3 sure fire ways to ruin your brand equity
Author Natalie Weaving
Tues 25th Sept 2018
What is brand equity:
The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. And while it takes years (even decades) for a value to be placed on a business’ brand, it can take seconds to devalue or destroy it. In this blog, we look at the three most common ways business owners devalue their brand, sometimes without even thinking about it.
And while it takes years (even decades) for a value to be placed on a business’ brand, it can take seconds to devalue or destroy it.
In this blog, we look at the three most common ways business owners devalue their brand, sometimes without even thinking about it.
1. Not having a clear brand identity.
If you don’t have a clear brand identity, then you are already firefighting when it comes to brand equity. Branding is more than a logo. It is everything from the look, feel, words and more that comes from your business. If the c-suite doesn’t know what the brand stands for or who the target audience is, then you can be sure that the rest of the team have no clue either. The result is that everything from the marketing, products and services come across disjointed and confused. We can bet your bottom dollar that this is not the perception that a brand wants to give. So, take a step back, think about your business offering and who your target audiences are. Then, communicate this with anyone you work with. As the brand evolves, keep reviewing and communicating updates internally. After all, your employees are your business advocates.
Discounting is one of the quickest ways to send your brand equity plummeting. Think about it. We bet that there are some companies that you will never by full price from once they got on the discounting train? Fast consumer moving goods (FMCG), such as food and drink, are classic examples. Admit it, you may even visit a different shop or supermarket depending on where your favourite brands are on offer. Or, you wait for that email from your favourite clothing brand knowing that they are likely to have a sale or offer on of some kind. We know that it is tempting to offer a discount when you have a ‘quiet spell’. But, there are lots of other actions to boost your brand during this time before slashing prices.
Five things to do during a ‘quiet spell’ before slashing prices
- Put together your next quarter’s comms plan
- Produce unique branded content that draws in traffic
- Check your website is performing as hard as possible for you
- Subscribe to a journalist database trial to try and get some PR coverage
- Push for customer feedback via an online or instore questionnaire – or just ask customers ad-hoc for their thoughts.
3. Not setting realistic expectations
This one is for the business owners out there and it is a common one which we often come across. If you find yourself run ragged or feeling like you’re letting down customers, staff and everyone else, left, look at the expectations you are setting for yourself and the business. Are they realistic? For example, if you know that an element of work may take 3 hours, are you basing that on everything going smoothly? How often does that happen? Also, if you are relying on others, have you checked their schedules before setting a deadline or booking a meeting? Are you trying to do everything yourself as well?
None of us are masters of all trades, which is why we outsource functions of our business – so we can get on with growing it. Be kind. Not only to yourself but to give the business a chance to exceed customer expectations by setting goals and boundaries right from the outset. This does not only include time frames regarding work but also working hours, communication channels and outsourcing those tasks that take you triple the time that a specialist would take. It is so easy to kill off your brand equity when you are burning the candle at both ends, and accomplishing nothing more than a mini breakdown.
Brand equity is vital if you want your business to flourish. Give it the best chance by knowing your brand and communicating it in a cohesive way that, no matter where your audience finds you, they know it is you.
If you want to get ahead in business, know your business story and own it. Storytelling is no new concept. Click to find out more.
Entering awards can boost your business and here at The Typeface Group we have five tactics which will help you to do so. Click to read more.
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