At $2 trillion, Apple is valued more than the GDP of most countries. Most of us are familiar with the concept of monetary value. But are you familiar with another important form of equity called brand equity?
Brand equity remains one of the strongest assets any company has when it comes to edging out competitors and shaping how consumers feel about an organization.
Measuring brand equity is more complicated than measuring monetary value. If you are looking to build your brand, consider using these social media tips to improve your brand equity.
Why Does Brand Equity Matter?
Consumers are much more likely to engage and shop with brands that they feel connected to them. Those trends are partly influenced by the rise of ethical consumerism. Consumers are much more likely to care about the environmental impact of their purchases, for example.
Any step that your company takes to show that it has better values than competitors can be the edge that leads that customer to become a loyal patron of your business and products.
Using social media to build your brand equity has many benefits. You can increase loyalty to your brand, for example, or you can increase brand awareness. Your efforts may even lead to better quality products or services.
How to Use Social Media to Build Brand Equity
Are you investing in social media advertising? Platforms like Twitter and Facebook offer unique ways to target audiences with your brand.
Focus Ad Campaigns on Social Media Platforms
There are plenty of alternative platforms for building your brand equity, but social media remains one of the best platforms for reaching a large audience.
Throwing money into social media ads won’t be as effective if you don’t have a social media strategy in place beforehand. You can use these tools to edit images for your campaign.
Employee Advocacy
Social media also allows your company to become an advocate for its employees. Starting this process is easy. Encourage your workers to share workplace videos and testimonials.
Employee advocacy works best when your employees truly have something to boast about. Allowing fathers to take paternity leave is one way to elevate your work culture in ways that can lead to increased productivity and improved quality in the workplace.
Only 20% of workers feel passionate about their jobs. Change that dynamic by improving your workplace environment and then letting your workers share their stories through YouTube, Facebook, and other social media channels.
Manage Customer Support Through Social Media
For better or worse, customers look to social media outlets to answer basic customer support questions. Providing prompt and polite replies can help you grow your brand equity.
Quick responses show that your company is transparent and receptive to the needs of customers.
Build Brand Equity the Right Way
Brand equity should be a central part of your marketing efforts. By utilizing the power of social media’s reach, you can magnify those marketing efforts in ways that grow your brand and improve your public image.
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