Today’s digital world is filled with opportunities for abundant business growth. But the abundance of opportunities creates a lot of noise making it harder for brands to stand out online.
That’s why building positive brand equity can help brands gain traffic to their content, have more successful launches, gain press attention, and be able to charge more premium prices. But how do you build that kind of brand reputation?
Brand equity is built on brand awareness, trust, and the brand’s digital footprint. It is the perception of a brand and can have a positive or negative perceived value.
A great way to think about brand equity is, the value a brand gives. How can a brand stand out and offer more value, especially in this competitive digital age?
Focus on individuality and bring the whole person to work
One of the main issues when it comes to branding is conformity. Especially when someone is working to build a personal brand. There are so many great examples of brands to use for inspiration but there is also far too much copying.
It’s no surprise as we are taught to conform. But success in branding actually comes from our individuality and our stories. Businesses and individuals building online brands need to think about what “secret ingredients” they have to offer. It is often diversity that makes a company successful. Creativity comes from diverse ideas and backgrounds. It comes from brainstorming and throwing out different opinions.
Building positive brand equity in today’s digital world is about a brand coming into alignment with purpose. Everything about a person’s individuality can influence the brand. Think about today’s most successful though often controversial founders and CEOs that have an online presence. They are very strong personalities who are not afraid to bring themselves into their work. Their personal values drive the brand’s success.
Brands that work to abolish conformity and create a safe environment to experiment will see the most success.
Many executives, however, have achieved their positions by conforming. So as executives we have to ask ourselves, how much fulfilment are we experiencing, and how much more could I contribute to the success of this brand by bringing more of myself into it?
Learn to share your value in a way that captures
Ultimately we have to remember that our brand’s value is not encapsulated by what we think of it but by how it is perceived. How is the brand held in the minds of customers and followers? That’s your brand’s equity. The ones you are seeking to influence and impact, decide the value.
Also Read: How luxury brands are experimenting with the metaverse
What they want to see is authenticity. Are you the person you say you are? Are you working to deliver the value that you claim to be creating? It is a combination of the digital and human sides coming together in beautiful harmony to create a digital footprint that will leave a positive impact.
The search engines have their say. If you can’t be found by the people that need you, there is no value. But just being visible online is not enough. Great branding is part strategy and part you.
One of the best ways to show your human side is with video. Video shows so much more than just writing out a bio or brand statement can. On video, your audience can see your personality. Your tone and body language, even what’s behind you. It’s a behind-the-scenes glimpse into your world and they love that.
Balance out performance marketing with brand marketing
We like to look at the numbers. The statistics, clicks, and shares. These are the things that are trackable and they do give us feedback but not the whole picture. These performance markers are important. But the numbers are not what fosters an engaged community.
You need a combination of performance marketing and brand marketing. Performance marketing gives you feedback and keeps you profitable while brand marketing shares your why and builds engagement and loyalty.
Brand marketing is a huge part of building a brand’s equity. It’s where a lot of companies fail. Outsourcing the content marketing side can help. Having a specific team that focuses on just the content without getting bogged down in the logistics of the business can make all the difference. It takes stepping back and looking with fresh eyes, your audience’s eyes.
The community-building aspect is one of the reasons influencer marketing has become so popular and works so well. People will trust a recommendation from others much more than a company’s ad campaign.
Know how important brand equity is in this digital world?
We alluded to this in the beginning but brand equity is more important now because technology has made it so much easier to start a brand. A smaller barrier means more competition and certainly does not mean everyone will be successful at branding. There are so many resources, many of which are free, to create a website or landing page online and start a brand. Often this leads to more noise and less quality.
Also Read: How small businesses can boost brand visibility via videos and messaging
There are a lot of mediocre brands. Don’t be one of them. Work to offer real value. This can take time and learning. It means putting in the work to connect and engage. Time to evaluate the perception your brand has and develop your story.
Know that building brand equity is important and put effort into it.
Go where your people are and show up consistently
You don’t have to put focus on every single platform that comes along but you do have to show up where your potential audience is.
The marketing channels that are popular change. Those who get on new platforms quickly can gain more traction just from less competition. This does not mean that you need to be on every social media wave. But you do need to be where your audience is. Meet your consumers where they are. Where they love to hang out and spend time.
Search for your ideal customers. Where are they? Go there. What kinds of conversations are they having? Get involved and connect.
Follow these steps and you can build brand equity over time, stand out from all the mediocre brands online, and build trust with your audience.
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