Branding is vital if your business stays relevant in the long term. Not only does it make your company recognizable, but you’ll also be able to increase sales.
To put it simply, brand value is the monetary worth of your brand! Think of it as how much a company would offer you for your brand.
Facebook paid a whopping $1 billion for the Instagram acquisition. You could say Instagram’s brand value was $1 billion in 2012.
However, when talking about brand value, some people might confuse it with brand equity. While they might sound similar, they are two different things:
This article will cover the six tips for increasing your brand value.
#1 Listen to Your Customers
If you want to increase your brand value, you need loyal customers. It’s crucial to listen to your customers. If you don’t, you’ll slowly see your customers fade away as they feel you have not heard them.
You should listen to their complaints and find ways to solve their problems. Not only are you able to improve your products based on their feedback, but you’ll also be able to write better marketing copy.
You can send your customers questionnaires asking for feedback. Shopify, Shoplazza, and many e-commerce platforms are integrated with review management or email marketing tools. Use them and improve your customer service.
#2 Focus on Your Unique Selling Points
For a brand to thrive, they need something that differentiates itself from the competition. If you don’t have any, you’ll end up in a price war with other store owners.
So, you need to figure something out when you don’t have any unique selling points. That’s the only way your potential customers will pick you from others, even if your products are priced higher.
#3 Build Trust in Your Business
Do you know one of the most important deciding factors for a customer to purchase from you? It’s all about how trustworthy your company is. If it’s not, people will likely not buy from you as they don’t want to risk losing their money.
There’s no easy solution to increasing trust in your business, but here are some ways:
#4 Make your Employees Your Brand Ambassadors
Nowadays, people are not interested in corporate talk. Instead, they are more interested in who is behind your company!
So, what better way to increase your brand value than by making your employees your brand ambassadors? With it, you’ll be able to raise your brand awareness, which could lead to sales in the long term.
However, for this, you will need to find a reason for your employees to become your brand ambassadors. That will be the only reason why they’ll share your content.
#5 Keep Innovating Your Business
If you want your brand to thrive in the future, you should never stop innovating. That’s because every company is looking to get ahead of you.
So instead of letting them do that, try to experiment continuously and find new ways to innovate. That is the only way your business can stay relevant and increase brand value!
#6 Maintain Your Product Quality
However, when innovating, you must be careful as your products should always maintain the quality your customers expect from you. If you don’t, you’ll just get a lot of disappointed customers, which will hurt your brand.
Instead of doing that, ensure your products will always be of the expected quality, and you shouldn’t see your business crumble.
Those were the six ways you could increase your brand value. Remember, if you bring more value to your customers, you’ll receive more value from them in return.
(Contributed by Andreas Ojala & Hermes Fang)