Three strategies to increase brand value
Please answer – What is your company’s most valuable asset?
- The company’s property and building
- Your people
- The technology that you use
- Your brand
Obviously the most “politically correct” answer is “b”. We hear many CEO’s of leading companies say it all the time. But an asset is something that you own.
Does the company own its employees? You don’t have to answer that, it’s a rhetorical question.
In fact, if you have answered any option that is not “d”, you may have a problem of which you aren’t even aware.
Physical assets usually receive focus when the owner of a company thinks about his / her assets, only because they are tangible. However, the reality is that when it comes to valuation of the company’s worth, whether it is for the purpose of selling, financing or initial public offering (IPO) – the value of the company’s brand (reputation) is your most substantial asset. The younger the company is – the more important the value of the brand.
80% of the Coca Cola Company’s net worth comes from the “Cola” brand. So perhaps you can’t be Coca Cola, but you can definitely be the “Cola” of your field. How, you may ask? By increasing the value of your brand.
So how do you increase the value of a brand? Here are three action strategies that if used correctly will get you there, big time.
Find authentic and substantial distinguishing points.
The things that separate your brand from the competition among your audience are the core of your brands’ value. The differences must be significant and valuable, and not something such as customer service or brand quality – two parameter that exist in every competitor. A good brand has only a few distinguishing features and they must be easily presented.
To make a long story short, “our people”, “the quality of our products” and “our customer service” – can no longer be distinguishing features. It is very important to find two or three features that separate your company from the competition.
In order to do this correctly – we recommend getting assistance from an external source, since only they can be unbiased, critical, and have an independent point of you that can challenge you. If you don’t use an external source, you too can find yourself fixed with the same distinguishing features that everyone has.
Find an objective that is beyond the use of the benefits and components of the product.
During our attempts to identify your company’s distinguishing features, it is an excellent opportunity to dig deep and discover what the true objective of your brand is. The best brands stand for something that is much bigger than what they do, and this is true whether you are a B2C, B2B, or something in between. It is important to find this objective, as this is the place where the emotional attachment to brand is formed. Emotions are a key part in the development of the branding strategy because they can be a trump card in the consumer’s purchasing decisions. There are many ways to do this – for example, displaying involvement in an industry or community to which you belong. The key is to show support and involvement in something that is related to the brand, but is bigger than the brand itself. This objective becomes a driving force for the growth of the brand.
Bring your brand everywhere
No, we don’t mean sticking your logo on every still object.
When you know what makes you different and when this knowledge is based on a deep understanding of your customer, every point of contact with a customer or a potential customer is an excellent opportunity to express your brands’ strategy.
For example – The way your service representatives communicate with the customers can add or value or erase it. Your website is the place where your brand is manifested, so it is important to make sure that it looks good and enables visitors to understand exactly what you are offering and why they should choose you.
The product development efforts should also be guided by your brands’ strategy. For example, if one of the distinguishing features of your brand is “simplicity”, your development efforts should focus on bringing simplicity to each encounter between your brand and the customer. This will promote your positioning and bring important value to your brand.
In conclusion, this is our recommendation: Identify any possible way that the customer can come into contact with your company. Each point that you recognize, no matter how small, is an opportunity the drive your brand forward and build value for your brand and your organization.
The three aforementioned strategies are interconnected and form the framework of meaningful value for your brand. The effort you invest will pay off ten-fold throughout the years to come. These strategies will assist you leverage your business and give it substantial value.
We are sure that it deserves it.