The physical value of the products that you sell are easy to calculate, but what about the value of your brand? Placing a value on your brand can be a difficult task, as brand value is created in the minds of your customers.
Branding is one of the most important aspects of a successful business. Building a strong, recognisable brand will help you connect with your existing customers, sell to new ones, and encourage loyalty and recognition.
Your customers’ perceptions are what really determine the value in your brand and products you have in the marketplace. Your ability to build equity into your brand is essential to the long-term success of your business.
The benefits of building a good brand
It’s difficult to assign a monetary value to a brand, but no matter how intangible brand equity may seem, a strong brand will benefit considerably from:
- Customer satisfaction
Some of the ways in which you could improve your brand, and its value include the following:
1. Define Your Values or Do a ‘Values Check’
Branding isn’t just about your look or logo; it’s what your customer experiences at every touchpoint. The more you espouse your brand values, vision, and other attributes, the better you can communicate your brand message.
Define your brand values by:
Establishing your business beliefs. What is it that you stand for, and what are the driving forces behind your decisions? Your business mission defines what you hope your business will achieve, but your brand values inform how you want to conduct that business.
Do a values check by asking:
Does the language, look and feel on your website, social media profiles, and materials match up with the values you’ve defined? If your messaging and images feel reflective of your core values, they will resonate more strongly with your core customer.
2. Invest in Quality Visual Assets
It’s worth the investment in partnering with a design firm to help you create a suite of visual brand assets reflect your brand values. These assets might include defining your colour palette, corporate typefaces, marketing materials, internal documents, as well as images used for your social media or website.
3. Target Your Brand Message
Find out where your ideal customer “hangs out” and communicate with them through these mediums. Building value means finding the crowd that would find your brand and products valuable in the first place, rather than just casting a wide net. Whether it’s face-to-face networking, online or through social media, find the marketing channels your ideal audience utilises and tailor your brand message to that marketing channel.
4. Use a Consistent Tone of Voice
It’s important when you communicate through any of your marketing channels that you are consistent with your tone of voice. Copywriting is your real opportunity to connect with customers and deliver critical messages about your product and services. Ensuring that your communication shares the same “voice”, including language and tone removes any confusion, allowing your audience to form connections with your brand.
5. Stop ‘Selling’ And Be Helpful
Your customers don’t want to be treated as though they only represent dollar signs. Focus on being helpful by offering them value as well as solutions to their problems. Quality engagement through meaningful interactions humanises your brand, leads to loyal customers, builds trust and gives your brand an edge over the rest.
In the end, brand value comes down to distinction: your ability to set your brand apart from your competitors. You have to be distinctively different, tell a compelling brand story and be consistent across all marketing channels to remain relevant and strong.
To find out more about how to create a great brand, chat to us today by calling 03 5292 2073 or send us an email.