Building Brand Equity
The power and importance of a strong brand should never be underestimated. A common misconception about branding is that it refers solely to one’s logo design: colors, fonts, tag line and etc. This misunderstanding is one of the reasons that many businesses fail to achieve the brand recognition that they so earnestly desire.
Branding reaches far beyond the limits of one’s collateral materials. A company’s branding is reflected in every single action that the company takes, from the way the receptionist answers the phone, to the way in which the employees carry themselves in public, to the customer service that the firm provides. Your company’s branding is revealed and evaluated at every single interaction that it has with its consumers.
Given the importance of branding, business owners need to realize that it should be considered in every business decision that the company makes. Who and what your brand is about should guide your business investments. If the essence of your brand is about speed, such as Domino’s Pizza – you need to invest in technologies or equipment that is going to allow your company to be faster than your competition. If your brand is about luxury – you better have the finest quality paper for your brochures and best food at your restaurants or products in your spa.
The challenge is that today’s consumers are more savvy and cynical than in any point in history. In addition, the global environment in which we now operate has created a climate in which consumer expectations are extremely high. And, each year that bar is raised as savvy businesses find new ways to cater to today’s time-strapped consumers. History has shown that the average American is willing to pay a premium for convenience, as they value their time much more than ever before.
The power of a strong brand in this environment is that it can have a dramatic impact on your financial bottom-line. The direct benefits of a strong brand include:
Name recognition that ultimately builds brand equity. If you want a lesson in brand equity look at Apple,
Brand strength and differentiation influences the buying decision of consumers. Step up, stand out and steal market share.
Sound, effective branding creates trust and a personal connection among its users
A strong brand can command a premium price for your service. As many industries become commoditized, a strong agile brand can outmaneuver this trend.
Branding will help you build “mind share” and “heart share.”
A sound branding strategy communicates a strong, singular message.
A strong brand helps you sell the intangible values that surround your service.
It’s more than colors and fonts. Your brand is everything from the emphasis you put on innovation to the way your receptionist answers the phone. Take some time to evaluate what your brand really stands for and how it is being communicated to the marketplace.
Small business marketing advice
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