Brand value is the perceived value of a company or product above and over the actual price tag.
By improving brand value; you can increase the consumer demand, improve the gross margin and generate higher revenue.
So, creating brand awareness, or increasing brand value – You not only make people believe in your products but also help your business for long-term success.
Check out the mathematical aspect of BRAND VALUE:
BRAND VALUE = Value of total outstanding shares of the company in the equity market – Total assets (from Balance Sheet)
5 Strategies to Improve Brand Value of a Business
1. Quality matters
Do you know – Why lots of people prefer Pepsi or McDonald Burger? Why not other cheaper brands available in the market?
Because people see the quality in it. Yes, when it comes to business “Quality is the KING.”
While buying products, consumers ensure that they fulfill their needs, its durability, and above all meet their expectations. Quality is a great motivator for consumers to choose a particular brand over others. Improving quality means improving brand value.
2. Better value
Whenever I think of buying a pair of sports shoes, I go to a nearby Reebok store. Do you know why?
Because the comfort, functionality, and style I’m getting are much more than the price I paid. I can easily get a pair of unbranded shoes at a much cheaper price, but I know it can’t fulfill my requirements.
Consumers look for the extra value, or the added value in a product while buying. If you really want to increase the brand value of your company or product; deliver more than what people expect. Surprise them with the added features or added advantage.
3. Great customer care
No matter whether it is Pre-sale service or Post-sale service, communication with your prospects or customers in a better way make them believe your brand.
When you speak to your consumers, talking about the pros and cons of your products, they show more faith due to increased transparency leading to conversion or sale.
4. Brand awareness campaign
To create an image, or to ingrain an image inside the brain of consumers you need a well-planned brand awareness campaign. A campaign which can create a mass hysteria to buy the product.
Your campaign should focus on the age, sex, economic status and educational qualification of the targeted consumers. The campaign should also cover the on-line and off-line media.
Beside the electronic and non-electronic media like online ad, newspaper and TV, your campaign should also support a social cause. The awareness campaign usually creates a brand image inside the consumers’ mind, which compels him or her to buy your product instead of others.
5. Brand owner’s image
Yes, it works like a charm! People like to associate them with the brand as well as the brand owner while buying products. In the process, they feel proud of being associated with the owner.
A clean, influential and professional image of a brand owner helps to improve brand value immensely.
Now it’s your turn to add a tip or two to improve the brand value of a business or product.