It is true that products are never just products.
Coca-Cola is more than just a soda. Starbucks is more than just coffee. Ray-Ban is more than just a brand of sunglasses, the list goes on and on.
We purchase these things with the experience in mind that interacting with them will bring. Even better, the businesses that produce and advertise them are fully aware of the experience they want you to have when you decide to buy (or consider buying). They cultivate their brands for this reason!
What marketing levers can we use to increase ‘brand value’?
Companies that build powerful brands understand that their brand needs to exist everywhere, from the wording in their Instagram caption to the colour scheme on their most recent billboard, all the way down to the material used in their packaging. They are aware that their brands have power that goes far beyond the label and can influence consumers to pick their goods from a variety of alternatives. This increases the ‘brand value.’
All of this begs the question, “What exactly is brand value?” Of course, the definition is part of the challenge because the concept of “brand” is nebulous. It is a sensation, an impression, a reputation, or a ‘vibe.’ However, it can be defined in terms of specific, material elements. In this context, brand value can be defined as anything that consumers associate with your brand or influences consumer behaviour.
This could be your:
- Logo, trademark, and tagline
- Visual resources
- Strategy for marketing and advertising
- Digital possessions
- Customer loyalty
- Levels of social media engagement
The concept of brand value is recent. Consumers used to base their judgments on a product’s quality and past value. However, the 1960s advertising boom helped certain companies become well-known household names.
Since the advent of contemporary marketing, businesses have had the choice of associating themselves with qualities like style, elegance, dependability, security, and innovation. Building a brand is exactly what it means to do today; it is a crucial part of any marketing plan.
Everyone acknowledges the worth of a strong brand; the difficult part is estimating its value. This process keeps evolving and with the latest digital transformation that businesses are undergoing, it is a question on every marketeer’s mind – What marketing strategies should I consider in 2023?
The next 5 sections curate marketing levers that you can use to build your brand value:
1. Prioritise Customer Experience (CX)
Ever wonder why and how quickly Amazon lets you navigate its website? Brings you the deals and recommendations? Well, that is because Amazon’s customer service philosophy is ingrained in its DNA. That is – To be the world’s most customer-centric organisation, according to the company’s vision and mission statement. Bezos has claimed that these straightforward comments have frequently guided his leadership decisions. It is hardly surprising that Amazon has achieved success because of its strategic focus on seamless customer journeys and service.
It, among other well-connected and established brands, offers a fantastic brand experience. Customers adore how quickly and easily they can buy books, electronics, and other goods on the website.
Making it simple for clients to buy from you is the key. Customers will have no reason to stick with your brand if they are not impressed by their interactions with it or if the purchasing procedure is difficult to understand. You need them to become brand advocates.
(Want to learn more about brand advocacy and its advantages to your brand, you can find our article to get you started!)
As a result, you ought to examine your platforms and procedures. Is your website simple to use and navigate? Is it responsive for mobile? Are your customer support staff efficient?
On to the next marketing lever…
2. Innovate – the Product and the Narrative
Daydreaming about what it would be like to have no competition at all is alluring. You get a lot closer to carrying out this aim when you create a niche.
A successful business is built on specialisation. A niche market is dependable, and it is simpler to target the prospects. Additionally, a high client retention rate is achieved. Start using a niche marketing strategy for them by focusing your marketing efforts on regionally relevant platforms where your target clients are.
By creatively constructing stories centred around your products, storytelling is also a fantastic method to develop your niche. You may become a part of your prospect’s lives through the usage of stories rather than just being a stand-alone product or service.
Our next marketing lever is….
3. Treat Marketing as a Profit Centre and not a Cost Centre
Digital marketing technology bears a great deal of responsibility for this mindset shift. There is a veritable flood of digital marketing solutions helping marketers improve efficiency and productivity.
Marketers can supply information via content. Content marketing such as blog posts, white papers, social media, email, and several other channels thanks to marketing automation, can lead to business growth. Digital marketing technology bridges the reporting gap between the Sales and Marketing departments in addition to making it simple to distribute awareness and Top-of-the-Funnel content to consumers. Armed with accurate and real-time data, the question of which marketing channels are converting, at what pace, and at what price, is no longer an issue.
4. Get Data-Driven but Retain your Creativity
Businesses adore using the phrase “data-driven,” and so do investors. They feel confident using data because “numbers don’t lie.” However, let us face it, statistics are also silent. Information can only be transformed into ideas by humans. And that calls for original thought and the ability to connect the dots. Regardless of what investors claim, innovative thinking rather than just facts is what leads to company breakthroughs. It is crucial to promote innovation whenever possible.
To ensure that you do not lose on creativity while being data-driven, here are 3 helpful tips to get you thinking:
1. Expand your Frame
There are several ways to broaden your perspective, including reading books, newspapers, and magazines, going to conferences, conversing with consumers, and taking note of how customers use your products. Inspiration for continuous improvement can come from everywhere, but you must be open to it to give your brain the best chance to form useful connections.
2. Take time to Think
Too often, we rush from one meeting to the next without pausing to think about what we are doing or whether it makes sense. We are working hard, but are we really? There is no way to know if we never pause to consider. (And we are even a bit hesitant to learn.)
Include time for reflection in your workday. If it helps, block the time on your schedule, lock the door, or leave the office. Additionally, communicate your actions to your team so that you are setting an example for them. Downtime is not processing time. It is a necessary step in the creative process, not a sign of laziness or luxury. Additionally, it is the only way to generate original thoughts.
3. Think like a Marketer
Do not get us wrong; data also contributes significantly to performance! Your employees can tell what matters to you by what you choose to measure and how you monitor your marketing spends. What motivates people to act is how the data is interpreted and placed in its wider context.
5. Take Ownership of Total Business Growth
Do you ever feel like your company is stuck in a rut, with no matter how much it expands, neither your personal nor business finances ever improve?
This is often the case because most business owners are unaware of the financial measures behind the growth and cash flow. Your data hold the solution to how to develop your company.
The best business owners and marketing leaders understand how to think like a CFO, forecast their growth, and use extra money to pay for what they want.
You just need to know what to look for; you do not need to be a financial expert. The following two tips can help you be informed and make helpful decisions.
1. Know where the cash is flowing
You must be aware of where the money is going in your company to do this. Are you able to make money consistently? Could you save money if you made more money, or does it all go back out? Knowing where the cash is going in and out of the business, is the first step in driving your business’ growth.
2. Stay ahead of the growth with a simple financial forecast
The most successful companies develop a guideline prediction based on their aims looking at least six months in the future. Most business owners’ main financial issue is that they focus on the past rather than the future. It is only by looking backward that growth is impossible.
You want to forecast your expenses and sales growth before comparing your budgeted amounts to actual results as they happen. After that, you can change things at once.
What a company stands for, rather than merely the goods or services it offers, makes up the company’s brand value.
Improved user experience is a prerequisite for brand value development or achievement for any firm. Making sure that all interactions between their brand and clients are as simple and engaging as possible is necessary to achieve this. Large corporations like Amazon figured out this strategy a long time ago and made it simple for customers to shop on their websites, which helped them advance to where they are now.
A corporation must be unique to build brand value, which may include going where its rivals cannot or will not. Building brand value is the key to creating a successful, long-lasting brand in 2023 and beyond.
