One of the most challenging conversations you will ever have is to explain the power of brand and branding expenditures in a small business context. Most of us find the notion of "brand" hard to define, though we know a superior brand when we see one. How does a strong brand make a company better off? To answer this question, we list six common ways a strong brand can improve profits.
Brand equity, the corporate staple measurement of brand strength, is an acknowledged measure of the value of a brand. Brand equity considers many of the abovementioned variables: customer loyalty, name recognition, customer awareness, and market share. However, name recognition and customer awareness are often difficult to measure in a small business context. This challenge is prevalent in small businesses with no market research budget.
What to do? Instead, take a baby step. Consider concrete actions you can take to learn what your customers think of your brand, then work to improve it by working through the list above. We'll share ideas on ways to enhance brand equity in upcoming posts.
Happy brand building!
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