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July 16, 2022

Building Brand Equity

How do you assess brand assets associated with your brand name? How do you measure brand loyalty, awareness, and value?
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In most business circles, the idea of building brand equity is anything but tangible. How do you assess brand assets associated with your brand name? How do you measure brand loyalty, awareness, and value?

When it comes to brand equity, businesses can find themselves a bit in the weeds, yet it’s critical to be conscious and deliberate during every step of their marketing strategy.  

Understanding brand equity is crucial for many reasons, one being that it helps you gauge the value of your product or service and measure brand loyalty and awareness.  

But how do you build brand equity?

Building Brand Equity: How do You Build it?

Understanding brand equity is one of the key factors to ensuring that your business is thriving — and stays that way for the long term. According to Investopedia, brand equity is defined as:

“The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent.”

What exactly does this mean?

In layman’s terms, brand equity is what customers think when they hear your name and it’s composed of three distinct qualities:

  • Memorability
  • Recognizability
  • Reliability

Building a Brand Name

And it’s not just something you have. It’s something you build. And all of this happens through the customer experience.

Here are 3 keys to keep in mind when thinking about your brand:

  1. Monitor market trends and close competitors. Ask yourself what the competition is doing. How do they position themselves in the marketplace and how does that compare to your business?
  1. Stay consistent. Brands are not built overnight. And if you change your messaging, tone, or offerings too frequently, you’ll fracture the way your customer base views you, weakening your brand.
  1. Act on customer feedback. Double down on what works and pivot away from what’s not. Your customer experience is the most important factor in brand building.

The business of building brand equity can be complex and difficult to navigate, but you don’t have to do it alone. Contact us to learn more or take our 10-minute ThriveNumber™ Assessment to reveal your organization’s potential to realize its long-term objectives and thrive.