Want to known how to increase brand value? Know your audience, monitor competitors, and build a great team. This article will show how you can get it right.
With so many different products and services available to people, there is an immense pressure on brands to distinguish themselves. Have you ever heard of a service or saw a product and thought, I could do that? Well great, but a lot of other people probably thought the same. The difference is the person who did it and how they branded it in a way to make it last. A lot of work goes into distinguishing your idea and it comes down to understanding your brand’s value and how to achieve it. Read on to do just and discover how to increase brand value.
What is Brand Value?
For those of you who consider worth when thinking about brand value, you’re not that far off. The literal definition of brand value includes the financial significance a brand has. Financial significance means how many more people are willing to pay to use your brand. That said, financial significance isn’t the only factor that plays into brand value. Brand value means more than price. Successful brands offer a unique experience that keeps people coming back for more. And those very brands are sure to invest and use the right tools.
Seth Godin provides an excellent brand value definition:
“A brand’s value is merely the sum total of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand over the alternatives.”
Considering all aspects of that sum total can be overwhelming, but totally achievable with the right attitude, tools, and team. Think about your brand generally. Is it strong or attractive enough that people are willing to pay, or rather choose, your brand over another? Why - or why not? What makes your brand valuable? What gives it that extra edge?
Successful branding isn’t limited to a great logo and catchy color scheme. A good brand name and strong voice is crucial. Without a strong voice and knowing where your brand belongs, it is hard to encourage people to choose your brand. All of this depends on the right tools and a great team behind the brand.
It’s easy to assume where you brand belongs. You created it! But sometimes what you expect isn’t always the case and can lead you in the wrong direction. Don’t let this happen to your brand. We know, self praise is no praise but using a brand tracking tool like Latana to guide you through the process of brand analytics will help you achieve your brand’s greatest potential value. It will help you measure and analyze brand performances across 1000s of audiences for valuable insights. Discover what your audience is saying or thinking about your brand. Use this information and turn it into something actionable.
As Jeff Bezos puts it, “Your brand is what other people say about you when you’re not in the room.” Brand perception can make or break your brand, meaning you want to make sure your brand’s appearance and reputation is not only awesome, but also represents what you do.
How to Increase Brand Value
Get to know your audience
One way how to increase brand value is to figure out what your target audience actually thinks about your brand. Access information on your audience based on factor demographics like age, gender, income, education, geography, plus any custom audience characteristics(s) you want to add in order to get better insights on your very own niche audience. With this data and information decide how to incorporate it into your brand strategy and build campaigns catered to your audience to keep them coming back.
It doesn’t stop at just identifying your audience. Great brands make sure to build a relationship with them. You can create audience relationships using tools like social media. Engage with them by responding to reviews or comments. Provide engaging material relevant to your brand, but also interesting to your audience.
Think about using a live customer support chat can help build those bridges to maintaining a strong customer base. Or make a detailed FAQ page for customers to refer to when they need a quick answer. Providing an excellent customer experience is crucial as younger generations take every interaction into consideration as they evaluate your overall brand and not just the product or service. Your brand wants to make sure it’s in-line with real-world perception and communicating with its audience in a way that they prefer.
See how your competitors are doing
As important as knowing your audience is a way how to increase brand value, so is getting to know your competitors. This is key to a successful brand. It’s not called spying. It’s called discovering comparative advantages by researching your competitors. Learn from their mistakes and see what you can do to prevent them from happening to you. Uncover similarities between competitors and do something different to make your brand stand out.
A brand tracking tool is helpful to track your competitors and how they’re doing with your target audience. You can compare how you’re doing in unaided brand awareness, aided brand awareness, brand consideration, and brand associations. What does this mean? You have the insights that will help you outperform your competitors. Combine this information with the information you have about your target audience to determine focus points e.g.increase traffic, lead generation. The more data you have the better targeted your campaigns will be. The better targeted your campaigns are, the more likely you are to win audience share. A bigger audience means more sales, which means out performing your competitors and then, you guessed it, another way how to increase brand value.
Build a strong team
Your brand also depends on a strong team. The people on your team should share similar visions and goals while also being creative and qualified for the role they are in. Don’t underestimate the importance of a dedicated brand manager. They provide crucial guidance and are often times overlooked.
A good brand manager should be someone who can communicate clearly through various channels, like social media or email, and provide information in a way your audience wants to and can hear. They need to be detail-oriented, but also be able to act quickly. You never know when there’s some exciting news you want to share or need to deal with something unfavorable.
As important as a brand manager is, the responsibility of brand value does not and cannot lay on one person or a separate team. Everyone has to be involved and reflect the brand’s value. This includes customer service representatives who provide that direct link to the customer. Your marketers also need to help get the brand message across different audience. Qualified developers and product managers ensure a positive user experience for both your team and customers. Your brand is not just about its image, but also its attitude and performance.
Invest in the right tool
The first steps you make in creating and developing your brand are some of the most important. Investing in tools designed specifically as a way how to increase brand value is definitely worth it. Get ahead and make informed decisions based on brand tracking software and build the brand value you want and deserve.