Building your brand kingdom, and how to guard it.
In a world where perception and reputation hold the key to success, the transformative power of a brand lies in understanding and harnessing your brand’s values consistently, which is essential for sustainable growth. This is what sets you apart, establishes trust, and drives customer preference.
From tech giants like Apple, Google, and Microsoft to e-commerce powerhouses such as Amazon and Alibaba, these industry leaders have leveraged brand equity to dominate their respective markets. Let’s talk about how.
Brand equity is a marketing term that describes a brand’s value. This value is determined by the bran’ds consumer perception and experiences that consumers have with the brand.
Shopify says that if people think highly of a brand, it has positive brand equity. When a brand consistently under-delivers and disappoints—to the point that people recommend others avoid it—it has negative brand equity.
Like anything else, successful brands can be broken down into the following six key supporting factors, or brand pillars.
Pillar #1: Identity
Consumer behaviour has undergone a significant shift in recent years, and these shifts require brands to be adaptable. Take, for instance, the rise of brands like Airbnb, which initially disrupted the hospitality industry by redefining the way people travel but also increased brand equity by focusing on experiences and community. By creating a platform that connects travelers with unique and personalized accommodations, Airbnb highlighted the growing importance of innovation and customer-centric approaches in driving brand equity.
The COVID-19 pandemic had a significant impact on the travel and hospitality industry, and Airbnb was no exception. As global travel came to a standstill and lockdowns were implemented, Airbnb faced a steep decline in bookings and revenue. However, the company quickly adapted to the changing landscape and implemented several strategies to navigate the crisis.
Airbnb shifted its business model. With traditional tourism and long-distance travel being heavily affected, Airbnb refocused its efforts on catering to local and domestic travel. They recognized the increased demand for nearby getaways and staycations as people sought safe and socially distanced options. By promoting local experiences and emphasizing the concept of "home away from home," Airbnb was able to tap into this emerging trend and regain momentum.
To address health and safety concerns, Airbnb introduced a comprehensive set of cleanliness protocols. These protocols, known as the Enhanced Cleaning Initiative, provided hosts with guidelines and resources to ensure their accommodations were thoroughly cleaned and sanitized between stays. By prioritizing the safety of guests, Airbnb aimed to restore trust and confidence in using their platform during the pandemic.
Furthermore, Airbnb expanded its offerings beyond traditional accommodations. They introduced new features like Online Experiences, allowing hosts to offer virtual experiences and activities that people could enjoy from the comfort of their homes. This diversification helped Airbnb maintain engagement and revenue streams, even when travel restrictions were at their peak.
By swiftly adapting to the challenges presented by the COVID-19 pandemic, Airbnb evolved their brand identity by demonstrating resilience and innovation. Their focus on local travel, enhanced safety measures, and the introduction of virtual experiences allowed them to navigate the crisis and position themselves for recovery as travel gradually resumed.
Pillar #2: Awareness
Building brand awareness is crucial for establishing a strong brand equity. It involves creating widespread recognition and familiarity with the brand among the target market. Effective marketing strategies, consistent brand messaging, and memorable brand experiences contribute to building brand awareness.
Glossier effectively leveraged social media and digital marketing as a direct-to-consumer beauty brand that engages with their target audience and maintains an enormous brand presence.
Glossier’s campaign strategies revolve around user-generated content, community engagement, and influencer partnerships. They encourage their customers to share experiences with Glossier products through social media, which has led to a substantial amount of user-generated content featuring their brand. Glossier actively engages with its community by responding to comments, showcasing customer testimonials, and incorporating customer feedback into product development.
In addition to user-generated content, Glossier has collaborated with influencers and micro-influencers to amplify its brand reach. By partnering with individuals who align with their brand values and have a dedicated following, Glossier has been able to tap into new audiences and gain further exposure.
One of Glossier's most successful brand campaigns was the launch of their flagship product, the "Boy Brow" eyebrow gel. Glossier employed a targeted digital marketing approach, leveraging social media advertising and influencer partnerships to create anticipation and buzz around the product launch. The campaign kickstarted their impressive social media following, with millions of followers across platforms like Instagram and TikTok. They have also achieved over $100 million in revenue growth in 2019.
Make it stand out
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Make it stand out.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.