Brand Equity is all the value that your business puts into a business brand of your products. Brand Equity is also about how your business makes customers judge a brand of your business product to make it look different from other similar products on the market.
With good Brand Equity, your product will create a value that goes beyond the price of a product: customer loyalty.
It will also motivate customers to help launch your business’s Word of Mouth strategy.
Building Brand Equity is not as simple as you might think. It takes effort and high consistency to build it.
But don’t worry, here are four steps your business can take to build Brand Equity :
Build Brand Identity
This is the basic step to building your Brand Equity. The definition of identity itself has a broad meaning.
And make sure the identity matches the target customers you expect.
Of course, identity is also represented directly in your business brand name.
Make sure customers understand and recognize the brand according to the point of view and identity that you incorporate into your brand.
Communicate What Value Your Business Brand Contains
Know what value is contained in the brand that your business builds in terms of “performance” and “image”. Performance describes a measure of how well your product meets customer needs.
While the image refers to the social and psychological aspects contained in a brand.
For example, a company or business that is truly committed to being environmentally responsible will build customer loyalty and attract employees who interpret and support these values (the environment).
You can develop greater brand meaning through your business marketing efforts.
Change How Customers Perceive Your Brand
Customers respond to your brand through their justifications and feelings – more subjective.
These customer ratings are closely related to things like quality, credibility, how well your product matches customer needs, and whether your brand is superior to your competitors.
Try to have your brand create positive things that include warmth, joy, security, and increased self-esteem when customers come into direct contact with your brand.
Build Deep Bonds With Customers
This is the most difficult step compared to the previous steps. If your business successfully reaches this step, it means that your customers have formed a deep psychological bond with your brand.
They will not hesitate to make continuous purchases and they will feel an attachment to your brand or product.
You just have to wait for the results of the word-of-mouth marketing efforts made by customers and you can be sure your customers will increase significantly.
It takes patience to build Brand Equity to the fullest. But know, that your (marketing) efforts will not betray the results you will get.
Of course, you also should not forget the effort to build an accounting system for your business.