Are You Building Brand Equity?

While most of our conversations at TalenAlexander are built around branding, we often spend most of our time trying to define the term, brand. However, we rarely talk about developing branding intangibles. While digital marketing, marketing collateral, company culture, and business philosophy comprise a large part of your brand, how can you go about building merit? By merit and intangibles we mean, brand equity.

The same manner in which you build a financial portfolio (acquiring assets) is the method to go about building brand equity. While analytic insight and the creative process are building blocks for marketing your company, how do you add value to your brand? How do you go about gaining assets?

First let’s start by defining brand equity,

According to cognitive psychology, brand equity lies in consumer’s awareness of brand features and associations, which drive attribute perceptions. According to information economics, a strong brand name works as a credible signal of product quality for imperfectly informed buyers and generates price premiums as a form of return to branding investments. – Linda Citroen, Unleashing Your Brand

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In laymen’s terms, it’s less of what you know or who you know, and more on how you are perceived. While the former two are important, they each fall into the bigger purpose of your target audience’s perception. So, what does brand equity consist of?

  • The intangible value of your brand and its ability to influence others

  • The relationships you have built and maintained

  • The tangible value you bring in terms of revenues and growth.

These are your assets. And now that we have a better understanding, we can begin to answer how to go about gaining assets and building brand equity.

In order to build brand equity, you must clearly define who you are. It is a tedious process often involving repetitive and probing questions. We all have created masks in how we present ourselves to one another. For example, few of us would use the same language and gestures when communicating with the POTUS as we do with our siblings. Nor would we exhibit the same behavior in church as we do in an office setting.