Prada. Supreme. Nike. What do these brands have in common?
They all possess this thing called brand equity and that's what gives them so much influence in our economy. The concept of brand equity is the idea behind having a favorite brand; they’re your favorite because they’ve earned a unique position in your mind through an emotional connection. These deep connections are what help brands establish a consumer base that’s willing to support their initiatives and stick with them through changes in fashion, meanwhile other brands have a more difficult time adapting. It can be challenging to acquire brand equity as a new brand because your reputation hasn’t had time to build up, but how do brands acquire equity?
To acquire brand equity you’ve got to shape the way people think and feel about your brand by understanding what your brand is and what position you want to play in their minds. We us brand equity as a framework for understanding the power of consumer’s emotions in relationship to a brand’s competitors and changes in the market.
If you want people to see your brand in a certain way, you need to understand the core of your brand to win the people over. The most brand equity goes to those who are secure in their brand identity and are constantly showing up for their customers. Strategically, it makes sense to design your brand strategy around what customer’s perceived value of your brand is. That way you’re integrating your customers’ experiences into the fabric of your company’s values and image. Whether it’s through performance or imagery, your customer’s experience shapes their opinions and the opinions of others about your brand. When your reputation moves in a positive direction, your brand equity increases.
How do you grow equity? You create content that is compelling. Content that’s effective will resonant with your customers emotionally and encourage them to support your business. Content that is easily sharable can also increase brand awareness and be perceived in the eyes of a prospective customer as good, hence why Instagram is a popular place for fashion brands to advertise their product. Creating a content schedule and showing up in your customers’ lives is a vital step to building brand equity over time.
It’s important while you’re coming up with a brand strategy to understand what your brand means to people if you plan to grow in equity. If people come to your brand for a specific reason, that reason could be a strong indicator of the value you bring to the market. If you can stand out in the market and serve a unique purpose, you’ll slowly have a group of loyal customers who support the company no matter what.