Brand value is the financial value of your brand; in short, how much your brand is worth. It may seem difficult to measure as brands are built on reputations and promise. However, brand marketers can use different methodologies called ‘brand valuations’ to measure the exact financial amount. They do this by measuring and reviewing production, market and profits costs from each other to come up with a total.
Increasing your brand value, or in other words, increasing your revenue, begins by first measuring exactly how much your brand is worth, then employing certain marketing strategies to increase the value. Such as innovation, keeping on top of consumer changes and overall staying passionate about your product.
Here at evolve we consider brand marketing is fundamental to your organisation itself. Without a steady yet flexible look at your brand it is difficult to keep the marketing momentum needed for a sustainable business. There are many strategies that marketers can use to increase brand value, but here are the most widely used steps:
Define your brand
Returning to your business beginnings and defining your brand again will clarify your position in your market. Whether your are a large corporation or an SME, taking the time to look at your product or service and redefining the prominent characteristics by understanding what makes it great, is the first step in increasing brand value.
You’ve done your research, launched your product, and built your brand, right? Does it stop there? Never. Brands are built on reputations, but these can change or alter when consumers change or perceive your product in comparison to others. Researching your consumers about what they are buying, where and for what price is essential.
Do your competitors offer better value or service for less? If so, understand why your potential customers are shopping elsewhere. Having great customer care along with value for money is essential and will build your brand value. Finally, loyal customers will provide feedback to your brand. Get reviews, and listen to them!
Big brands like Coca-Cola have done little to change their flavour because their originality, and consistency has kept their customers loyal. However, their innovative marketing campaigns have led the way of marketing for others, and resulted in them having the largest brand value of any product.
What the cola company can show is if you have a product that customers like, innovative changes don’t have to be huge. Small changes to your product to enhance them may all be needed. What is needed is different marketing strategies to create larger customer base. Remember you cannot sell to everyone, but there are those on the fence. Finding out what those potential customers needs are and innovating to provide those needs will help build brand value.