In a crowded market, one of your most effective assets is your brand equity. In a nutshell, brand equity is the worth of your brand or the value it has in the minds of your consumers. So, here are our top 6 tips on how to maximise your brand equity.
- Your Story
Storytelling is an integral part of our societal structure. We use stories to educate, inform, engage, makes sense of the world and connect with others. Your brand story is a huge part of your marketing strategy as it’s often the first thing a customer will learn about your business. So, make it a good one!
- Stand for Something
Your brand needs to have a meaning and, in order to connect with your customer, it needs to stand for something. This can be ethical, moral, emotional or inspirational but your customer needs to know all about what you stand for and “who” you are in business.
Particularly in the renovation industry, the experience your customer has with you plays a huge role in whether they become a brand ambassador for your business. So invest wisely in making sure that experience is an amazing one – make a brand promise and always seek to over-deliver.
- Transparency & Trust
Customers in the renovation sector often bring a huge level of fear to a transaction so building trust is going to be one of your first hurdles. You can do this by communicating clearly, managing expectations, being transparent and honest, and doing this as a proactive part of your daily business.
- You need a content strategy
In order to communicate all of the above clearly and concisely, you need a strong content strategy. Ensure every piece of communication your business puts out is on-message and in keeping with your brand promise. Look at how you can maximise every channel of communication to sell the same message – whether it’s your social media, website, brochures, or any other marketing collateral.
- Who is a part of your community?
Your business is so much more than just the owners – anyone connected with your business is an integral part of your community and can become highly effective brand ambassadors. There’s a saying that “happy staff create happy customers” but I think this can go much further and encompass suppliers, vendors, contractors and anyone else your business comes into contact with.
In order to build your brand you need to focus on key messages and keep them simple. Don’t try to be all things to all people or you will end up with marketing that looks like a hot mess. Work out who your target market is and hone all your messaging to speak directly to them, connect with them, allay their fears, and spruik your products and services. Walk a mile in their shoes to show them you really understand their world, their wants and their needs. By detailing these important touch points, you’re able to differentiate yourself from your competitors and engender an immediate feeling of trust.