Brand Value
What role does brand value play in the growth of a business? Before finding an answer to this question, it is important to know what brand value is. Simply put, it is the extra amount of money a business can make from its services and products based solely on the name of its brand. In short, your brand value is established when your customers start visiting your business more for your brand name than your services or products.
Let’s take an example to understand this concept in a better way. Say for instance, you are the owner of a McDonald’s outlet located in Cerrillos Road, Santa Fe. Just because McDonald’s is one of the most popular fast food restaurants in the world, it is very evident that you’ll have the first preference over other fast food joints for the people of Cerrillos Road.
So, is it possible for a small business like yours to have a brand value? Oh yes, it is! But there are obviously a few key factors to keep in mind. How will you create a brand value for your small business? Let’s have a look:
Quality:
It doesn’t take a rocket scientist to decipher that quality is the benchmark. It is first and most significant while building the brand value. For this, you need to understand what your customers are looking for. And you need to deliver them every time, without fail. The quality of your services and products should always be able to please your customers, if not exceed expectations. This will improve the number of repeat customers, and also increase word-of-mouth promotion.
Communications:
Communications help in developing a brand. Every part of the promotional mix should be developed in order to maintain the opinions of your customers. Creating awareness is your prime challenge, which is followed by development of brand personality and solidification of the opinions.
Positioning:
Your goal is to have a clear and distinct position in the target market. And in order to achieve what you desire, you need to bring together product assurances, service values, image, brand name, packaging and the way it is delivered. Only when a successful grouping of all these things take place can you expect favorable results in positioning.
Repositioning:
Why reposition from a certain place or standard? This mainly happens when a brand tries to change its position in accordance to the changing tastes of customers. So whenever there is a slack in the business, it means that customers are not liking you as much as they used to do. The reason is your lack of innovation and the same old mundane ways. Look into the matter closely and set your new priorities smartly.
Internal Marketing:
External marketing is all fine, but what is marketing internally? In order to achiever success and create a strong brand value, it is important the entire business is aware of the brand standards and positioning. This is important when a vital part of the brand value is the feature and nature of the service your business provides.
So there you have it, the 5 factors which can help your small business create a great brand value. Follow this steps thoroughly and feel the change yourself.
Hello, i am Robert Wilson from Los Angeles and am an Internet Marketing Expert. I am helping small business to get success in internet promotion and branding.
