The only thing that can keep your company relevant in any industry is building brand equity. The proper brand positioning of your business depends on this. It helps provide your company with high authority and aids your services in upscaling with affluent customers. You can generate more inbound sales with proper online marketing.
If you want us to build your digital branding, head over to our digital marketing services page for more information.
What is Valuable Brand Equity?
Brand equity is synonymous with brand value. That value is determined by consumer perception of and experiences with the brand.
If people think highly of a brand, it has positive brand equity. Companies charge a premium for a product that has a great deal of brand equity.
Conversely, if a brand consistently under delivers and disappoints that is negative brand equity.
The promise of your brand is what customers expect from your business. For example, if they experience exceptionally good service when patronising your restaurant or if your products are known for being reliable, then you enjoy a high level of brand equity.
Companies can build brand equity by making their products memorable, easily recognizable, and superior in quality and reliability.
Marketing campaigns can create valuable brand equity. They influence the perceived value of the company and its products. How you market your brand and your choice of product partners can also influence your brand image.
For example EVA Air partnered with Hello Kitty for ‘flights to nowhere’. It was all about catering to the customers’ novel experience. Not only did EVA Air expand into a new market segment, they are also now known to be a fun and family friendly airline.
If you want to successfully build brand equity and improve the value of your brand in your potential customers’ eyes, consider hiring experts who can get the marketing message out to your target audience.
Your marketing campaign must project reliability, capability and recognition in the marketplace.
A proper approach to this business strategy can help you win over a lot of customers within a short period of time.
8 Benefits of Building Brand Equity via Online Marketing Channels:
- This makes the evaluation of both the intrinsic and relative value of your company easier for prospective investors.
- Brand marketing is the best way to scale up your business and remain relevant.
- It’s easier to reach out to buyers to introduce new products and services.
- Higher brand equity would augment buyers’ trusts positively.
- It’s the best avenue in regulating traffic and attending to a vast number of customers at a time. You tend to control your services for maximum cost-effectiveness.
- Strong brand value allows for market influence. You can issue franchises and recommendation to other business owners in the industry. It’s easier to sell equity to shareholders, too.
- Digital marketing is the best medium to generate leads so that you can convert them to nominal buyers.
- It’s the best medium for creating awareness.
7 Ways to Build Brand Equity via Digital Marketing
1. Brand Definition
Redbull is a company that believes that stories sell products better. It’s brand position is that of adventure and high energy.
It is associated with F1 motorsports, mountain biking, cliff-diving and other extreme sports.
The fact that you can project a fantastic picture into the mind of a prospective buyer gives you an edge. It would give them more confidence in your services.
This would enable users to think of your services first before another option. They come to know you via brand equity, and you successfully make sales from this powerful tool.
2. Content Marketing and SEO
A good branding strategy naturally involves content creation. Valuable content needs to be created so that prospective buyers can access you when they are in die-hard need of a product.
The different content created, however, enable a buyer to access the ideology about the features of the product. They would be able to know what they should expect when they’ve made the order.
Content would focus on garnering interests, answering customer questions, allaying doubts and confirming that your products are what they are looking for.
Customers are constantly researching online for things associated with their interests. They are typing their questions into search engines.
By researching what these questions are, you understand your prospects better.
Your content would be more relevant and of higher relevancy and value in their eyes. With such content, customers naturally put your brand in higher esteem.
In the following video from Google, they dispel the myth that big brands rank well just because they are big and how you can outrank them.
This is why professional social media marketing and SEO Agencies place so much emphasis on using content marketing to increase return on investments.
3. Marketing and Sales Funnel
A marketing funnel is an automated online process to educate and inform prospective buyers about your brand and product. They will be guided through different stages as they engage with your web pages.
The journey will lead them to a sales funnel where they can add complementary services to cart and make their purchase with.
With a sales funnel, you can make huge sales with low costs. As it is an automated online process no sales staff is required. A sales funnel will continue working for you once is has been built.
Your buyers will also enjoy the convenience of shopping at any time without having to engage with others.
A marketing and sales funnel would clarify your brand image in the public’s eyes.
