Branding, which is a mixture of multiple marketing components, helps potential customers recognize who you are. And based on your marketing and branding strategy, it provides them with a perceived value of your company. But how do you get customers to value your brand compared to other brands? This can only take place through an effective marketing and branding strategy that provides you with a marketing edge compared to companies who do not implement these strategies.
Your brand suggests to your potential customers what they can expect when you deliver products and services to them. It also suggests how you differentiate what you offerings from what other businesses offer in the same industry.
A marketing and branding strategy also sets you apart from your competitors. It is comprised of multiple marketing tactics that lead back to who you are in the marketplace and the quality of the products or services that you provide.
But how do you know if your brand is well-received by your potential customers? Are you sending the right messages? Are you reaching the right audience? Are they responding to your marketing messages? Below is some information about how you can best determine the impact that your brand has in the marketplace and how it is perceived by your potential customers.
Your Brand and Your Image
Your brand is a representation of your business, even when you’re not around, there are various marketing tools that can be used that suggests who you are and what you do. This could include the prices you charge, what you stand for, .the quality of your work, your professional ethics, your geographical target market and more. All of these areas and more can be used to get your customers to recognize your brand. For example, you could have marketing messages designed to reach your targeted customers, a logo that includes certain colors, slogans, and taglines or other marketing messages. Your brand could also be a great experience as a result of your products and services.
Branded messages could consist of content that reaches your targeted audience where they are. On their most visited social media platform. That way they will become familiar with you and your brand. This allows your target audience to see you as the expert and as a company who can solve their problem and meet their needs. In doing so, you develop trust as you establish a relationship with them. Over time, your brand will begin to acquire value as your perceived value increases after implementing more marketing and branding strategies.
Determining Your Brand’s Value
After implementing marketing and branding strategies over several years, your brand will likely developed more value today than it had when you first started. Your brand likely carries more equity today and can be considered an intangible asset. However, when you evaluate your brand’s worth, you may be surprised at its true value. When you consider intangible things such as trademarks, logos, slogans and taglines, jingles, and other digital assets it may very well prove to be worth more than you ever imagined. In fact, when you think of popular brands such as Coca-Cola, Apple, IBM, Google and Microsoft, all of them have brands worth between $45 and $100 billion dollars.
It’s important to determine your brand’s worth and find ways to manage them. You will need to implement a Brand Asset Management program that allows you to not only manage your digital assets, but to also keep them organized and determine which ones are contributing to your ROI the most.
There are several methods to determine the value of your assets. But when looking at your brand’s value from your customer’s viewpoint – which the Harvard Business Review refers to as Customer Value Models – brand valuation models are based on an assessments of both the costs and benefits of a particular product or service offering.