Brand equity is the glue fusing customers to your business, and your business to success. It is undisputed that however loyal a customer may be, he will take his business elsewhere if he feels your brand value is dipping. Therefore, it is important to maintain brand equity if your business has to survive and thrive. These tips will tell you how.
Evaluate and troubleshoot:
Analyze the impact generated by your brand when it first entered the market and what was your USP (unique selling proposition) then. Figure out whether your brand still excites your customers and if it doesn’t then you need to find out why.
Modify your promotional advertising
strategies periodically with creativity rather cash. For example if your company gives out custom bags
every year, experiment with varieties like eco-friendly drawstring bags
or recycled totes that will infuse a new flavor into your brand marketing campaign, without overshooting your budget.
Use your customers as a guidebook: You may be aware of the trends in the market, but your customers make up the market and hence are first-hand sources of information about what makes or breaks a brand. Ask your existing customers to review your brand and suggest ways to improve it. Conduct surveys among your potential customers as well and ask them what you could incorporate to make your brand more appealing to them.
Track your competition: Maintaining brand equity is not about you being good, but about being better than your competitors. Your competitor can be a learning resource for you too. Track his strategies and you may learn an important lesson or two about how to make your brand better than his.
Use these tips and your brand’s equity will reign over others.