“Brand equity” is a favorite buzzword amongst marketers and business owners, but many people underestimate and under-commit to it. Whether you want to admit it or not, other people’s perceptions of your brand have a lot to do with your performance online and offline. In fact, in our last blog, we said that brand equity can make or break your business - and we meant it. It’s almost like it’s the currency of content marketing (hello, title😉); the more brand equity you have, the more capacity you’ll have to grow. So, what’s it all about?
According to Hubspot, brand equity is “the combination of customer perception, experience, and opinion about your company.” In other words, it’s a mixture of your reputation and the community’s general opinion regarding your business. Maybe you’ve decided against buying one brand of chicken in favor of another because a friend told you that Brand A has less ethical business practices than Brand B. Your choice was influenced by brand equity - and as you can see, it’s kind of a big deal.
When a business has a lot of brand equity, customers are able to justify spending a little extra for the product or service, they’re more likely to recommend the business to their friends, and they probably have many repeat customers. It’s one of the biggest determinants of a business’s value to their community; if people have a negative association with your brand, there’s something that needs to be addressed.
We’ll make it extra easy for you: YES! However, if you’re looking for more in-depth information...
Research, research, research!
Thanks to websites like Yelp, Glassdoor, Alignable, LinkedIn, and many others, it only takes a few clicks to see what people are saying about your business. Even Google and Facebook make it simple to see reviews of local businesses. Throw your business’s name into the search bar, and have a little look-see at what the community is saying. Pay special attention to actionable feedback, as it’s easier to implement more quickly.
Have some brutally honest friends in the industry? Ask them how they think you can improve your business - and be prepared to listen. Additionally, ask your customers directly by preparing and sending out a survey; this direct feedback from your customers and from others who know your industry is one of the most beneficial resources you will ever have access to. Think about it: your customers have the opportunity to tell you exactly what they want from you - why wouldn’t you take all of that into consideration?
If you’re not already tracking specific KPIs (or key performance indicators) in order to see how your business is performing on and offline, what are you waiting for? There are many KPIs that are great for keeping track of brand equity:
It may seem daunting at first to keep track of so many different things, but after a while, it will become second nature. Everything gets easier with practice, right?🤗
Whether you’re just getting started with building brand equity or doing a little damage control, (hey, no judgment, sh*t happens) there are a few different approaches you can take.
A study showed that 94% of people would be loyal to a brand that was transparent about their process and values. Need we say more?
How often do you visit a social media profile only to leave again once you see that the last upload was over a month ago? Staying current with social media, even if you’re only posting once a week, is imperative nowadays. Everything changes instantaneously these days - we gotta be prepared!
Many restaurants and cafes have punch-cards for repeat customers; perhaps that isn’t the exact avenue your business needs to pursue, but some sort of reward system is a great way to incentivize your audience to take action.
We’ve only touched the tip of the iceberg in this blog - don’t hesitate to reach out if you’re ready to learn more about building brand equity and creating long-lasting business relationships. Sisu Group is a creative branding agency that creates meaningful consumer experiences through authentic storytelling. Through our creative and branding services we help socially conscious businesses build a brand that will move the world forward. Ready to get to it? Drop us a line!