How to Increase Brand Value
How do we increase your brand's value? Hey, this is Mike and I talk about branding.
If you want to increase your brain's value, you're going to have to know what brand value is first. So this is what it is.
Your brand's value is when people think about your brand in their mind, how.
What worth do they assign to your brand? Is it cheap? Fragile. Late on shipping. Mean on the customer service calls. Can't get ahold of you. Phone line disconnected.
Don't ever return any of your emails? Website link is broken.
If this is your brand. Then that's how people think of your brand value in their heads. It's not very good.
You of course can turn all of those individual things around, but that's for another video.
You see your brand value is a conglomerate.
Of your experiences perceptions.
And associations with your brand.
Experiences perceptions and associations. That's good stuff. That's good stuff.
So if you get things correct, like when you call you answer the phone right away in a nice way. When you email, you get a nice email back explaining what's going on. When you have a good experience with a product or a service. When you buy the product, it doesn't break and it lasts a long time. Or maybe the product does break and they instantly swap it out for another one in safe.
We're so sorry about that. All of those things attribute to your brand value.
So, if you're watching this video, you probably already currently have some sort of product or service, and you're either looking to make your brand better or start a brand from scratch. So let's talk about how to evaluate your current brand to see where you're at right now.
So you can see measurable results when you start to make small changes.
Start by testing your brand's awareness, your reputation, and how loyal your customers are. Go out there and talk to them. Email them text them, call them. Talk to them, figure out where your brand stands with these people. And if you don't feel like you're getting an honest response, ask a friend, a family member, a colleague, an employee, a partner who the customers don't know to go ask the same questions.
Maybe you'll get a little more of an accurate, real answer.
You can also of course, monitor your social media and see what people are saying in your comments. See if people are leaving you bad review videos, online, scour the internet, there are even tools out there that you can use. That'll do this for you.
Also, you want to take a look at your customer's lifetime value and how long a customer stays a customer with you.
Do your competitors have customers for a longer span of time or do customers spend more money? At your competitor. Time to figure out why.
So here's some quick strategies to increase your brand's value right now.
You want to be different and stand out from the others. What makes your company different than your competitors is how you treat your customers. Do you treat them in a particular way? Do you service a particular kind of customer? Is your niche different than your competitors?
Is any of that apparent in your marketing or in your messaging or how you speak to people?
You may be worried that speaking in a particular way. We'll upset. Some people. But that's actually a good thing. You don't want to speak to everyone you want to niche down.
What is better about your product or service? What makes it stand out from your competition? Make sure all of that is in your marketing, your messaging on your website, in your emails. When people call you on the phone, make sure they know why you stand out from the competition.
I say this all the time, consistency, consistency in your brand and your messaging and your emails, what you say on the phone.
It all needs to be cohesive. It needs to be thought out beforehand, planned out, documented, studied, and then executed. That's how you're going to get a nice, consistent brand. And increase your brand's value as every person comes in and has a touch point with you. It's going to increase it little by little. Because they're going to know what it's like to work with you because it's all going to be consistent.
Every time they come in, it's going to be the same.
For my California and Oregon people. When you go to in and out, you get the same experience. Every time you've got the same experience for the last 20 years, everything is exactly the same. You know what you're going to get when you go into that place and that. Is the hallmark of an absolutely concrete brand.
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