Is brand equity a hidden asset in your business?

If you have a product/service or trade through your own skills and experience, you have a brand. Chances are you've been building it up for a while too; not just your current visual identity, but a subconscious persona that combines communication, reputation, trust and accountability. What's really interesting about your brand is that it could be worth a fortune. So what's your brand worth? No really, if you had to put a price on your brand's worth, what would it be? Would your market peers and audience agree with your assessment? Placing an actual value on your brand which is a non-physical asset is tricky to quantify, so here are four ways which can go some way to assessing what your brand is worth: Brand Preference - This is how clients and customers identify the source of the product or service and this is what makes them choose one brand over another. The cost of the product to some is irregardless at this stage, as the client is recognising a brand which is familiar to them and choosing it over one which is less well known to their subconscious. The "pulling power" of the brand enables the justification of a higher price over a similar proposition. Product Growth - Established brands that launch a new service or add a new product to their range, have the advantage being able to use their company branding as a platform to penetrate new markets more quickly. There are advantages of growing such services and ranges as they not only strengthen the core brand by increasing the portfolio, but more importantly helps to strengthen the relationship with the customer. Customer Retention - Equity in branding is determined by the way the client or consumer associates itself with a brand. Successful branding should evoke positive emotions with its audience; such positive traits are nurtured through good brand experience and in turn maintaining a loyal customer base thus creating real brand equity. This needs to occur even in bad situations through good customer service, responsiveness and good old fashioned manners. Communication - The ability of your brand to convey these messages is crucial, but often overlooked is the brands ability to have the dialogue become two-way with the audience. Citizen media, freedom of speech, price wars and increased choice makes this the definitive factor in any sustainable brand lifetime. By considering your brands performance in each of these areas and placing a figure on it's value to your and your customers can help you understand if your efforts so far have been a worthy investment. Whatever the outcome, you can discuss your thoughts with us to help unleash this equity in positive ways and maximise your potential in ways you've never thought of before.