Facebook, Kingfisher, Apple, Louis Vuitton, Channel, Nestle, Coca-Cola – I am sure you are wondering why am I randomly listing these great brands?
Well, think about it, doesn’t every name ring a bell?
Doesn’t every name create a picture in front of you or even a story?
Now, do you know what the reason is for that? – It is their brilliantly crafted brand values!
Brand value is the financial weight the brand carries in the market. In other words, how much would someone pay for your product and for that, I tell you folks, you need to build a mountain (ah, not literally).
What I mean is you need to do a lot of things in the background to raise and make your brand valuable. You need to craft it in a suitable way not only to secure a good and permanent place in the minds of your customers but also in their pockets, because whom are we kidding?! Money does make the girl go round! You know what I mean?! 😉
So now let me walk you through some simple ways and techniques to ensure that you establish a high brand value for your brand or in the other words let me introduce you to the 3 heroes who are responsible for generating a high brand value…
1. Unique Selling Preposition
Every time someone starts something new, thoughts like ‘what if I fail?’ comes to their mind, don’t they? There’s always a tiny part of doubt. Well, what I would suggest is study everything, walk pass your doubt and do it anyway. That’s the key. Every brand has a way to make money and a way how it does that. A brand that constructs its mission & vision in such a way that it surpasses the financial aspect and touches the emotional chord of the customers finds its place in their hearts and minds.
If Unilever wouldn’t have had its way of marketing through every current story, if Coca Cola didn’t run their umpteen unique campaigns or if Nestle didn’t advertise itself as it does and if Durex was hesitant to display its quirky(rather kinky) ads do you think these brands would have been such giants? You know the answer, so make sure you have a unique selling preposition for your brand!
For example, Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Some airlines sell friendly service, while others sell on-time service. Neiman Marcus sells luxury, while Wal-Mart sells bargains. (Entrepreneur.com)
2. The Scarcity Effect
Have you heard of the scarcity effect?
It is basically an outcome which inclines to how people place higher values on things that are unique and rarely available and vice – versa. Due to less availability, people think that the product might not be available to them soon or anywhere or everywhere hence they are ready to buy it at a higher price. Brands usually use this ‘soon out of stock’ strategy and this ‘providing distinctive products/services’ strategy and boy does it work wonders! Something that is brilliant, unique but is scarce definitely has a high brand value. Ah now don’t think about your ‘out-of-the-league’ crush. No, wait, well, actually, you can! 😉
3. Never Underestimate the Power of Marketing Value!
In simple words marketing value is the highest price that a buyer would pay and a seller would accept for a particular product. So, it’s a no brainer that higher your marketing value, higher would be your brand value.
Imagine you are at a high position in the market, you may not stay there forever or a Hollywood’s ‘It’ couple doesn’t remain that forever unless they market themselves well.
Here is how you can achieve it easily too:
- , You can only gain customer-trust by ensuring your brand delivers what it promises.
- make sure your brand or product is aesthetically appealing.
- Use videos, great creative visuals and accurate yet smart and crisp content to strike the right chords.
- Everyone loves free stuff, offers, discounts and vouchers – so give them!
- Maintain consistency and quality. (Both in marketing and your product/services.)
Be it Amazon, or Microsoft or Facebook or even Instagram, all of these brands have made sure they follow the above basic aspects and the way they have increased their marketing value over the years is so visible! This has resulted in these brands having a high brand value.
Doesn’t really go with our marketing style. Remember, crafting a valuable brand is a process. There will always be new competition and new market to tap in to. So never stop growing. Facebook does not stop adding new features to make our experience better. That’s why it is the most used platform today. Everyone is there. (Okay, almost everyone.)
Go ahead with these 3 basic techniques to make your brand valuable and keep exploring, increase your brand value and make your venture a roaring success.
And as always, make your brand WORK!
Pin for later 🙂