What is brand equity and why should you care? Brand equity is the value and power your customers place upon your company. Think of it brand name versus generic. Customers lean toward brand name simply due to brand equity.
So, what should you take into consideration when thinking about your brand equity? Here are 4 key elements to boost your brand equity.
Brand Awareness
Brand awareness is the first step. Awareness is simply how well your customer base knows you and what you do. Let’s say you’re a photographer and your past customer is ready to have new photos taken. Is your business one of the first things your customer thinks of? Do they remember you and what you do when it comes time to need your services? That is brand awareness, they are aware of you and what you offer.
Distinction
What sets you apart? What uniqueness do you bring to the table that your competitors do not? These are the questions to answer when focusing on distinction. How you stand out from the crowd increases your brand equity.
Perceived quality
Are you low end or high end? Do you provide a lot of value to your clients or just the basics? These are the things that affect your perceived quality which in turn affects your brand equity. Make sure you’re delivering what your clients expect.
Brand loyalty
When you have clients returning to your over and over again, you’ve built brand loyalty. They know what you offer, they know you’ll deliver, they trust you. You should start getting recommendation and testimonials. Your loyal customers have your back because they know your worth. This adds to your brand equity.
There is more you can do to build your brand and your brand equity, but these four areas are great starting points. Focusing on delivering quality and making yourself memorable and your brand will go far.
