Stand by your brand and promote its value to your customers. Reliable, consistent, trendy, forward-thinking, all aspects of brand equity consumers are looking for in 2021. These trends tend to mirror cultural shifts and ways of thought and in the past year, we’ve experienced a lot of shifts.
We as marketers eat, drink and sleep brand perception, it is in essence a brand's personality. Everything from the logo to the “voice” creates a relationship with the consumer promoting brand recognition and brand awareness. That awareness leads to sales and sales lead to a positive bottom line...we're all in this together! There are many benefits to developing brand equity and we’re going to talk about a few key pointers to help kick start the old brain juices.
The benefits of developing brand equity creates a competitive edge in the marketplace. Market saturation is a real issue, we’ve all heard there’s plenty of fish in the sea…. well, you want to be the golden flashy fish that stands out in between the silver duds. By appealing to customers via a unique selling point such as free shipping, eco-friendly packaging, subscription services, customization, or personalization you become that goldfish. Simply utilizing a unique voice and tone that creates a positive emotional connection, you become more appealing to consumers and therefore have a greater chance of successfully selling your product or service.
So we know developing brand equity is an investment, not only in time but also monetarily. According to websitebuilder.org, Coca-Cola spends an average of $4 billion on branding each year and Netflix spent $1.45 billion on branding in 2020. That’s some serious Denaro, from some seriously big players and it stands to support the fact that branding is necessary to succeed.
Now with the current status of the economy, it’s hard to squeeze any additional funds out of the piggy bank to create promotional collateral such as giveaways and product launches to capture customers. We get it, we also want to be the friendly reminder that marketing must go on.
There are a few easy ways to build greater brand awareness without a huge investment of those oh-so-precious budget funds, that are easy to customize and implement quickly.
Check em' out below:
In light of economic downturns, it’s imperative that branding initiatives, excellent customer service, and positive meaningful customer interactions remain as strong, if not stronger than ever. The way to a customer’s heart really relies on making their experience with your product or brand as smooth as possible. Implement new technology like chatbot programs or voice-to-text into your multimedia playbook really steps it up a notch. We are all living in a digital world and we want to make it as easy as possible for consumers to interact with our product.
Building a strong and loyal customer base is a powerful tool to thrust your brand into success. By establishing brand equity, not only are you nurturing future sales and relationships but you’re positively affecting the bottom line, and isn’t that why we’re all in business? To make those dollar signs grow?