It would also attract your ideal customers. After all, people moving through and exploring your funnel do so voluntarily. It is of interest to them and they will be eager for the relevant information.
The steps would be systematic and regulated so that prospective buyers can have a memorable experience.
It’s no wonder that funnel marketing services are in such high demand.
4. Social Media Marketing
Social media marketing is a lot more than making a post on Facebook.
You need social media marketing specialists to do this effectively. You would have to know your marketplace and your target audience first. Audience profile metrics include gender, age group, location, habits, preferences, income, market numbers etc.
Moreover, it’s still an expert who would be able to tell explicitly where you can find suitable customers for your business.
Over the years, running ads on Facebook, Instagram, Youtube and Twitter has always been the best avenue in running B2C products and services. LinkedIn, however, has been the best medium for B2B products and services.
Platform user behaviour is fast evolving. You’ll require a strategist on the forefront who is aware of the constant changes and can leverage trends to your advantage.
In the internet age, mining for data is the equivalent of mining for gold.
Experts value and spend a lot of time analyzing it.
Seeing patterns allows for better understanding of consumer psychology of your target audience. Data driven branding campaigns have better results than traditional ones based on best guesses.
They aid in creating maximum brand awareness for your prospective buyers and under their terms.
A well thought out campaign even helps in enhancing the quick access to knowing about the product and buying it.
5. Ecommerce Marketing
Global ecommerce sales reached 3.5 trillion dollars in 2019.
Making your brand visible to your target audience on platforms that they frequent will increase their perception of your brand value in ecommerce is priceless.
Communicate brand meaning and what it stands for. The inclusion of this to your branding strategy also serves as a leeway to generating more sales.
Thus, it is very important to only have a presence on platforms which they are on. Being associated with other platforms could affect your brand image negatively- lowering your brand equity.
Customers, especially younger audiences, want to feel that they are a part of a community. If they feel that you are on their side, they develop a strong bond of loyalty. Such clients make large purchases and do so frequently. This loyalty increased your brand equity through customer retention.
6. Email Marketing
Email marketing and other forms of list nurturing refer to marketing to lists you already own.
These are users who have subscribed to your brand via contact forms, roadshows, webinars etc. They could be existing buyers or leads. In doing so, they have informed you that they want you to keep in touch with them.
Remind them of what your brand stands for. Many people are now increasingly eco-conscious. IKEA, for example has invested in sustainability throughout their business operations. When customers are reminded of this, it evokes positive emotions and they want to shop with IKEA again.
By contacting them at reasonable intervals with relevant information, you can expose your brand, products and services to them. This improves brand retention.
You could inform them of new products, complementary services, seasonal promotions as well as give them reminders of offers.
As they say, the money is in the list. Continue segmenting and nurturing your list; it pays to do so.
7. Lead Generation
Instead of promoting only your products and services, you can build brand equity by capturing new market and generating new leads.
Lead generation campaigns can be used on various social media platforms as well as online marketing channels.
This is the best way of getting new people to know about your brand.
Lead generations campaigns begin by exposing new markets to your brand. Relevant potential customers who are interested in knowing more about your story will opt in to say so.
By giving you permission to contact them, you can put them through your marketing funnel to provide them information about that your brand stands for, what products you sell and how they are different from other available on the market.
Lead generation is the number one problem that business owners when it comes to marketing.
Using online marketing channels to generate leads is an effective method to do so.
Building your brand allows you to increase business growth without requiring additional resources. Having a high level of brand equity means that, customers and potential customers will think of you when they want to buy a product.
It also means that brand loyalty among your customers is high. Competitors will find it an uphill task to pry them away from you.
Digital marketing is a very effective tool to build brand equity. While, online marketing might be more cost effective than other methods; but it is prudent that you consciously put aside a marketing budget.
The reason is that the tools might be available but not anyone can run an online marketing campaign effectively. When done poorly, one can burn through their entire budget without getting any positive results.
Unless you have technical experience in getting results from the digital marketing channels you are considering using, it would be wise to consider partnering with professional digital marketing firms.
Contact Blazing Conversions Online Marketing Agency for a more in-depth discussion today. Our consultants will customize a campaign that focuses on building your brand equity based on your marketing budget.