Lets talk about branding, brand identity, and brand equity.
What are these elusive terms? What do they mean and how do they apply to you in building your business and brand? I look at it simply, really.
1. Brand identity is how you see the world.
2. Brand equity is how the world sees you (and the value in that perception)
3. Branding is how you communicate and create those two
Brand Identity, how you see the world. This is about creating your brand’s filters. What is your vision, mission and purpose? The what, the how and the why of what you do. Your vision is the big goal. What do you want your business to achieve? Your mission is how you’re going to achieve it, that could be sales and marketing strategy. And your purpose is why you exist. Why do you exist at all and what is the reason and at the core of your business?
Think of your company and the branding of that company like a person. How do you talk? What verbiage do you use? What is your brand’s aesthetic? All of these things and more are what creates your brand’s identity. This is what you’re going to put outward into the world.
Brand Equity, how the world sees you. Now, how do you create brand equity?
Brand Equity equates to good will. What good will are you putting into your community? What are you doing for your customers? What are you doing for the world? What type of messages are you putting out into the world and how do people view you and your message? Brand equity is the intangible blood of your brand. There isn’t a specific metric for reading it’s value, but you can feel it in your community. You can see it in the way people talk about you and your brand. It lives in the experiences that people have with your product and you can definitely see it in your sales. . . or not.
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