Consumers are willing to pay a premium price for products/services from a company with high brand value (a.k.a brand equity). So what’s your brand worth to your customers; do you have any value? In today’s post, we will cover:
- What’s included in a brand
- How to measure your brand’s value
- Tips to increase your brand’s value
What’s included in a brand:
To calculate a brands value or equity, we must understand what’s included in a brand. There are two parts to a brand: tangible and intangible. Together these elements form your brand identity. It is important to remember that branding is in the eye of the beholder; meaning, your brand is what your customers see, not what you see.
- Brand promise
- Business cards
How to measure your brand’s value:
There are many different methods to equate brand value. However, most methods are extremely complex, and all methods are subjective. That’s right, there’s not a single agreed upon method to calculating brand value. The truth is, value means something different for everyone and calculating this is very difficult.
For our purposes today, these complex valuation methods aren’t beneficial to a small business interested in improving their value. Instead, we will evaluate our brand on a scale based on four questions. Go ahead, take the free quiz today! Simply answer the four questions below to get your results.
Tips to increase your brand value:
Increasing your brand value isn’t an overnight action, rather a long-term strategy to grow and strengthen your business. Regardless of where your brand is at today, we all have room to grow. We challenge you to select a few of the tips below and incorporate them into your long-term business goals.
What do your current logo, website, and branding say about who you are and what you do? The goal here is to develop an identity that matches your mission, goals, and vision for your business.
An easy way to assess this is to write down your business mission, vision, and goals. Next, objectively as possible (maybe ask a friend if you can’t remove bias) write down how your tangible brand elements look and feel. Lastly, match up your business mission, vision, and goals with the results of the tangible elements. If your tangible brand elements don’t match up with your intangible elements, then it’s time to make some edits.
Not sure how to enhance your brand identity? No problem, that’s exactly what our brand bundles are for.
BE CONSISTENT. We cannot stress this enough. Consistency is key in any branding strategy. Take a closer look at all your different channels and social platforms (website, Facebook, Instagram, Pinterest,
- Does each channel compliment one another?
- Does each channel convey the same message?
- Does each channel match your brand personality, mission, and vision?
- How can you make these channels align more closely?
- Are there any channels you need to remove (because it doesn’t align with your brand values)?
- Are there any channels you should add?
Brands with high equity have deep connections with their clients. These connections are based on loyalty, emotion, and trust. These connections can run so deep that the client even begins to align their own personal identity with the brand’s identity.
Woah, now that’s crazy… or is it?
Take a minute to think about the brands you love. Why do you like these brands? Do these brands say anything about the person you are? They sure do!
Personally, I love my MacBook! If I keep asking myself why then I begin to reveal some hidden connections with Apple branding. I love my MacBook because it’s awesome, but also because I identify myself as a creative, an innovator, and go-getter. I go from purchasing a MacBook to becoming a person who purchases MacBooks. Do you see the connection? I have aligned my own identity with an Apple product. This connection is so deep that honestly, I would NEVER consider switching to another provider. It’s kinda silly when you break it down like that, but it’s the honest truth.
- How can you go deeper with your clients?
- What do your customers want/need from you?
- What do your customers care about? How can you incorporate that into your brand?
- What does your brand message say to your clients?
- Does your brand provide your clients any status, symbol or identity traits?
Notice your Niche
If you’ve never identified a “target market” or a “niche” then stop everything and do that now. Target markets are the most important thing in any strategy. A target market/ niche should be at the center of EVERYTHING you do, and we mean everything.
When you know who you are selling to, then you can better understand what they need and want from you. Niche markets are small groups of customers that share similar traits, preferences, or demographics. This group of people is unique because of their key traits. What are these key traits you ask? Great question, that’s exactly what you need to take notice of.
To really master your brand value, you need to notice your niche and understand how they think, what they like and what they dislike. With a complete understanding of this group, you can start creating deeper connections that really matter and ultimately increase your brand value.
This post is part two of a branding series in partnership with Luke and Ashley Photography. If you liked this content then be sure to joing the series for complete access to all the videos, tips and free downloads.