branding
Brand equity is the value of customers’ perceptions of your brand. Indeed, negative brand equity can mean misalignment between your brand and consumer opinion. This can ultimately hurt profits if not managed and maintained. That’s why building positive brand equity is crucial for success. To build positive brand equity, especially for franchise marketing, marketers need to monitor customer engagement.
How to Build Brand Equity?
Brand Awareness
Brand awareness is the concept that the more consumers are aware of your brand, the more likely they are to become potential customers. Brand awareness can be tricky, when generating, but there are many avenues they can take to get branding in front of consumers.
If people don’t know who you are, they can’t purchase your product or service. Brand awareness happens the second someone remembers your brand from previously seeing something like your logo or company name. When you build brand awareness you are building your reputation. This can help you to acquire new customers, retain old customers and stand out from your competition.
Search engine optimization, email and social media marketing are all popular tactics brands employ in order t get customers to engage with and remember their brand. Understanding target audiences and tailoring marketing content towards their interests or behaviors can make each interaction even more memorable.
When messaging and design are not consistent, customers are less likely to remember or trust a brand, which is why compliance is important to business growth.
Brand Compliance
Brand compliance is the implementation and maintenance of a company’s unique identity in the marketplace. Through universal messaging, tone and design, companies can build worldwide brand recognition.
In addition, brand compliance adds positive value to brand equity by creating a consistent experience for consumers anywhere in the world. By consistently meeting the expectations of customers, relationships are build and then leads to increasing brand loyalty.
Brand Loyalty
Lastly, brand loyalty is a key component of brand equity that businesses strive for. Customers who continue to buy from or positively engage with your brand become valuable assets to brand equity. These customers may wear, share, talk about, and recommend your brand to others, spreading the positive sentiment around your brand.
Brand loyalty is a key component of brand equity. Customers that continue to buy from a positively engage with your brand become valuable assets to brand equity. These customers may share, talk, wear and recommend your brand to others.
