Take a look at recent lists of the world’s most valuable brands. You’re likely to see the same 5 brands at the top: Google, Apple, Microsoft, Amazon, and Facebook. That ranking held true on BrandZ’s top 100 list in 2017 and the 2018 list by Forbes (though Apple nudged Google out of the top spot last year).
But what makes these brands the most valuable? What are they doing differently to gain power and success? And most importantly, what can you learn from these companies about developing a more valuable brand name of your own? It all starts by focusing on your customers’ needs, maintaining high standards for your branding, and being unique in your industry.
What Makes a Brand Name “Valuable”?
Google, Apple, Microsoft, Amazon, and Facebook are some of the biggest, well-known brands worldwide. However, their value is much more than a presence and user base. One reason these brands are valuable is due to their perceived value: the customer believes this brand is of a higher quality or worth more than the competitor. The perception of your brand plays a huge part in determining your brand name value, not the actual physical value of your product or service. Once you embrace that, you can work on adding value to your brand name.
Satisfy Your Customers’ Needs
In order to influence your audience’s perception of your brand, you must understand your audience first. Who is your target market? What are they looking for in your industry? What are their spending habits? How do they spend their time? Are they more likely to be influenced by ads on websites, social media, or on TV? When you know your audience, you’ll be able to engage with them meaningfully. You can offer them your services or goods with confidence because you’ll know that’s what they want.
Forge an Emotional Connection With Your Audience
Today’s consumers often make purchase decisions that align with their personal brand. People buy things of certain quality, history, or value that will display their self-identity to others. As a brand, you can tap into that need by connecting with your consumers. You’ve already researched your customers’ functional needs. It’s also important to meet their emotional needs. Making emotional connections increases sales and nurtures brand loyalty. When you connect with a customer on an emotional level, you also create the perception that your brand exceeds their expectations, even if your services are similar to a competitor’s. Again, it’s the perceived value of your brand that plays a role.
Stand Out from the Rest
When an industry is saturated with different brands that all seem the same, it’s important that your brand stands out from the rest. To develop a more valuable brand name, make your brand name the “best” at something: best customer service, best product reviews, best new ideas, best workplace for potential employees. The benefits are twofold: When you work on strengthening departments like customer service, innovation, and company culture, you’re improving your brand on the back end while appealing to your audience. You’ll also strengthen both your company and your brand’s reputation.
Make Your Brand Look Good
We live in a highly visual world where consumers are used to beautiful, high-quality images. We even expect it, from movies to television to social media content. When developing a more valuable brand, it’s important to maintain high standards for design. How you present your brand using color, font, shapes, or product packaging will affect your perceived value. Consider how brands have changed over the last few decades, or how web design has changed since the early 90s.
Apple’s early rainbow logo has evolved into a sleek, monochromatic design. Nike has dropped their name, using only the iconic “swoosh” as their logo. We don’t necessarily mean you should overhaul your brand every few years to keep up with trends, but make it a point to periodically review your logo, branding, webpage or social media content, tagline, and story. Even if you find you don’t need to make changes to your aesthetic, it’s a good way to check that you’re staying consistent with your brand guidelines.
Boosting Your Brand Value Takes Time and Effort
To increase the perceived value of your brand name, it’s important to meet your customers’ functional and emotional needs, which will inspire loyalty to your brand. Your brand must be unique and visually appealing in order to stand out from your competitors. Whether you’re an emerging or established company, you can boost your brand value and revenue by focusing on these areas. If you need help, FlowState is here.