Brand Equity – 10 Ways to Grow Your Impact 

The value of your brand can carry your business considerably. The brands that stick in our heads – the ones that have left an impression – tend to be from large, global business-to-consumer companies such Apple, Nike, and Coca Cola. Nonetheless, every brand has an opportunity to grow its impact. This post will share ten ways all businesses can enhance brand.

  1. Offer something meaningful for free – If you have something useful to provide customers, that you expect will take off like wildfire, you might want to think about a time-limited and free offer. This can help build demand, and momentum, that you wouldn’t achieve with cost/price as a barrier.
  2. Associate with another brand – Leverage another well-known brand to grown your own. For instance, invite a famous and beloved celebrity to a launch party, host an event at a trendy restaurant or venue or sponsor a charitable function for a well-known cause. These types of activities will bring spotlight to your brand, just by virtue of the association.
  3. Craft a meaningful and catchy tagline – Everybody remembers “Just do It” or “A Diamond is Forever”. Underpinning your brand with a catchy tagline can help embed it in the minds and hearts of your target prospects.
  4. Get a new logo – Similar to a catchy tagline, a logo presents another opportunity to showcase your brand and associate it with a visually appealing and memorable graphic. Make the investment and have your logo professionally designed.
  5. Create a loyalty program – One-time buyers are not nearly as valuable to your business as the ones who return. Offer perks to serial customers and grow their loyalty. They will feel far more invested in your brand, which is good for your business.
  6. Directly differentiate from the competition – You want your brand to stand out, and you want customers to understand why they should buy from you, instead of the competition. Draw those distinctions and call out the ways that your brand is better.
  7. Offer great customer support – Customers want to know that you care. Responding to complaints, boasting a fair return or refund policy, or providing 24-hour support can all go a long way in positioning your brand as one that prioritizes customer needs.
  8. Create a referral program – The best type of advertising comes from a happy customer. Encourage your fans to refer their friends, family and colleagues, and reward them for doing so.
  9. Disrupt a market – Think about how you can position your product differently, perhaps even in a new market, to create some disruption and generate buzz.
  10. Master the art of storytelling – People remember stories. Good ones. Wrap your brand around a story, and keep telling it – over and over again, in different ways, through varied channels and at every opportunity. Eventually – it will stick.

 

For more information on how you can enhance your brand impact and grow your business, contact Miller Bernstein today.