One of the most challenging conversations you will ever have is to explain the power of brand and branding expenditures in a small business context. Most of us find the notion of "brand" hard to define though we know a superior corporate brand when we see one. How does a strong brand make a company better off? We list six common ways a strong brand can improve profits to answer this question.
Brand equity, the corporate staple measurement of brand strength, is an acknowledged measure of the value of a brand. Brand equity considers many of the variables highlighted above: customer loyalty, name recognition, customer awareness, and market share. These variables, however, are often difficult to measure in a small business context - especially with little or no market research budget. What to do? Instead, take the first, most crucial step. Think about concrete actions you can take to learn what your customers think of your brand, then work to improve it by working through the list above. We'll share ideas on ways to enhance brand equity in upcoming posts.
Happy brand building!
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