Business owners are aware that building brand awareness is necessary to succeed. But your job doesn’t get any easier even after you’ve established your own brand. In fact, this is only half of your battle. You also need to ensure that your brand equity is protected at all costs. But what is brand equity anyways?
Brand equity is the value of your business from how your consumers interpret your brand. It illustrates just how strong your brand is in the eyes of the consumers. However, one can measure brand equity in two ways. The first one is the brand owner’s perspective or your viewpoint about your brand. The second one is the consumer’s perspective or what consumers think about your brand.
If you’re looking for ways to safeguard your brand equity, know that you’re in the right place. Here’s what you can do as a head start.
Be consistent in promoting your brand in all channels
Make sure that you have consistent brand identity to attract more clients and keep your old ones. This is to avoid confusion and build loyalty. It also encourages consumers to patronize your brand consistently. Your logo, brand details, product presentations, and customer service should all be consistent.
Ensure that all vendors are compliant with the MAP policy
If you are now distributing your products to multiple vendors, it is a must that you keep an eye on their pricing. This is to ensure that all vendors adhere to your minimum advertised pricing policy. Many reliable companies can give you the online pricing solutions you need.
Protect your brand and trademarks the legal way
Many companies are fond of copying your business ideas. Some would copy your brand name, your services, up to the patent and exact products that you have to sell. This does not only create confusion among customers. It can also affect your sales in more ways than one. For one, they may sell similar but low-quality products at a lower price. Misuse of your brand name and products can also tarnish your brand. This is why it is must that you take legal actions to safeguard your brand, products, and trademarks.
Train employees to act in alignment with your company’s core values
Your employees can either help build or ruin your brand equity. The reason is that they can both act as your company’s offense and defense. They are the first ones to interact with consumers, so it is a must that they act following your core values. If not, this can result in issues that can then affect your brand’s overall image. Even one negative employee can tarnish your brand’s reputation. So make sure that all of your workers are trained to provide excellent support.
Think of brand equity as what consumers think about your company when you’re not in the room. Of course, any business owner would want positive brand equity. It is vital for your brand’s ability to gain and retain customers and your overall success. Keep this list in mind, and you can start building better brand equity for your company.