As you know, brand equity is the value of customers' perceptions of your brand. Unfortunately, negative brand equity can mean misalignment between your brand and consumer opinion. This can ultimately hurt profits if not managed and maintained. That's why building positive brand equity is crucial for success.To build positive brand equity, especially for franchise marketing, marketers need to continuously monitor customer engagement and sentiment. By utilizing proper marketing tools, companies can track consumer behavior, opinions, engagement, and loyalty to determine the positive and negative impact on brand value.
How to Build Brand Equity: 3 Key Components
As such, gathering and analyzing consumer data plays and integral role in monitoring the following components of brand equity:
1. Brand Awareness
Brand awareness, is the concept that the more consumers are aware of your brand, the more likely they are to become potential customers. Generating brand awareness can be tricky for startup businesses, but there are many avenues they can take to get branding in front of consumers.
Search engine optimization (SEO), email, and social media marketing are all popular tactics brands employ to get customers to engage with and remember their brand. Understanding target audiences and tailoring marketing content towards their interests or behaviors can make each interaction even more memorable.
When messaging and design aren’t consistent, customers are less likely to remember or trust a brand, which is why brand compliance is vital to business growth.
2. Brand Compliance
Brand compliance is the implementation and maintenance of a company’s unique identity in the marketplace. Through universal messaging, tone, and design, companies can build worldwide brand recognition.
To maintain brand compliance on a large scale, franchises, and multi-location businesses have adopted distributed marketing software, like CampaignDrive, to provide a centralized hub for marketing and design assets. Marketers and designers from disparate locations can quickly create on-brand content from approved templates.
Brand compliance adds positive value to brand equity by creating a consistent experience for consumers anywhere in the world. By consistently meeting the expectations of customers, stronger relationships are built, increasing brand loyalty.
3. Brand Loyalty
Lastly, brand loyalty is a key component of brand equity that businesses strive for. Customers who continue to buy from or positively engage with your brand become valuable assets to brand equity. These customers may wear, share, talk about, and recommend your brand to others, spreading the positive sentiment around your brand. In HubSpot survey, 81% of participants said they trust their friends and family’s advice over advice from a business.
To capitalize on brand loyalty, companies often create incentive programs to increase brand engagement and reward their best customers. These programs may cost businesses money to implement, but it costs more to acquire a new customer than to retain an existing one.
CampaignDrive Powers Brand Equity
As loyal customers have even higher expectations for their favorite brand, they expect a certain level of engagement, perks, and consistency that need to be maintained through marketing efforts.
CampaignDrive is a cloud-based SaaS marketing platform that increases brand equity for franchises and multi-location businesses. Marketers and designers are given the tools to improve brand awareness, compliance, and loyalty through consistent and engaging content.
To get started, we recommend taking our software our for a free test drive. Experience first-hand how system administrators, designers, and local marketers use CampaignDrive to power value-driven customer experiences and deliver on-brand creative across the distributed network.