Brand equity – a term that people have heard, a term that people keep using without fully realising the importance and meaning of this business jargon. Every company needs an identity and brand equity is an indispensable element of the same. In simple English, brand equity is nothing but the value of a brand or the perceived value by the customers over other products.
Image : shutterstock
Brand equity is of particular importance to companies because the higher the brand equity, the higher the company can charge for their products and earn a greater amount of revenue. Conversely, if it’s negative, customers will be tempted to avail other players in the market.
Big brands do not have to do a whole lot when it comes to establishing a brand equity. Their history, prestige, and heritage are rich enough to place them on a higher pedestal than the more recent companies aka startups. Competing with the big sharks may seem to be an unachievable task, especially without the reputation or the expertise but it’s not impossible. Startups can use their design to capture the hearts of potential customer, and here is exactly how.
Spend on investing
In the wee hours of a startup’s life cycle, a company is very busy managing and handling a good number of other aspects. While catering to these other factors, the designing aspect is easily forgotten. Startups should take care of this and ensure that they make a concrete plan and invest in some professional designers to help make your brand stand out. A sloppy job done on a photo editing app is hardly what attracts people.
Remember, there can be tens and hundreds of other companies operating in the same niche as yours and trying to grab attention just like yours. What is important is to make your brand stand out. Companies belonging to the same industry go in for similar patterns or colours. For example, most of the companies in the telecom industry have a globe or the blue/green swoosh when it comes to design. Do not shy away from going big or bold.
The design that you choose for your company must convey the philosophy and ideology of your believes in. What is important is that your company needs to develop an identity for itself through the design. Although originality is strongly recommended, put authenticity above it. Think out of the box, maintain the originality, but make sure that you do not go over the top with it so much so that customers won’t even be able to relate to it.
Design for the future
Timelessness is the key when it comes to increasing brand equity. In today’s day and age where startups are cropping up on (literally) a daily basis, you’d want your design and the brand it carries in for the long haul. Creating a design that is momentary or that is currently relevant will become meaningless in the coming years. Brand your company with a design that will remain timeless and iconic, at least for the next ten years. Go big or go home, right?
Think of any major brand, Coca-Cola, Disney or Cadbury, for instance. Compare their then and now designs, you wouldn’t find many differences. In a bid to remain timeless, companies, big or small, tweak their designs just a little bit. Making a drastic change will only confuse the customer base and create detachment.
Design is not only restricted to websites and the social media but is far more. Creating the perfect aesthetic is for their customers is what should be their aims as well.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org