Wow, what a week last week in Canada. Now in its 38th year, 4500 musicians and 160,000 music fans in 60 venues in Toronto. The Indie Awards, music oriented films and much more. Be sure to put it on your bucket list. Went and saw Hollywood Vampires at the Greek Theatre last night…fabulous concert…Johnny Depp, Alice Cooper, Joe Perry, Matt Sorum, Duff McKagan, Tommy Henriksen, and Bruce Witkin…plus appearances by Marilyn Manson and Steven Tyler…put it on your bucket list also.
How much is your brand worth? Although brand valuation can be difficult to measure, since a brand is an intangible asset, knowing its worth is useful not only for your business strategy but also for your marketing strategy. Having a powerful brand in today’s competitive market is crucial to stand out.
More marketing leaders are investing in brand building to nurture their brand image and create more value . A surprising 90% of searchers haven’t made up their mind about a brand before starting their search. These insights can help you understand your brand’s true value and what you can do to fully harness the power of your brand.
Many companies today invest in building their identity through their brands to stand out in a noisy space, compete, and drive growth. Over the years, many companies have tried to measure brand value, brand power, and brand equity. Businesses are recognizing the importance of brand building, allocating a portion of their budget for this purpose. Calculating the ROI of a brand has also become a good indicator of a brand’s value.
These are some key branding statistics you should know.
- 94% of consumers are likely to be loyal to a brand that offers transparency
- 64% of consumers say shared values are the main reason they have a trusted relationship with a brand
- 42% of consumers say they distrust brands
- 65% of people that feel an emotional connection to a brand say it’s because “they care about people like me”
- 64% of consumers make a purchase after watching a branded social video.
- 64% of consumers say shared values create a trusted relationship with a brand.
- Popular brands have lower risk, and a lower risk leads to higher brand value
Brand power can promote growth by leveraging reputation and customer loyalty as demonstrated by Apple, Coca Cola and Tesla. Many customers pay for the name when they ask for a “coke”, and don’t think twice about paying double for premium products from brands like Apple. Powerful brands have a higher value, and this goes beyond anything financial — it encompasses customer loyalty, customer satisfaction, and the customers’ willingness to pay for a much higher priced product.
When looking at the value of your brand, it is important to consider: trademark, logo, brand colors, packaging, digital assets and marketing strategy. It’s everything that is associated with your brand and influences your customer’s perception of you.
A brand’s value is measured according to three core components:
•The financial performance of the branded products or services•The role the brand plays in purchase decisions,
•The brand’s competitive strength Five things drive brand value:
•Brand visibility. How a brand is perceived by its customers.
•Brand positioning and messaging. The feelings and positive experiences evoked from your customers when they interact with you.
•Customer loyalty. The percentage of high-quality satisfied customers who would purchase or use the brand again.
•Brand equity. This is how the brand is valued according to the customer’s perception and experiences.
•Strong leadership. How a brand is valued according to how its leaders shape the company.
In business, building your brand’s identity not only influences your customer’s perception and drives customer loyalty, but it also impacts the valuation of your brand in the long-term.
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