Brand Equity 101: Taking Your Brand from Unknown to Unforgettable
Without a doubt, McDonald’s is one of the most recognizable household names globally. Some speculate that children as young as four or five years old can recognize those iconic golden arches as a symbol for McDonald’s. So, then, why is it that you can’t watch twenty minutes of cable TV without seeing an ad for good ol’ Mickey D’s? It’s not because McDonald’s needs to be more well known; it’s because of the concept of brand equity.
Brand equity is a term that refers to the market share a particular brand possesses, in other words, how much clout a specific brand has in the minds of consumers in terms of being well known and easily recognizable. Brand equity is the concept that elevates businesses from “just-getting-by” to iconic, the notion that can skyrocket your business into the limelight.
How (and Why) to Create Brand Equity in Your Business
Brand equity is about more than just elevating your brand to become a household name within the world of cannabis. Prioritizing brand equity in your marketing strategy establishes trust with your customers and turns them into loyal patrons that want to keep coming back to your business- maximizing your ROI.
In today’s market, it isn’t enough to build a unique brand or advertise strategically; you need to engage with customers authentically. Think about it like having a conversation with your consumers. If you do it right, you create an opportunity for customers to engage with your brand and products while showing them that you value them and can “speak” back to them through loyalty perks, exclusive events, and more that create value.
This is crucial because, as recent research from Gartner shows, 80% of consumers refuse to do business with brands they don’t trust. Conversely, brands that prioritize dependability and trustworthiness in their industry are three times more likely to win consumer trust. So, how do you use brand equity and reliability to transform your business?
Creating Your “Sweet Spot” for Cannabis Marketing Success
To maximize your brand’s market position and marketing strategy, you need to find a “sweet spot” that allows you to position your business as one with a unique brand identity, a reputation for being trustworthy, and a solid marketing plan to reach new and returning customers alike.
A great example of brand equity in action is customer loyalty perks and rewards. Think about the times when you felt particularly valued and influenced by a brand. What kept you coming back? Creating a loyalty program, rewards points, or the occasional special offer is a great way to add to the experience your brand provides customers.
Creating a memorable experience for customers isn’t just about brand loyalty; it’s about getting comfortable thinking outside the box. Going the extra mile to offer something unique or unusual to customers shows your investment in their experience with your business and is more likely to keep them coming back for years to come.
Are you looking to build awareness for your brand and increase brand equity? Contact us to learn how our suite of digital marketing strategies can help you connect with more customers than ever before.