Brand equity is a term thrown around all the time in the business world, but do you know what it really means?
Our 8th blogcast focuses on this and not only helps you learn what it is but teaches you how you can access it for your business.
When you think brand equity, big business probably comes to mind, and because they have so much money, they can basically buy their equity, while small and mid-sized businesses have to earn theirs.
Jessica uses Oreo as the perfect example of this, in the last few years, have you noticed the enormous amounts of Oreos in the cookie aisle?
If the answer is yes, our next question is, do you know why?
It’s not because everyone just loves them, it’s because of shelf space. Oreo knew if they came out with more and more flavors of cookies they would dominate the cookie aisle. But if we keep this cookie analogy up and compare it to a small cookie company, they would need to really understand their customers and where they’re shopping, so they can put their cookies in front of them in another way.
Some examples of earning brand equity even come after the sale, so that the customer associates that product or service with your business, and they refer back to you when something comes up or they need to use your product or service in the future.
This just shows how you have to have your brand equity ingrained into your messaging and strategy as you have to be conscious of it in each step of your sales pipeline. Having positive brand equity also means that you come first in mind before competitors in the eyes of your clients and customers as they know your business is trusted and reliable, even against big named brands!
Watch our latest blogcast and walk through finding your brand equity with the help of our founder, Jessica Scanlon, and our Director of Strategy, Kevin Ring, and stay tuned for episode 9, Common Marketing Myths Part 1.