Ask The Why Question About Your Brand (If You Want To Take It Upward)
Brands need a clear foundation. An extremely sharp equity definition. Without, their positioning is not clear enough. And as a result, they lack relevance and have limited potential for premiumization.
When was the last time you asked the question: "Why should someone buy my brand, really"? And not because it's on sale but because your consumers truly desire it. Because they want it. Because the brand gives them a purpose. Because it provides a deep emotional truth. And by this it's truly relevant for them. Maybe the brand "gives wings". Maybe it encourages your consumers to "just do it". When did you ask the question and when was the last time you had a clear answer?
Chances are high that your brand is not clearly defined right now. What are symptoms? High pricing pressure. High dependency on sale through promotion and coupons. Little to no reactivity to advertising. Low engagement of consumers. Decreasing market share. Eroding brand valuation. Critical questions from investors and shareholders. Sounds familiar? Then your brand is a candidate for a brand equity assessment.
But also if your brand is in good shape it is necessary to undertake a regular assessment of the brand equity status. To make sure the right measures are in place to accelerate its growth. Developing an action plan helps to move the brand upward, grow market share and have a solid foundation for growth.
Defining and reshaping the equity takes time. We recommend to take at least one month for the project, while best practice is 2-3 months. It is one of the most difficult marketing tasks and requires expertise and a rigorous approach with proper tools, like our ÉQ brand equity tool. Tools and expertise are needed because the definition of the equity can't be done en passant. And deep involvement of internal and external stakeholders is recommended.
The benefits of brand equity sharpening are enormous:
- Higher brand valuation
- Higher reactivity to advertising (hence, less spending needed)
- More involved, engaged consumers
- Higher willingness to pay
- Opportunity for premium pricing
Not defining the equity of a brand and then spending millions in advertising on a brand without a sharp core is like throwing money out of the window in the hope it will be a good investment.
At Équité, we are passionate about accelerating the growth of your brand's equity. Contact us for an appointment to learn how we can help your brand move upward.