The 4 key elements of brand value
If we asked you what brand the colours red and yellow bring to mind, what would you say? Chances are: McDonalds. A certain shade of blue on a car? Classic Subaru. Yellow and white diagonal stripes? New Zealand Government announcements during the COVID-19 pandemic.
These are all part of a strong brand value or equity. What is brand equity? Brand equity is the value and power that your brand holds in the mind of your customers.
Today we’re taking a quick tour through the four main elements that define brand value.
1. Brand Awareness
Brand awareness is simply how well known your brand is to your customer. Brands with high value will be ones that a customer easily remembers. Their name, logo and taglines are easy to recall. Think of a colour. Say it’s blue. Out of all the thousands of shades of blue and all the millions of associations they have in your mind, a specific brand comes to mind. And what brand is that? Subaru. A brand that springs to the front of your mind is a brand that has high value and awareness.
Brands need to stand out from the crowd. It’s not enough to be “oh, that pink company, you know the one…” What’s your point of difference? Do you have a brand story? Does your brand differentiate itself from others in your industry? What unique value does your brand bring to your customers? Each distinctive element that your customer sees in your brand compared to others will add to your brand equity.
3. Perceived quality
This simply means how your customer regards the quality of your brand. Many elements come into play when your customer makes their judgement about quality. Is your product reliable across decades of hard use? Is your customer service outstanding? Are your deliverables in a league of their own? A customer builds this perception based on numerous experiences with your brand. From design to customer service, each interaction they have can impact the perceived value of the product or service you offer.
4. Brand loyalty
Brand loyalty is one of the most desired elements when it comes to building your brand equity! Effectively, it means your customer is your biggest fan. Maybe you helped them out when another company didn’t. Maybe you stocked something they urgently needed. Maybe they just click with one of your staff members. Whatever sparked their loyalty, it means not only will they buy from you again (and again, and again), but some of them will become your brand champions. These champions will sing your praises, recommend you to friends and foes alike, and write glowing testimonials for that all-important website or social media page.
And there you have it – the four main elements of brand value. What element do you find most important? Have you become a brand champion, and how did they win your loyalty? Let us know in the comments below.
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If we asked you what brand the colours red and yellow bring to mind, what would you say? Chances are: McDonalds. A certain shade of blue on a car? Classic…
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