positive review. One of the most common ways to take advantage of social proof is to create a customer loyalty program or an ambassador program which incentivizes customers to promote your brand. Correctly utilizing the power of social proof can provide an exponential boost to both the number of customers of a company and also the revenue generated.
4. Monitor Brand Equity for Sustainable Growth
Building your brand takes time and consistent effort, but is the key to increasing customer loyalty, brand value, and ultimately your bottom line. The most efficient way to achieve your brand-building goals is to continuously monitor and track your brand recognition and brand image over time. This can be done through the use of analytics such as website traffic, social media activity, and revenue tracking.
Only after your core values and beliefs are incorporated into your brand and it is utilized consistently across all channels will you start to see results. This process is not something that can be done overnight. However, you can start the process of building a better brand at any time.
How to Craft a Mission Statement
Consider the brands you have been purchasing from - those new to you and the brands you've been loyal to for years. You've probably chosen these brands due to the values they have that you resonate with.A brand's values dictate the reason a consumer chooses one product over another. They answer the question of why a customer should invest in that particular brand. There are three types of values: functional, emotional, and self-expressive.
September 13, 2022
The Ethics of Using A.I.
I'm sure we've all seen and even joined in on the hype of A.I. generated artwork. However, when it comes to the ethics of using A.I. in the art world, there are a few key considerations to keep in mind.
September 7, 2022
How We Use A.I. to Fill in the Gaps
We understand that your brand is more than just a logo or a tagline. It's the sum of all the interactions you have with your customers, and it's always evolving. When you build a brand from scratch, sometimes there are gaps. Those gaps leave brief moments of ambiguity for your customers experiencing your brand first-hand. That's why we've built our platform on the latest cutting-edge technology.
August 31, 2022
Why Should You Deploy a Brand System?
A brand system should connect teams that have typically worked in a silo. Designers, developers, marketers, and agencies can all work from the same playbook. There are plenty of good reasons to have a brand system. Here are just a few.
July 20, 2022
Creating a Strong Brand is Complicated
Creating a strong brand isn't way more than designing a logo and picking a few colors and fonts. In order to truly build a powerful brand, you'll need to truly understand your market and the mission of the company.
July 13, 2022
Elements of an Effective Brand System
We've seen a lot of brand systems and we've noticed that the best have a few things in common. No two brand systems are the same but here are a few key elements that are consistent in all effective brand systems.
July 6, 2022
Get Ahead with a Brand System: The Benefits of Having One
Brand systems can help companies boost their brand and get ahead of the competition. In this blog, we discuss how.
June 29, 2022
Our 10 Favorite Quotes About Branding
There is a lot to be said in the world of branding. Here are 10 of our favorite quotes about branding and the importance of brand.
June 22, 2022
Brand Audits - What Are They?
Successful brands are familiar with the process of a brand audit. It's a way to truly understand your brand inside and out. When is the last time you did a brand audit on your brand?
June 16, 2022
Top 3 BrandOS Features That Will Elevate Your Brand
BrandOS is a powerful tool to help create and execute a brand management strategy. Here are our top 3 features that will help elevate any brand.
May 25, 2022
What is Digital Asset Management and How Can it Help Your Brand?
Digital Asset Management is an important piece of your brand management strategy. It is the process of organizing and managing all of your company's digital files.
May 18, 2022
Digital Asset Management Alone Isn't Enough
Digital Asset Management alone is not a brand management strategy. It should be a piece of a larger system called a brand system that helps anyone who uses the brand do so effectively.
May 18, 2022
Design Systems vs Brand Systems: What's the Difference?
Brand systems and design systems are 2 unique tools but there is some overlap and both are important tools to help with brand management.
May 11, 2022
Why You Should Ditch Your Static Brand Guidelines
Static brand guides are a relic of the past. The new world of branding requires an upgrade to your brand guidelines.
May 4, 2022
4 Ways to Improve Brand Equity
Your brand is one of the most valuable assets your company has, and it should be treated as such. Building brand equity comes with a whole host of benefits, one of the most important being the impact on your bottom line.
April 27, 2022
6 Signs That You May Be Struggling With Brand Sprawl
Brand sprawl can impact businesses in a variety of ways. How do you know if you're suffering from brand sprawl? Here are a few signs you can look out for.
April 20, 2022
5 Ways to Improve Brand Authenticity
Brand trust is now at an all-time low and with trust being the most important factor for most consumers when choosing a brand, being authentic with your brand is more important than ever.
April 13, 2022
The Value of Strategic Brand Management
When a company establishes a brand strategy, they are ensuring that their brand can grow in a way that will support the business long into the future.
April 6, 2022
Rebranding - Are You Ready?
Before starting on your rebranding journey, you should first ask yourself why you want to rebrand in the first place.
March 30, 2022
9 Things Your Brand Guidelines Should Include
Your Brand Guideline should include a full library of all your assets.
March 16, 2022
Brand System Basics
If your Brand is well put together, investors see more value in your business. Your Brand is your Business' identity.
March 9, 2022
A Quick Gauge of Your Brand Valuation
Determining a Brand’s exact value requires measuring all of the Brand’s countless intangibles, and one of the simplest ways to estimate a Brand’s value.
March 2, 2022
5 Components of a Perfect Press Page
To create a great press page, keep it clear and straight to the point. This is what every user inevitably wants. Focus on the facts and make everything easy to find while not skimping on images.
February 23, 2022
Finding Our Why
We believe that every company, large or small, should have the opportunity to effortlessly communicate their brand to their customers without expending every resource to do so.
February 16, 2022
7 Great Logos With Stories to Tell
A picture is worth a thousand words. There is no greater example of this famous phrase than logos. Some logos have more to say than others. Here are some of our favorite logos.
February 9, 2022
How to Write a Great Blog Post
There are many great tutorials and templates out there for writing useful blog posts.
January 26, 2022
Our Top 5 Favorite Brand Guidelines
One of my personal favorite brand guidelines so far, Starbucks cleanly and creatively express their brand and standards throughout this Guideline.
January 12, 2022
5 Principles of Brand Management
Brands need to distinguish themselves from their competitors in the market to make their products more viable.
January 5, 2022
4 Tips to Create a Memorable Business Card
A great business card is an important part of a great marketing plan.
December 29, 2021
RGB vs. CMYK vs. CIE - OMG IDK!?
In the design world today, it’s vital to know color basics and their differences. Picking the right color for your Brand or assets is essential. Color can create different emotions, depending on their use.
December 15, 2021
The Era of Brand Systems
The people we hope to serve are taking in the brand as one entity, not each individual piece of the puzzle. To them, there are no teams, project managers, and compartments, there’s only the brand as a whole. That means it is critical to have a system of record for your brand.
December 8, 2021
ADA Compliance - A Brief Discussion
Accessibility is important to get right. Making your website and applications easy to use and available for different users' needs isn't just good for business, it's a legal requirement.
December 1, 2021
8 Web Design Principles To Live By
Think of your design piece as a scale where the balance would be the distribution of the visual "weight" of each element of design.
November 24, 2021