Building a successful brand goes so far beyond just creating a beautiful and strategic website and brand identity. In order to truly resonate with buyers, your brand needs to become a living, breathing THING. Because while beautiful branding will draw them in (and you absolutely need that to make money, honey?), they need that *je ne sais quoi* to stick around. And that *je ne sais quoi* is where the value truly lies in building a lasting legacy and a brand that people LOVE (aka will choose over all others). Oh and, doing these things will also allow you to charge more, make more, and grow your business faster. ?
So what is brand value exactly? I love the definition given by Seth Godin where he states, “A brand’s value is merely the sum total of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand over the alternatives.” The opposite of this is a commodity, where there are many choices, with little to no distinction, and customers often decide based on price.
So how can you calculate the value of your brand? There are some key factors to consider including:
The customer journey (or customer experience) is where brands really stand out from one another. I’m willing to bet that some of your very FAVORITE brands are ones that you have had a great experience with and thus developed a fond connection to. Think about an industry giant like Amazon. They make the entire customer experience just flawless. The buying process is simple and fast. You can find anything you need. The shipping process is faster than all others. And they make returns easy and pain-free. Every interaction with Amazon is seamless, fast, and easy and leaves you coming back for more.
Think about your own customer experience.
By really narrowing in and improving your customer’s journey, you will improve your brand’s value and stand high above your competition.
You know that feeling when someone brings you your favorite coffee that you were just thinking about? You feel so special and seen. That is the feeling that great brands give to their customers. That they know them SO WELL they built the perfect solution just for them.
The only way to do this is to actually spend time getting to know your target market. It can’t just be a casual survey once a year. No, you will need to spend time with them everyday talking with them, getting to know them, and truly understanding their perspective, what they like, don’t like, and what they wish they had (that you can create!).
Social media offers us one of the biggest advantages in competing with the big guys. They used to get their information (and still do) from fancy, expensive customer research studies. But now, we can do our own customer research for free by just connecting with people everyday on social media. Brands can build trust, connection, familiarity and relatability by the simple act of showing up on social.
This method is so powerful that a number of brands have launched only using social media, an e-commerce website, and their brand. No store, no big staff, no big research studies. Just figuring out what people want, connecting with them, and giving it to them! Understanding your customers and appealing to their needs is the cornerstone of building a strong brand.
Did you know that when brands are consistently presented (meaning across their platforms, website, packaging, emails, collateral- ANYTHING customer facing), their revenue increases by an average of 23%?
And that doesn’t even specify good branding– like the beautiful and strategic branding designed to get you results and appeal to your target market we do here at Sarah Rose Inc. Just GENERAL branding. ?
People’s perception of your brand is HUGE in creating lasting value and improving your revenue. But first, people have to recognize what they’re looking at is in fact YOUR BRAND. If they don’t recognize your brand from any other brand, honey, you’ve got problems!!
To ensure you are being consistent with your branding, you will want to refer to your brand guidelines you received when you did your initial branding. If you do not have brand guidelines, please seek out a branding designer (like me ?♀️) to help you. Brand guidelines help direct you and anyone who touches your brand on exactly how to remain consistent, the colors, sizes, typography, and ways to use your brand elements across different media.
Things to consider when keeping your branding consistent:
I hope you found this dive into improving your brand’s value and revenue impactful. Branding is not a one and done thing and is always growing with you as your brand grows. These recommendations can be taken one at a time as you need and feels best for you.
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