Double Your Profits with These 5 Tips on Brand Value EnhancementJuly 21, 2019 | No Comments | Written by Gemma C.
The iPhone series from Apple. The BMW’s and Lamborghinis.
There is something that sets these products apart from the common phone, the common car.
Something that convinces the customer, time and again, to go above and beyond in order to have such products. That something is brand value.
What is brand value?
It is important to discern the difference between two key terms – brand value and brand equity. Put very simply, brand value is what makes the customer ready to pay a much higher price for a certain product. The financial worth of a brand that is recorded on the company balance sheets. But what makes a product worth so much? Brand value arises from a combination of a product having unique traits while being rare in the market. This combination is perfectly balanced in order to appeal to the consumer of today, who is much more in control of what they buy and why they buy it.
Today’s consumers are mindful consumers. Their purchases are based on careful research, peer reviews and a preference for brands that cater to their unique identities. Which is why most companies with high brand values invest in marketing teams that make sure their brands are aware of consumer’s wants, have an excellent reputation and credibility and offer high customer satisfaction.
Brand equity, on the other hand, is a more abstract concept. It is the consumer’s perception of the brand. It can be understood as the importance of the brand to the customer and his perception of the brand arising from personal relationship and memories. And it is brand equities that are controlled in order to generate higher brand values.
How to improve your brand value-5 Tips On Brand Value Enhancement
High brand value is a resource that helps attain the end goal, which is a great turnover in profits. So how does one go about improving the value of one’s brand?
An important question for marketing experts, entrepreneurs, executive and especially startups. Here are five key steps you can take to ensure the enhancement of your brand’s value.
1. Be Different: The market of today is no longer dominated by the mainstream or the commonplace. Today’s consumers seek products that are unique and that stands out.
So don’t be afraid stick out of the crowd.
2. Positive Marketing: Technology today has made it possible to advertise like never before. Hire a team that can harness the potential of this technology through social media that can create the brand image you want.
3. Create a Community: Give your customers a little more than just the products you have to offer. Plan on brand extensions, teach what you’ve learned, build on loyalty and create a network with your target audience.
4. Have a Message: Today’s consumer’s want to be seen as more than just dollar signs. So while having a financial incentive is crucial, also keep in mind that your brand needs something beyond that. A message, a purpose that your customers can identify with.
5. Be Ready for Change: Market trends are constantly changing and to be successful you need to be able to adapt. Create and invest in strategies that allow your company to be nimble and ready for change.