Components of Building Brand Value
It’s hard to plan your marketing without first understanding your brand’s value. About 80% of marketers say brand awareness is one of their greatest differentiators. Yet, 76% can’t tell you what percentage of customers can actually pinpoint what their brand is. That’s why assessing brand value is so critical. You can’t know what to say about your brand if you don’t know what customers are thinking. To chart your path forward, follow these three steps.
|1.||Find Your Sweet Spot and Stay There
Loyalty follows consistency. In fact, 90% of consumers both crave and expect consistency when engaging with brands. That means your social media, advertising, website, and other communications must all share the same message, same approach, and same voice.
|2.||Identify Where Your Brand Is Now
Begin with a thorough, unbiased evaluation of your brand’s foundation. Conduct focus groups to identify your current market position and brand perceptions. Be sure to assemble groups that truly represent your customers. And use an unbiased moderator capable of reading subtle body language and intonation.
|3.||Walk Your Brand’s Talk
Studies show 45% of your brand’s value can be attributed to your words and actions. But if your message and your actions don’t align, your customers won’t buy into it. So make sure your business can deliver on all of its marketing promises, before it makes them.
Once you know where your brand is, and where you want it to go, you’ll experience a brand journey that encounters fewer bumps along the road.
Based on Before Building Brand Awareness, You Need to Assess Brand Value. Here’s How to Do Both. by Dara Treseder.