The idea of a brand might be intangible, but customers feel the value delivered by it from one end to another.
Setting up a brand value like the one understood by the LESSO Brand Value case would mean creating, communicating, and delivering a unique offering consistently to your customers. Your business-to-brand journey is easy, manageable, and survivable with these offerings.
Without a brand value, its tone and voice suffer too. Therefore, you must learn the importance of calculating a brand value in multiple ways. After that, you can also manage the cost and profit ratio in different markets.
What is a brand for a company?
A brand is the association of your company in the target customer’s mindset. The more a customer finds your company’s product/services worthy, the more would be the brand positioning and value.
What is majorly included in the brand’s valuation?
A brand valuation can begin from anything that helps increase the customer’s association factor with the company and its offerings.
It can include trademarked logo, design, brand image, visual assets – logo/color, social media presence, and printed assets.
Core reasons for companies to focus on brand value:
Maintain a stable presence in the market:
It’s one of the marketing, advertising, and branding strategies rules. That is the brand that shows sells. Without your brand’s consistent presence, customers will start forgetting about it.
That is why having a consistent and persistent brand image is important. It can be through hoarding, brochures, business cards, social media marketing, short films on corporate value, team building, and behind-the-scenes.
Once your brand presence has stability, customers will trust you more for repeated purchases.
Acquire new markets and reach:
The importance of a brand value is closely related to the previous one. But it still holds its distinct significance. When you focus on your brand’s image, tone, and voice, it means you’re able to impress new customers and clients daily.
Moreover, new customers/clients are joining your target market every day. And old ones are losing their turf too. To strike a balance and improve your market reach, you need to focus on brand value.
This can also be, but never limited to:
- Improving how you serve your clients/customers,
- Focusing on packaging and promotions for physical goods,
- Bettering the supply chain management key touchpoints,
- Ensuring internal stakeholders are happy, satisfied, and engaged,
- Tracking buying behavior of your buyers to improve your branded creatives for social media.
Gain credibility and popularity:
To improve your brand’s image and generate more sales, you need your brand to be popular and in talks. With careful branding strategies, your branding partners can decide how to circulate your brand for increased popularity and CTRs.
When your brand is known, heard of, and is popular, more focus is on creating better services and products.
Many expenses on advertisements reduce because of stable and positive word-of-mouth. After all, it gives space for evangelists and loyalists to prosper and help in taking your brand’s voice further.
Get instant recognition of your brand:
Brand value is important to create the right brand association amongst the target audience. They should not be confused when they see your brand logo, pictures, or visuals. They must know what value you propose to them with each product and service.
This way, you don’t have to invest time in narrating your vision and mission with every new product launch. Brand recognition drives people to search for your brand and connect with it.
Plus, when the association is higher, they can buy more of your products. This way, you can deliver high customer lifetime value consistently.
Improving customer experience:
Brand value helps advertisers and marketers to nurture their clients and customers. Doing that with giving them intuitive touchpoints: websites, brochures, customer services, and consultations should be remarkable.
These points of contact leave customers with a memorable experience which they would talk about with their peers. Further, it reengineers the value of your brand amongst a particular community or tribe. This could trigger the virality factor of your brand value and image.
A brand value is important for multiple reasons described in this blog post. For detailed knowledge, you can read more case studies online. From there, you will understand the real-life implications and applications of accurate, transparent, purpose-driven, and engaging brand value plus positioning.