There is no doubt that the modern business landscape makes developing a successful brand more challenging every day.
With the competition saturating the markets and the attention of your audience becoming even more scarce, just creating brand collateral would no longer do the job. You need to go deeper to lengths. Carve out a niche and make your audience's heads turn.
The only way to create a sustainable business today is by creating a sustainable and high-value brand that can stand out in the noise of the market.
However, this is easier said than done.
More often than not, brands and products fail because there was no market need for the product, or the audience could not connect emotionally. What followed? They moved to the competitors to solve their problems.
But fret not. This will not happen to you.
In this post, we reveal the best-performing branding strategies that can make your brand grow exponentially. Let's dive in.
7 business strategies that can improve your brand equity in 2021
Developing a strong brand at its core has a single element to optimize: the target audience.
If you fail to understand what your audience cares about, what matters to them, your brand venture is sure to fail. This makes communicating with your audience at every stage of building your brand essential for ultimate success.
More than often, keeping your brand message in line and consistent with your audience is more complex than it looks at the first blush.
Your audience group are still unique individuals with different motivations. Gripping all of them would need going that extra mile and personalizing brand experiences for each one. Deploying branding strategies can successfully eliminate these problems.
This takes us to the core of this article. The following are the best-performing branding strategies that you can utilize to skyrocket your brand equity in 2021.
1.Leverage the power of email marketing
Yes, you heard it right, email marketing can outperform all other marketing strategies. When you adopt an email marketing strategy, personalization is the key. As it’s the most cost-effective way of marketing your products and services, it’s important for us to personalize the content and make it unique to the needs of the target audience.
An Experian study claimed, “Personalized emails deliver 6x higher transaction rates!”.
One of the best email marketing strategies is to write a newsletter. When you share valuable information through an email newsletter, you positively impact your target audience in terms of trust, authority, and loyalty.
You also need to be aggressive about your promotion. If you promote your business newsletter to relevant news channels and distributors, gaining the right traction from your PR efforts can start showing positive impacts on your brand fast enough. Guest posting on popular blog channels like the Huffington Post, Forbes, Business Insider, and so on can give a lot of free publicity for your business.
2.Monitor your brand awareness
If you regularly measure your brand awareness, you can always improve it. In branding, the phrase is 100 percent true.
Even if you have the most successful branding strategies today, sustaining it will turn from hard to harder if you fail to measure the performance. Monitoring your brand awareness regularly is critical for optimizing your marketing and branding campaigns.
This will help you understand multifarious facets of your business. From your current market penetration levels to product-market fit to audience sub-groups’ responses to your product, every information will be at the tip of your hands.
What follows are more confident marketing campaigns that are data-driven. To do so, you can deploy numerous research methods and strategies. Surveys and reviews sites are two promising methods here. You can even track your brand mentions in the social media space to understand the trend and make well-informed decisions. Mention is a powerful tool to do so.
3.Develop a USP (unique selling proposition)
The first reason to build a brand is to get distinguished from your competitors. This means if you fail to stand out, no matter how much resources: time, and money you invest in creating your brand, there will be little to no ROI (return on investment).
Developing your brand's USP ensures you get heard in the crowd. You can start carving out a niche for yourself. It is no secret for any business that if you are targeting all the audience, then nobody is your customer. But you need to be careful about whom you target.
If your value proposition is not something that your target audience cares about, your brand will fall flat no matter how unique it is. More so, adding value to your target audience's lives ensures you can personalize and hyper-target on every potential lead, driving in stronger brand-customer relations.
4.Develop a compelling brand story
Storytelling is perhaps one of the most critical, if not the most important element of brand building. Creating an authentic and unique brand story helps to create an emotional connection between your business organization and target audience.
Often this task starts with defining the 'why' of your business. Communicating the reason behind your organization, why you do, what you do creates multifold benefits. It ensures your product line is always consistent with your brand values and fosters authentic interactions and brand experience amongst your audience.
Now you can implement this storytelling methodology through various marketing communication mediums and channels. You can create brand videos, develop taglines, define your mission and vision statements. All of these elements will help to make more consistent communications throughout your business to audience communication channels.
5.Be heavy on networking
Whenever you create a brand, the primary focus is always to build a community—a group of like-minded people who are different yet have something similar to bond on.
This makes networking one of the most critical assets when creating a brand. However, the core formula for networking is relatively simple.
The right people at the right time to create the right brand. Having a loyal fanbase can start from anywhere. A personal story, a shared passion, or someone your target audience already trusts, and they promote your brand. This means you need to be aggressive with your marketing campaigns and promotions. Stay inside the radar of your target audience. Have friendly, open conversations with your target audience.
You can even integrate influencer marketing here. Collaborating with macro and micro-influencers can help you create traffic spikes in a short time. But that is not all. Even your indirect competitors can create opportunities for your brand growth. Collaborating with them ensures you gain trust and authority in your market landscape. Also, you get an entirely new set of traffic to your business.
Engaging in offline and online industry networking events and the ones where your target audience hangs out are great ways to gain brand awareness amongst your potential future leads.
Brands are built upon the trust that customers shower a business with. This makes reviews and customer testimonials the single most important asset that can create your brand. What your customers think and tell you about can directly impact how strong or weak your brand will be.
Managing online reviews is, therefore, a task that you need to be auditing all the time. However, these reviews can be peer reviews, influencer reviews, or other end-user reviews. Having genuine positive feedback on the internet ensures you know how your brand is performing amongst your audience.
This makes creating a review and feedback culture critical for the long-term success of your brand. Not only would it help you track your product performance in the market but enable you to develop creative solutions and strategies to turn the failures into successes.
7.Brand loyalty programs
Your first set of customers, the early adopters, are extremely valuable assets for your brand growth. Infact, they can help you initiate a viral effect for your brand. This makes your first set of customers way more than just buyers.
They are your loyal fanbase and brand evangelists. Investing in them can bring you exponential benefits. Loyalty programs and exclusive services are great ways to ensure you never fail to delight them and always have their votes towards your brand. This will help you gain unfair advantages over your competitors in the long run.
What's more, your brand equity will enable you to generate more profit margins on the same products because of your audience's trust in your brand.
Building a brand is not an overnight success.
It takes consistent effort and time to create a massive audience that is more than just customers. They are your product's loyal fans. The above tips and strategies are sure to give you the kickstart to your branding journey. But to witness the most powerful results, you would need to have patience.
More so, you must keep your audience at the center of your branding journey. With time, your brand needs to evolve with the changing behavior of your audience. This means branding is not at all a one-time job. To stay relevant you need to stay inside the discussion group with your target audience.
So now, when you are aware of how you can drive your brand towards success, there is just one question left to answer.
When are you starting to drive your brand equity?