Products are made in the factory, but brands are created in the mind. The physical value of your products may be easy to calculate, but your consumers' perceptions are what really determine the value your brand and products have in the marketplace.
Because of this, your ability to build value into your brand and communicate that value to customers through your marketing is essential to the long term success of your company.
The benefits of building a good brand
Brand equity is the perception customers have of your products and services based on what they think of your brand.
It’s difficult to assign a monetary value to a brand, but no matter how intangible brand equity may seem, a strong brand reaps considerable business benefits from:
Awareness
Reputation
Credibility
Customer satisfaction
The mindful consumer is willing to buy, but craves value. In the search for value, they consider factors like:
Research: Certain of the buyer’s journey is completed digitally meaning the mindful consumer wants and has a lot of information on their side about which companies have what they want.
Social Evidence : Having a great product isn’t enough. The mindful consumer looks to online reviews, peer recommendations and social media profile for evidence of a well-liked product.
Identity and preference. Customers are mindful of a relationship between their purchase decisions and identity. They are looking to make a purchase decision which suits their personal brand.
Ways to communicate brand value
1. Assuming brands are created in the mind,’ it’s vital to understand how to market your company to positively so as to affect the perception leads and customers have of your brand.
2. To be perceived as valuable, your brand has to stand out from the herd -be a rainbow lion. A strong brand is about superlatives: the best customer service, most innovative, the happiest employees.
.3. You have to find a group who really desperately cares about what you have to say,’
4. Design is visual communication. How you use colour, shapes and font or organise elements on a website page, email campaign or even a product package will dictate whether or not your brand is perceived as valuable.
5. In the same way beauty is in the eye of the beholder, all value is perceived value.
6. Content is a prime way to communicate your brand’s value and continuously increase its strength. Content can demonstrate thought leadership to your audience, helping to build trust, as well as delight customers into becoming loyal brand advocates.
7. Tailored content is the start of a long term relationship. If you continually produce content that interests leads and customers, you can keep them coming back to your brand and build loyalty.
