Value is king when it comes to branding. You can have the best features and service, but if the potential customer doesn’t know that, the competition will always beat you. These are the reasons you should dedicate time and efforts to build value.
Red Rider Creative and other ad agencies in Salt Lake City list the following ways on how you can create and maintain brand value:
The Customer’s Point of View
The first step to building and maintaining value is to see your brand using the eyes of your target market. Doing so enables you to understand their needs, wants, and even their irrational behavior. Emotions are strong influencers on how a person responds to stimuli this includes choosing a product or service. When you get their point of view, it’s easier to make adjustments and deliver a solution to a problem. Accomplish this with surveys, commenting, and replying to social media posts and/or forums, and by monitoring which items sell the most and the least.
Create an Experience
The top brands are able to create a memorable experience through their products, services, or campaigns. They are able to interact and get a response from their audience, enabling them to gain not just market share, but a top of mind perception. These two keep the sales going and prevents the competition from gaining ground.
Identify the main touch points of your business, are these through blogs, forums or actual sales sites? After which, you determine the approach that works best for your intended audience. Communicate with customers, create a distinct package, and deliver on your promise — all these build a memorable brand experience.
Understand the Competition
When you understand your key competitors, it’s easier for you to distinguish your brand and determine the value you can offer your audience. Study their best products and services and identify ways you can do better or avoid entering those markets. Learning your strengths and weaknesses allows you to allocate resources effectively and execute strategies that work.
Increasing value allows you to differentiate your company and gain a competitive advantage. Let these ideas enable you to build a strong brand and create value.