3 Phrases to Build Brand Equity in Your Business

Nike’s “Swoosh,” Mcdonald’s “Golden Arches,” Starbucks Siren, and Ferrari’s “Prancing Horse. These logos instantaneously convey “Brand Awareness.”

At prima facie, most public can recognize these logos and the companies and products they represent.

That’s the power of a firmly established and well-strategized "Brand Equity."

It generates "recall," making your company and product recognizable about the identity you have created for yourself and your company.

What is Brand Equity Anyway?

Brand equity describes a brand’s value as profoundly grounded in consumer perception. That perception is based on their personal experiences with the product or products. If the perception is generally positive, your "brand equity" exponentially grows.

Your brand and company become easier to remember, its value increases, and it makes more money.

How Do I Make My Brand Equity Thrive?

Phase 1 - Make them Aware that your brand exists

This should be an obvious step to building brand equity as it’s a no-brainer—if nobody knows you are out there, nobody would care. Raising brand awareness is one of the primary goals of developing robust brand equity.

Here are a few simple steps to increase brand awareness:

1. Use all possible social media platforms like Meta, IG, YouTube, Tiktok, and others to create content that would directly link to your website to get the word out that you have what they are looking for.
2. Setup an email marketing system. Gather leads with consumers’ permission and keep them updated on your products.
3. Collaborate with other entrepreneurs or content creators to create much-needed clout.
4. Use Google Ads.

Phase 2 - Be Sure of Your Brand Identity and Its Meaning

Consider the overall impression you want to project; your products should reflect who you are.

For example, suppose you want to set up your brand identity that revolves around being environmentally friendly. In that case, you should set up your logos, colors, slogans, packaging, and products to clearly communicate who you are.

Phase 3 - Create a Positive Brand Image

Remember that brand identity is more of a facade or the outward perception of a brand. Brand image is the perception of brands by consumers based on their own subjective experiences. Brand Identity is in the owner’s complete control and what he wants to communicate to consumers, while Brand Image is the opposite.

Here are a few steps to create a positive brand image:

1. Do your research and know your customers. Design your products or company in a way that sends a clear message to your targeted consumers and their needs.
2. Be creative yet specific. Ensure that your slogan, logo, fonts, packaging, website design, and so on are all designed to appeal to your target consumer while remaining true to your brand identity. For example, if you are in the dropshipping business, your colors should be vibrant and not dull, and your website should be easy to use yet look professional. It should be organized in a way that is not too focused on aesthetics yet still looks the part.
3. Once you have thoroughly planned your move, it’s time to let the world know about it through social media, not just Meta but others like IG, Tiktok, and Youtube. The more platforms you use, the better.
4. Make use of e-commerce platforms. This is one of the best ways to lessen the hassle and stress of designing and building everything from top to bottom. There are platforms such as Amazon, eBay, and Shoplazza that can bring to life your dream "look and feel" for your business image.

Conclusion

Consumers, including you and I, make split-second decisions in choosing a product. It follows then that brand equity is one of the foremost determinants of whether your business dies or thrives. If you create substantial brand equity, you will most likely survive the competition and emerge as one of the champions.

(Contributed by Renz Moralde & Hermes Fang)