Brand Equity

Written by Acme Mag

“First comes love, then comes marriage, then comes the baby in a golden carriage”, similar can be said of Brand Equity. First comes Brand Awareness, then comes Brand Recognition and then comes golden Brand Equity.

Brand Awareness and Brand Recognition get a lot of hype in marketing, which although well deserved, is not the final destination of brand goals. That place is reserved for Brand Equity, known as the perceived value that markets apply to a brand, business and subsequent services and products. The better the Brand Equity, the more one can charge for services, choose the cream of the crop when it comes to recruiting and prospect more efficiently.

To arrive at the holy land that is Brand Equity, two stops are mandatory: firstly Brand Awareness and then Brand Recognition. This is because you need people to have great awareness of your brand before they can recognise its elements and you need great recognition before people start thinking your agency is the best thing since sliced bread.

Brand Equity does not come easy and it is reserved for those who are long-game thinkers. Brand Equity requires consistency, excellent marketing management and of course, the ‘walk’ to back up all the consistent marketing talk.

It’s likely that unless you’re with a nationally known franchise you don’t currently have Brand Equity in your market. Wherever you are on your journey, here is a start to moving forward:

Problem:

People in your market don’t know about your agency.

Solution:

Assess your marketing and distribution methods.

Problem:

People in your market cannot distinguish your agency from others in the market.

Solution:

Assess and resolve
un-cohesive branding, marketing and advertising.

Problem:

Although you’re known and recognised, you’re not one of the first choices for real estate services.

Solution:

Hammer down on your USP and leverage word of mouth opportunities.