A brand is more than the name you give your company or what you use in slogans and campaigns. It’s the perception of your audience about what you can do for them and the perceived value you offer. These are the reasons you need to build a strong identity and equity. Doing so sets you apart from your competitors and distinguishes you in the eyes of your target market.
Digital agencies based in Singapore list the following ways you can effectively manage your brand equity:
Create Distinct Products
Many companies are like everyone else, and the ones that stand out are the innovative ones and those that provide customers with distinct products. However, innovation is not only about newer and better features. It may include branding and your approach to marketing. A different way to solve an old problem may tilt the odds in your favour and boost your market share. Make this distinction of becoming a market leader in your industry.
Ideas that Your Audience Values
One of marketing’s main uses is to promote ideas that fascinate people, which you have to associate with your brand to distinguish yourself from the competition. Find the balance of associating an innovative and problem-solving idea with your products, and the perception that your intended audience gains true value from it.
The idea of exclusivity and limited access do wonders for any brand. Look at Apple that leveraged this during their peak years. Other brands provided similar apps and features, but the iPhone was still the gold standard of mobile devices at that time. By creating an exclusive perception and limiting what your potential customers can access, it will pique their curiosity and make your products or services more desirable.
These branding equity strategies allow you to build a strong identity and broaden your market share. Doing so gives you leverage over your audience and a competitive advantage.