We all have something to sell, the day of ‘easy’ sale are gone. I wanted to talk to you about why it’s important for us to build our brand equity…
Before we start I want to tell you what Brand Equity means, in the marketing world it means how high the value of a certain brand is. That’s why we pay £950 for an iPhone, £1 for coke rather than £0.50 for a John Fizzy Drink. The company owner of a high equity brand can make more money from his brand because of it’s well known brand.
Brand equity consist of the following:
- Brand awareness: People need to know that you exist. How on earth would somebody buy from you if they don’t know about you? So we need to build brand awareness.
- Brand Recognition: People know what you stand for, what you provide and sell.
- Brand Trial: People know about your company, they know the differences between you and your competitor. They might like your products or services or they might hate it.
- Brand Preference: People know what you stand for and they have a preference about a certain brand in your industry. They are creating emotional connection with you if they are buying from you.
- Brand Loyalty: This is one of the most important facts. If you have 1,3,5 or 100 clients you can build an army with your loyal clients. If you truly care about your clients YOU need to show them that you care. (I did an article on how to increase loyalty here)
A lot of business owners unfortunately don’t have the patience to put in the work and actions required to build brand equity. Apple, Nike, Coke, Tesco and other huge corporations took the time and implement all the above. Apple invested 97.5 million US Dollars in advertising iPhone in 2015, what does this say?
That they invested millions of dollars in the Think Different campaign. That campaign made us love Apple, before you say to me to that you hate Apple let me tell you that you can hate or love Apple but we all know what they stand for.
What I suggest to you is to starting building your brand equity so you can sell easier in the future. Create quality content, look at your communication strategy, think of how do your clients see you, what are you trying to achieve?
As soon as you do the above you will connect all the dots. Trust me if you focus on building your brand equity you will see results, not in 1 or 2 days obviously but it will take time.
If you have any questions, comment below or tweet me.