Brand Value of a company
Brand – A brand defines the personality of a business. It is the way in which a company, organisation or an individual uses it in terms of name, term, design, symbol, words or combination of these to create an image that builds a recognizable feeling about a product or service or business among customers.
Brands are usually protected from use by others by securing a trademark or service mark.
Branding has evolved as a corporate strategy in recent times. All business organizations in all sectors follow the strategy of building their identity through corporate brands rather than product-related brands. Branding is definitely a marketing strategy. Over the years, we see new concepts of brand value, brand power and brand equity being introduced.
The financial worth of a brand is called brand value. The brand value is determined by estimating how much the brand is worth in the market.
Aspects of Brand Value
Brand consists of two main aspects i.e “Internal” and “External”
- External aspects mainly consist of visual and Voice identity which includes your Tagline, tone, logo, colours and communication styles.
- Internal aspects are the ones that help you complete your brand. It shows the aspect through which the business owner wants to convey to the public about the product or service before even thinking of designing a logo or coming up with a tagline.
Impact of brand value
Strong brand value can influence the choice of a customer and helps in creating brand loyalty, creates and motivates talent and the cost of financing is also lowered.
How is brand value measured?
This is the relevance of the credibility and awareness of the brand.
This is anything that creates a positive or negative feeling or relationship towards the brand. This can be based on functional benefits, emotional benefits, social benefits, a brand’s personality etc.
Customer’s loyalty keeps the business running. Customers who believe in the value of the brand’s products will not choose another brand over the brand that they prefer.
Strategies to follow for a good brand value
If your business has appealing policies that are unique from other businesses, it tends to attract more customers which in turn increase the brand value.
Creating an open forum
The value of your brand increases when an open forum is created for people from various fields to share their views and ideas.
Publicity through word of mouth
Word of mouth publicity is another strategy that can be used for increasing brand value. This strategy helps in spreading product or service information through customers. For the excellent word of mouth campaigns, the company has to give unique services with key features that stand out from the rest of the businesses.
When your brand is easily accessible by the public, it increases the brand value. Easy accessibility creates more profits for a business as well.
With social media gaining publicity, it is a great platform to increase your brand value. Creating interesting content about the company and being open to discussions with customers will definitely increase your brand’s network and thereby increasing the brand value.
Strong brand value is important for marketing your business. The value of your brand will drive more traffic to your business. By increasing your brand value, the growth opportunities for your business will also increase.
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