Brand value increases exposure and goodwill toward your company. As brand value builds, the business becomes more valuable due to growth allotted by the improvement in brand value. However, how do you define and measure retail brand value?
The value of your brand, also referred to in some cases as brand equity, is generally identified as the amount of money the business makes when compared to a similar product with a generic brand. In other words, how much more (or less) money does your company make due to branding. Your business needs to determine not only how to define brand value for the company itself, but also how to measure it.
Feb 24, 2018 10:19:00 AM by Frode Nortvedt |
You want your business to be what a consumer thinks of, when they need a product or service you offer. It gives you a heard start over the competition. Unless competitors are able to make up the ground you have already established, the consumer will purchase your product again and again.
This directly points to the importance of brand awareness. It doesn't mean a consumer will always buy your product, but it does increase the potential.
However, is brand awareness the wrong goal for retailers?
Should you focus your marketing approach on something different, or should it stand as the main drive for your advertising department.
Feb 12, 2018 9:31:00 AM by Frode Nortvedt |
There's nothing wrong with copying what you like. You've probably heard the Oscar Wilde quote of, "Imitation is the sincerest form of flattery." If you see something that works in the world of business, replicate it.
Now, this doesn't mean go and completely steal slogans. You can't rip off "Just Do It" and toss it onto your next marketing campaign. That's a good way to end up on the losing end of a lawsuit. However, you can replicate strategies and study what a business does to grow its brand equity.
Jan 30, 2018 8:33:00 AM by Frode Nortvedt |
How strong is your company's brand? This one simple question can make or break your business. A strong brand allows you to grow and reach more customers while carrying industry influence with you. But how do you identify the strength of your brand? Looking at the bottom line and expense reports only go so far. In fact, these lines on a spreadsheet document only paint a very small portion of the greater picture. You need to look at brand equity.
Brand equity has nothing to do with current corporate growth or whether you're pushing into a new market. It instead has everything to do with how the perspective audience perceives your business. The way the target demographic views your company, brand and products says so much more than any amount of website analytical data. It has the ability to forecast upcoming quarters and determine whether or not a new product release will prove successful or a failure. All this points to why you need to know what brand equity is.
Jan 18, 2018 9:29:00 AM by Frode Nortvedt |
Retail marketing revolves around connecting with the consumer and creating desire to draw in potential customers and convert them into leads and sales. Advertising showcases how a product addresses a problem the consumer has and how it can make their lives better. To do this well you need as much information as possible.
Analytical data and customer insights are valuable sources of information. In addition, brand equity plays a pivotal role in establishing what the key demographic is interested in and how the target audience perceives your business and products. That is why you need to know about the brand pyramid.
Jan 6, 2018 10:09:00 AM by Frode Nortvedt |
Brand equity is all about how a customer perceives your brand. It sums up their feelings, both perceived and realised, dives into their experiences with your brand's products/services and also how favourable they look upon your company.
For the most part, a company's strength lies within its brand equity. Should your customers deem the products you offer unfavourably, growth and expansion become more problematic. Due to this, you need to understand not only how to appropriately define brand equity, but how to paint it a priority in your retail business.
Dec 23, 2017 8:41:00 AM by Frode Nortvedt |
In the world of business, knowledge is power. The more you know about performance, key demographics, buying practices and how each shift throughout the course of a year, the better off your company is. Customer brand equity, in a nutshell, covers a customer's overall attitude to your brand and its ability to influence success. Due to this, understanding how to measure customer brand equity in retail provides valuable insights into business performance and how it may set itself up in the long run.
Dec 11, 2017 8:57:00 AM by Frode Nortvedt |
Nov 29, 2017 8:27:00 AM by Frode Nortvedt |
Every marketing campaign has several steps in place to generate leads, grab the attention of customers and make the final pitch for a potential sale. Understanding the importance of every step and how to properly execute each separates businesses with the strongest bottom line from the rest.
If you run a physical brick and mortar facility, in-store marketing makes up a key component to the final step in your marketing campaign. It should function as the closer for the advertising team.
However, before you dive head first into in-store marketing specifics, you need a wider understanding of your marketing strategy and identify how each step leads consumers to your doorstep.
Nov 17, 2017 9:03:00 AM by Frode Nortvedt |
Developing a strong vision helps in so many different ways as you grow your business. It helps establish a blueprint to follow and build upon. With a clear cut vision, your business can establish a much needed identity, which should not waver.
This brand identity should remain consistent throughout the entire company, ranging from the way you present it to clients to market and within the retail store front as well. However, building brand consistency can prove difficult, especially for new companies searching for a foothold and grasping at straws for an audience. Here are several ways brand consistency should feature in your wider retail strategy.
Nov 6, 2017 9:56:00 AM by Frode Nortvedt |