There are few things more important to a brand than the equity they’ve built with consumers. A well-established presence in the marketplace gives brands some leeway when it comes to pricing or product tweaks, and it helps them protect against emerging competitors looking to steal market share.
Further, building equity helps brands establish a solid customer base, which has proved important during a turbulent few years as inflation has risen and shopping behaviors have shifted.
How brands of all sizes build a brand
As challenger brands look to establish themselves against long-term brands or traditional brands look to maintain their existing equity, it’s important that they invest in a sound marketing plan so that their brand stays top of mind among consumers. This includes using a consistent brand message across channels, delivering high-quality products and services and creating marketing messages that facilitates a positive brand reputation and highlights the uniqueness of a brand’s offerings.
These tactics help a brand stand out from its competitors and allow it to be seen as a singular product in the market. For instance, Band-Aid has long been seen as the singular product among bandages thanks to its product look and ubiquity in stores across the country.
Building brand equity with marketing mix models
Another way for brands to establish equity is to utilize marketing mix modeling tools to help optimize their marketing plans. Tools like Keen use AI and machine learning to include timing in the planning process, making it easier for marketers to decide the best time to invest in marketing to boost brand equity. For instance, if a company has to raise prices on a product due to market trends or to offset the cost of parts needed to build a product, they can increase their marketing budget to ease customer’s minds and keep them within their ecosystem. Similarly, if their product is more of a seasonal item, they can slightly pull back on spending during other months of the year so that they can maximize their spend when that product is back in season.
Equity is an essential long-term investment for any brand, so it’s important that they utilize the tactics that will help them build that in the most effective manner possible. Keen is here to help!
Take a tour of the Keen Platform to learn how.
