I’ve been reading some background on brand equity recently, and it occurred to me that even for those of us who don’t work for major brands, there’s something to learn. Among the factors contributing to what makes a great brand are awareness, differentiation, value, accessibility and connection. These are what the great brands have. We might be a minor player in the market, but if we work on these, it can surely only do us good.
So let’s look at each in turn. Awareness I’ve mentioned quite recently. I’m convinced there’s a clear best place to improve your brand recognition nowadays. Your aim should be quite simple: when a prospect needs a product that you sell, and sees your advertisement, they’re immediately comfortable with proceeding further, because they’ve seen your name before in this context.
Differentiation is something which you should constantly be working to establish. Understand what your unique sales proposition is and focus on this throughout different marketing projects. Value is similar: make sure you know your place in the market (top end, low cost or whatever), and that your prospects do too.
Accessibility refers to the availability of your products or services, and can be neglected by companies which are a little too self-absorbed. The internet has brought the world to our desks, and prospects are being assailed by suppliers from all over the world. If you have a competitive advantage that you’re local (which can simply mean having an office in the prospect’s country), then don’t hide the fact. And connection refers to how your brand makes a prospect or customer feel. If you want to be perceived as being friendly, authoritative or whatever works for you, make sure this pervades your marketing material.