Brand equity refers to describing the value of a brand.
How do your customers perceive you? How do they associate with you? How has their experience with you been? Are they loyal to you?
Building brand equity means building the value of your brand, which obviously is the most important marketing sphere. The value of the brand is determined by the customer experience, how you treat your customers is the scale to determine your brand equity.
Why is it important?
Brand equity builds your reputation in the market and thus maintains customer loyalty and helps you win the trust of new customers. If your customers have had a pleasant experience with your brand, they will consider turning back to you whenever they need you in the future and even your brand to a friend who is in need of your services.
This will help you broaden your customer base by attracting new customers and holding on to the existing ones.
How to build brand equity?
As brand equity is all about how your customers perceive you, your main job here is to please the customers and shape their opinion about you.
Interaction is important
The more you interact with your customers, the more they feel connected to your brand, and thus they are more than likely to hop back to you when they need to or even refer you to their friends. The interaction also helps your customer build a loyal relationship with you. You might as well want to reward them for that, a special offer for regular customers.
Smooth and quick services
The most basic thing customers expect from a brand is smooth and quick service. They need to get a piece replaced as it was damaged, the longer you make them wait the more it will affect your brand equity and cause it to be negative, whereas if there is an instant replacement available, it will turn towards positive brand equity and that’s what you need, isn’t it?
Feedback
Customers loved your services but only you know about it, is that it? A big NO!!
You need feedback on a platform that is visible to the world, ratings, and feedback on your website, or sharing pictures and videos of your happy customers. Every feedback is important to fetch new customers and let them trust you and your brand.
This is the basic gist of what is brand equity and how to build it, follow these simple but extremely effective techniques and let’s see how it turns out for you.