Make your brand essential! Learn some ways that will help you increase the value of your brand.
Trademarks are important for businesses. The customer loyalty and the continuous product purchase depend on brands. That is why we need to know what determines its value. From the tangible to the intangible values, know how to give more value to your brand.
In this text we will discover the importance of branding in the current framework and investigate the factors that influence the price of a brand. Discover how to turn the brand of your company into something necessary for its customers and what the benefits of this are.
The current competition turns difficult to the customers remind a particular brand. Due to this is necessary to consolidate the brand, differentiate it from other competitors and connect it emotionally with customers making it irreplaceable in their lives. Brands are the main assets of the companies and their estimates values are shocking. An example is that in 2010, Brand Finance valued the Coke brand in U.S. $ 70,452,000,000, where the brand would represent 48% of the value of the company.
But how consolidate and give value to the brand? The most important thing is to create a brand identity, establish the meaning and promise that this will represent for their consumers. Is necessary to give personality and reputation to the brand if we want to the customer feel is the only one that can satisfy their needs. Before taking this step we have to investigate the market well, the interests of consumers and what the competition offers, because with these investigations we will avoid the possible risks. After building the identity it is essential that anyone who represents the brand should feel part of it. This because only then will be credible the offer and we are going to be able to create a connection between the company and the customer. The organization must believe in the brand and this should become a single identity if we want the customers have an emotional connection with her.
Marketing tools will help us improve this consolidation. The most important is communication: proper exchange of ideas with the client is overriding if we want to know what consumers think of our brand and their expectations towards it. This dialog can be accomplished in different ways: directly or indirectly. The indirect way is done through studies of the interests of customers, without asking directly about what the company needs to know. This system provides a detailed report on the needs of customers and adapts it based on the identity of the brand. The direct way, however, can contact the customer and ask them about what the company needs to know about the brand. This communication is the most effective one for making changes to the branding of the company, because in this case results more accurate and precise.
So, what determines the value of a brand? There are three leading components:
1. The financial results. The positive financial results speak about an established brand.
2. The contribution of the brand. How far has the own brand contributed to generate revenues.
3. The strength of the brand. It covers awareness of the existence of the brand, considering buying that brand, intention to test a product of that brand and loyalty to that brand.
In short, a strong brand helps increase a company’s wealth. If you are looking to have a solid and economically productive company is necessary to determine the identity of the brand, make a proper transmission of this identity and establish a proper communication with the customer. These actions will increase the brand value that can be measured by the financial results, the contribution of the brand and the strength of it. When these three elements are positive, we will be in front of a well-developed brand.