Invoice Bazaar Blog

What are the various steps towards building strong brand equity?

By Invoice Bazaar | October 26, 2021

Brand equity is the intrinsic value that your brand name brings to your company. It can be determined in several ways, such as by the long-term customer loyalty or price premium you can charge over competing products. Brand equity is also measured by repeat customers, ease of acquiring new clients, and emotional capital. Your company and product are perceived to have achieved high brand equity when consumers prefer to stick with your company and product despite having substitute products and options to choose from. The goal of all branding exercises is to increase the brand equity and profitability of the company. Some of the steps involved in building strong brand equity are as follows.

Generally, efforts towards building positive brand equity tend to focus on seven aspects: value, communication, awareness, reputation, emotional attachment, collaboration, and compliance. Brand associations matter very much while building brand equity, and they can range from the choice of brand ambassador to visuals such as logos and designs. The most crucial step while building brand equity is to establish a brand identity. Tell your brand’s story, define what your brand should mean for the consumers, and then drive brand awareness by increasing its reach and exposing consumers to repeated impressions through as many channels as possible. Brand presence can be reinforced via media campaigns, social media promotion, content marketing, influencer endorsements, and reviews generated by users. 

Once the primary promotional part is over and brand awareness is achieved, focus on building and preserving brand credibility by ensuring a positive customer experience, efficient after-sales services, and excellent helpdesk support. After that, shift to brand reinforcement and build emotional attachments through customer loyalty programs, association with altruistic causes, and other means. At this stage, emphasis should be on consistent improvement of customer experience, product and service features, and forging solid relationships with clients and other stakeholders. Continuous customer engagement across communication channels ranging from phone calls to newsletters and social media and videos hold the key to building strong brand equity and achieving business objectives.