If you want to achieve your small business growth goals, you have to realize the importance of branding. Expanding the reach your business has will be much easier with an instantly identifiable brand image. You need to realize that some of the most powerful brands on the planet were once totally unknown. Starting the process of creating an online brand for your business is not easy.
Studies show that businesses with brand consistency across multiple online platforms can increase revenue by nearly 25 percent. As you start the process of brand building, you need to familiarize yourself with the term brand equity. Below is more information about this term and how to start building your company’s brand equity.
What is Brand Equity?
The level of authority and sway your online brand has is referred to as brand equity. Businesses with good brand equity have both an instantly recognizable logo and are respected by both consumers and others in their industries. There are a number of ways to boost brand equity. Many brands focus on providing positive experiences to consumers in an attempt to boost their brand equity.
If you want to build your brand equity, you will also need to invest in awareness campaigns designed for your target audience. These campaigns should target consumer values, state your qualifications and deliver on the promises made in past marketing messages.
Key Tenets of Brand Equity
Before you start to develop campaigns to boost brand equity, you need to find out more about the tenets of this principle. Brand equity has two key tenets that need to be explored.
Brand Experience
First-hand experiences with your brand are one of the most important tenets of brand equity. Ideally, you want the brand experiences your audience has with your company to be positive. These encounters usually revolve around great customer service or products that work as advertised.
Brand Awareness
The second tenet of brand equity is brand awareness. This type of awareness is measured in how easy it is for consumers to identify your logos and other branding elements. You want your logos and brand colors to produce a positive response in the consumers that see them.
How To Start Building Brand Equity
Do you want to build your company’s brand equity? If so, you need to start by investing in brand awareness campaigns. These campaigns should include information about what your business does and how your products/services benefit the end-user. Performing A/B testing on the messaging used in these campaigns is vital. The data collected from this testing can help you optimize your brand messaging.
You also need to keep your messaging consistent if you want to build brand equity. This consistency should apply to elements like your tone, font and the style guides used to develop new content.
By boosting your brand equity, you can attract a larger audience. Implementing user-generated content into your brand equity campaigns is a good way to showcase how trustworthy your business is.