Building Value In Your Brand
When you think about your best friend, what do you think of first?
Maybe they are always there for you, you know how kind they are, and the joyful memories are endless. This is the personal value you have created and defined in association with the name of your friend and what they mean to you.
There’s no difference when you build value surrounding your brand. It is an identity – an entity – that each consumer or potential associate relates to. That means the value of your brand is the most important part of creating your business to go from awareness to thriving in your community. You want your brand to become your customer’s best friend.
How Do You Measure the Value of a Brand?
When you look at your business, create a checklist of its value. Know what it stands for and what you offer to your customers, not in terms of products or services, but by thinking about how it helps others. Use the following questions to reflect on your brand:
- What does my brand offer that no other company does?
- How do I add something significant to help someone in their lives?
- Does someone think of my business positively or negatively and how? For this question, think of the honest feedback you have received. Use it as a jumping point to become an even better brand.
- Do I have loyal and returning customers?
- How many people know about my business in a given area?
- Name the top 5 qualities that your brand has that differs from your competitors.
The more you reflect on these questions, the better your brand becomes. Continue to analyze and look at what you are doing to stand apart and what you can do to create even more loyalty with your customers. A brand audit (https://www.score.org/resource/how-do-brand-audit) is one way to continue to reflect on the success of your brand value. It represents what your brand offers and why potential customers want to associate with you.
Is Your Brand Really Important?
When someone refers to a brand, they are not looking at your products, services, your location or your price point. They are looking at the name of your business and what it stands for. Yes, all of these concepts are entangled and differentiate your brand. But, to truly have value, your brand needs to stand out from the crowd.
You also need to protect your brand so it maintains awareness and identity in a positive light. In this article (https://www.searchenginejournal.com/protect-brands-identity/110251/) it shows you practical guidelines for trademarks, patents and managing your reputation. Make your brand so strong that it is recognized in a crowd of thousands. Make it so unique that it is instantly recognized for what it offers. And, make it so valuable that customers will pay any price to support and be a part of your brand.
Your brand (name, logo, and identity) immediately creates a response from potential customers. The response is based on how much they value what your business is and what it offers. Everything you relate to in your business creates your valuation – either positively or negatively. With every service or product you offer, you are telling your customers who you are as a business. With every conversation you communicate, whether it is through social media or a newspaper ad or as customer support, it is telling your customers exactly who you are as a brand. Everything comes back to a single name and what it represents to those who associate with you.
Continue to reflect on the value of your brand. Let your business become a best friend to every customer. Build recognition and a sense of loyalty to everyone you offer products or services to.