Like Apple and Louis Vuitton, a strong brand allows you to charge thousands of $$$ more than the competition. I proudly own the original headphones that came with my iPhone. However, many people own expensive AirPods and other accessories. iPhone can do this because it has positive brand equity and how it’s consumers perceive it. It rarely disappoints, and when it does, it’s still better than its competitors. I have had more positive experiences with my Apple products than negatives. It may be expensive, but in the consumer’s mind, the risk is worth it. You, too, can build brand equity and grow a profitable brand.
Follow these 4 Steps to Build Brand Equity
First: Brand Identity
Your brand and mine should not be the same, think Apple and Samsung. They both do exceptionally well and are usually compared. Most of us have loved them both, even if we use the other. They have similarities, but they also have differences that make them stand out and dominate the industry, respectively. Truth is you are not going to be alone, so standing out is what sets you apart.
Second: Brand Meaning
Every business model can be duplicated, and everyone wants to be successful. This is why we have so many businesses that are similar and make it difficult to stand out. Unfortunately for us, consumers are becoming smarter. Consumers question everything; it took Apple, Microsoft, and Walmart many years before they made it to the top. Before any of us buy a product, we question everything. I mean, we spend hours researching online and asking others about their experience with the products. The features of an iPhone, does the style match mine? Am I getting the value for my money?. All of these questions run through the consumer’s mind before they make the decision to purchase or move on.
To understand the brand meaning, we will split it and elaborate further.
Third: Brand Response
Will your brand live up to its expectations? How many times have you purchased a single, waited months to get an album that doesn’t even make it to the top 200?. A business is different from Hollywood, and failing to deliver on your promises, may not be easy to recover.
Fourth: Relationships Have you heard of the beehive or the Barbs or Navy?. These fans are ready to go to war, and they will buy every album, single and go to every concert. They have admitted to emptying their accounts to meet these celebrities. They have built communities on social media to connect with other fans and promote every single and album released. Most brands and businesses could only dream of reaching this level, but it is achievable.
Building a strong brand that adds value to the customer and is profitable to the business owner is not an easy task. Many of us could only dream of it, but many doers end up doing it. Many successful brands follow Keller’s Model, and following these four steps may seem complicated, but this will help you grow a profitable brand. You can build Equity and have long term success.
Read my previous blog: https://christerbelll.com/6-things-to-include-in-a-social-media-marketing-research-proposal/