Do you know how much your business is worth? Brand value is related to company growth and success, yet so many business owners don’t invest time in it. Focusing on the value of your brand isn’t just a job for when you want to sell the company – if you haven’t considered it before then it’s too late. Brand value is an ongoing and changing operation, related to brand recognition and brand reputation – which takes years to build.
When we think of the world’s most valuable brands, consistently three companies come to mind: Apple, Google and Coca Cola. These brands are instantly recognisable and work tirelessly on a branding strategy to remain in people’s thoughts. They know what they do well and focus on it, while sending out clear and consistent messages to the general public. However these are multinational companies, with huge budgets to spend on marketing and branding. How can small businesses boost brand value?
- Professional branding agency
Initially the first step is to create a unique and standout brand. Designing your own logo and website is not going to cut it! Work with a professional branding agency who can take your ideas and transform them into an impressive design and brand story. Creative agencies can take your branding strategy to the next level, so you can then start to concentrate on brand recognition.
- Strive for quality
While a branding strategy is important, it’s your products and services which play a huge role in a company’s reputation. If a brand has a good reputation then it is likely to be of higher value. Strive for quality in every single product you sell, and keep consumers coming back for more.
- Personal branding
Have you noticed that the majority of the globe’s top brands have an inspirational leader at the helm? Think of Virgin and you instantly picture Richard Branson, who has branded himself as a relatable entrepreneur and serial businessman. Steve Jobs was also well recognised as the CEO of Apple before his untimely death. A personal brand today is just as important as the business brand. If consumers see that a company is led by an industry expert, an innovator, who has a social media presence they can relate to, they are more likely to have a positive connection to the business. Use your personality as a business asset.
You won’t be able to boost brand value overnight – it’s a long process which requires constant attention. But work hard at your brand strategies and you should notice a difference as you to start to achieve brand recognition and company growth.