When you say, “I bought an Apple today”, few will think you’re trying to work more fruit into your diet.
That’s because Apple is the world’s most valuable brand, with a total brand value of $335.1 billion. That’s the highest value ever recorded by the Global 500 report.
Building brand equity creates long-term value for your business.
You’ve got your brand ambassadors in place right? (Unveiling Our Exhilarating Brand Ambassador: Is It Roger Federer or Someone Even More Astonishing? ). They help build your brand equity.
What are some other ways you can build your brand equity like Apple?
- Define your brand: Clearly articulate your brand’s vision, mission, values. Apple’s vision statement is, “To make the best products on earth and to leave the world better than we found it.” That’s a lot bigger than selling computers. When was the last time you zoomed out and cast an inspiring statement about the why and what of your business?
- Craft your brand positioning: Apple’s brand positioning is based on three key elements: innovation, design, and customer experience. Where is your brand positioned in the industry? How is it perceived? Does it need to move?
- Provide a consistent brand experience: Apple is continuously concerned with providing customers with an experience rather than simply closing a deal, which is a competitive advantage in today’s corporate market. Consistency is crucial in building brand equity. Ensure that your brand experience is consistent across all channels, including your website, social media, packaging, customer service, and physical locations.
- Deliver on your brand promise: Generally speaking, in this complex world, if you can make any experience easier for the guest, you’ve got a customer for life. Apple is a company that is known to put ease-of-use as the main goal when designing a product. One of Apple’s early print ads read, “Simplicity is the ultimate sophistication.”If I can set up an iPad right out of the box, Apple has delivered on their promise. Regardless of what I’m buying, if you make it hard for me (and the customer defines hard), I’ll go down the street.
- Differentiate from competitors: Creating a distinctive brand identity often requires going against the status quo and offering consumers something that stands out from the established brands in your industry. Apple did this by positioning its brand identity against the established tech giants such as Microsoft.
- Foster emotional connections: Apple demonstrates the importance of customer experience and emotional engagement in building brand loyalty. If you’ve ever been in an Apple store you know. The language Apple uses in its campaigns is less about the technical specs and more about the emotion the product evokes. Develop an emotional connection with your guests by telling compelling brand stories, and creating experiences that resonate with their values and aspirations.
Building brand equity is an ongoing process that requires time, effort, and consistency. Keep reassessing how your brand is perceived. Ask people what they think and feel when they hear your brand mentioned.
It’s easy to dismiss brand equity as an intangible and ignore building it.
Ask Apple – and I’m not talking about getting more fiber in your diet.