As we said before, brand equity is what helps create a strong loyalty between you and your customers. It is built on their direct experience with your products or services. This experience, repeated over time, creates equity or value in your brand. And it serves as a shorthand in the buyer’s mind that separates you from everyone else.
Define Your Values
Decide what makes you different and better than your competition. What makes you special. You need to have an accurate understanding of what your customers think of your brand, true or otherwise.
Build basic awareness of your brand. Make sure customers recognize your brand and see it in the way you intend.
Work On Your Relationships
Build a Deeper Bond with Customers. The most powerful––and difficult to attain––building block or level in the brand equity pyramid is resonance or deeper customer relationships. As trust develops through experiences over time, consumers develop emotional connections to a brand just as they build emotional connections with friends. They can depend on the brand just as they would depend on a friend. Try to deepen the customer connection socially and psychologically through strategic targeted marketing.
Building brand equity is an ongoing effort that never ends. When consumers enjoy experiencing brands together, those brands reach levels of success as cult brands and ultimately as true relationship brands. Groups of loyal followers are very powerful, and the social web provides an opportunity to engage with consumers and build communities of brand enthusiasts who can boost word-of-mouth marketing, sales, and brand equity.
Learn From What I Missed
“I did then what I knew how to do. Now that I know better, I do better.”
― Maya Angelou
With over 35 years of championing for small businesses in 4 different industries under my belt, I now share the experiences from what I missed and learned all these years in my new workbook: WHAT I MISSED: Business Action Guide.
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